Overview of GST Returns in India

Goods and Services Tax (GST) is a tax reform that has transformed the Indian taxation system. It was introduced in India on July 1, 2017, with the aim of bringing a uniform tax structure across the country. GST replaced multiple indirect taxes levied by the state and central government, such as value-added tax (VAT), service tax, excise duty, and others.

Under the GST regime, taxpayers are required to file periodic returns with the GST authorities. GST returns are documents that contain details of all transactions made by a taxpayer during a specific period, including sales, purchases, and taxes paid and collected.

In this blog, we will discuss the different types of GST returns, their due dates, and the process of filing GST returns in India.

Types of GST Returns There are different types of GST returns that taxpayers are required to file, depending on their category and turnover. The following are the main types of GST returns:

1. 1. GSTR-1: GSTR-1 is a monthly or quarterly return filed by registered taxpayers that contain details of all outward supplies or sales made during the period. The due date for filing GSTR-1 is the 11th day of the following month, for monthly filers, and the 13th day of the month following the end of the quarter, for quarterly filers.
3. 2. GSTR-2A: GSTR-2A is an auto-generated return that contains details of all purchases made by a taxpayer from a registered supplier, as uploaded by the supplier in their GSTR-1. It is a read-only return, which means that taxpayers cannot make any changes to it.
5. 3. GSTR-3B: GSTR-3B is a monthly return filed by registered taxpayers that contains details of all outward supplies, inward supplies, and input tax credit claimed during the period. The due date for filing GSTR-3B is the 20th day of the following month.
7. 4. GSTR-4: GSTR-4 is a quarterly return filed by taxpayers who have opted for the Composition Scheme. It contains details of all outward supplies made during the period, including tax collected. The due date for filing GSTR-4 is the 18th day of the month following the end of the quarter.
9. 5. GSTR-5: GSTR-5 is a monthly return filed by non-resident taxpayers who are registered under GST. It contains details of all outward supplies made during the period, including tax collected. The due date for filing GSTR-5 is the 20th day of the following month.
11. 6. GSTR-6: GSTR-6 is a monthly return filed by Input Service Distributors (ISDs) that contains details of all input tax credit received and distributed during the period. The due date for filing GSTR-6 is the 13th day of the following month.
13. 7. GSTR-7: GSTR-7 is a monthly return filed by taxpayers who are required to deduct tax at source (TDS) under GST. It contains details of all TDS deducted during the period, as well as the details of the deductee. The due date for filing GSTR-7 is the 10th day of the following month.
15. 8. GSTR-8: GSTR-8 is a monthly return filed by e-commerce operators who are required to collect tax at source (TCS) under GST. It contains details of all supplies made through the e-commerce platform, including tax collected. The due date for filing GSTR-8 is the 10th day of the following month.

Due Dates of Filing GST Return

The due dates for filing GST (Goods and Services Tax) returns depend on the type of return and the turnover of the taxpayer. Here are the due dates for filing GST returns in India for regular taxpayers:

1. 1. GSTR-1: This return contains details of outward supplies and is filed monthly. The due date for GSTR-1 is the 11th of the following month.
3. 2. GSTR-3B: This return contains details of both inward and outward supplies and is filed monthly. The due date for GSTR-3B is the 20th of the following month.
5. 3. GSTR-4: This return is filed by composition scheme taxpayers and contains details of quarterly returns. The due date for GSTR-4 is the 18th of the month following the quarter.
7. 4. GSTR-5: This return is filed by non-resident taxpayers and contains details of inward supplies. The due date for GSTR-5 is the 20th of the following month.
9. 5. GSTR-6: This return is filed by Input Service Distributors (ISDs) and contains details of input tax credit received and distributed. The due date for GSTR-6 is the 13th of the following month.
11. 6. GSTR-7: This return is filed by taxpayers who are required to deduct tax at source (TDS) and contains details of TDS deducted. The due date for GSTR-7 is the 10th of the following month.
13. 7. GSTR-8: This return is filed by e-commerce operators who are required to collect tax at source (TCS) and contains details of TCS collected. The due date for GSTR-8 is the 10th of the following month.

It is important to note that the due dates may change from time to time, and taxpayers are advised to check the official GST portal for the latest updates. Additionally, late filing of GST returns may attract penalties and interest, and taxpayers should ensure timely compliance.

Late Fees Under GST

Under GST (Goods and Services Tax), late fees are charged for delay in filing of returns. The late fees for GST return filing depend on the type of return and the duration of the delay.

1. 1. For GSTR-3B, the late fee is Rs. 50 per day for each day of delay (Rs. 20 per day for taxpayers having nil tax liability). The maximum late fee is capped at Rs. 5,000.
3. 2. For GSTR-1, GSTR-5, and GSTR-5A, the late fee is Rs. 100 per day for each day of delay (Rs. 25 per day for taxpayers having nil tax liability). The maximum late fee is also capped at Rs. 5,000.
5. 3. For GSTR-6, the late fee is Rs. 50 per day for each day of delay (Rs. 20 per day for taxpayers having nil tax liability). The maximum late fee is capped at Rs. 5,000.

It is important to note that the late fees for GST return filing are subject to change by the GST council. It is also important to file GST returns on time to avoid late fees and penalties.

Interest Under GST

In the context of the Goods and Services Tax (GST) system in India, interest is charged under certain circumstances. Here are some of the key points related to interest under GST:

1. 1. Interest on late payment of tax: If a registered taxpayer fails to pay the GST liability within the due date, interest will be charged at a prescribed rate. The interest is calculated from the day after the due date till the date of actual payment.
3. 2. Interest on claim of excess input tax credit: If a registered taxpayer claims excess input tax credit (ITC) in their GST returns, interest will be charged on the amount of excess credit claimed. The interest is calculated from the date of claiming excess ITC till the date of its reversal.
5. 3. Interest on refund of excess tax paid: If a registered taxpayer has paid excess tax and claims a refund of the same, interest will be paid by the government on the amount of excess tax paid. The interest is calculated from the date of payment of excess tax till the date of its refund.
7. 4. Interest on delayed refunds: If the government delays the refund of excess tax paid to a registered taxpayer beyond a prescribed time limit, interest will be paid by the government on the amount of delayed refund. The interest is calculated from the date after the expiry of the prescribed time limit till the date of refund.

The rate of interest for each of these scenarios is prescribed by the government and is subject to change from time to time. It is important for taxpayers to comply with the GST regulations and pay their taxes on time to avoid interest charges.

Note – This is an educational content and should not be treated as legal advice, kindly contact our team so that they can help you with exact solution.