GST Return Filings

The Businesses registered under GST have to file returns monthly, quarterly and annually based on the category of the business registered under GST.

Commonly used GST Returns

• GSTR-1: Furnishes details of Outward Supplies

Due Date

• Monthly Return to be filed within 11th of Every Month

• Quarterly Return to be filed within 13th of Every Quarter

• GSTR-2A: Details of Inward Supplies

• GSTR-2B: Input Tax credit

• GSTR-3B: Furnish summarized details of all Sales, ITC & Tax Liability

Due Date

• Monthly Return to be filed within 20th of Every Month

• Quarterly Return to be filed within 22nd of Every Quarter

• GSTR 4: Annual Return to be filed by Composition Taxpayers

• GSTR 7: Details of TDS Deducted under GST

• GSTR -9: Annual returns

• GSTR-10**:** Cancellation or Surrender GSTIN

• GSTR-11**:** Return to be filed by Taxpayers with a Unique Identity Number (UIN).

Interest & Penalty for Late Filing of GST Return

Minimum Late Fee

• For Delay in Monthly Filing Late Fee Rs. 50 Per Day

(IGST - Rs.50, CGST Rs.25 & SGST Rs.25)

• In case of Nil Return - Even if the company has Nil sales for a month, they are supposed to file the GST returns

For Delay in Monthly Filing of Nil Return Late Fee Rs. 20 Per Day

(IGST - Rs.20, CGST Rs.10 & SGST Rs.10)

Maximum Late Fee

- In case of Nil Return maximum late fee Rs.500

-If Preceding FY Annual Turnover upto 1.5 Crore Maximum Late Fee Rs.2,000

-If Preceding FY Annual Turnover 1.5 Crore to 5 Cr Maximum Late Fee Rs.5,000

-If Preceding FY Annual Turnover more than 5 Cr Maximum Late Fee Rs.10,000

Interest Rate on GSTR

Interest has to be paid in the following cases

18% Interest - Delayed GST Payment i.e. paying GST after the Due Date

28% Interest - If Claiming Excess Input Tax Credit or Reducing Excess Output Tax Liability