Good Services Tax
Who Should File GST Returns?
GST returns must be filed by any business or individual registered under the GST regime. This obligation applies to entities whose annual aggregate turnover surpasses the specified threshold, which is set by the tax authorities and may differ for various classifications of taxpayers, such as standard taxpayers and those opting for the composition scheme.
How Many Returns are there under GST?
Within the Goods and Services Tax (GST) system, 13 returns cater to different facets of a taxpayer’s financial dealings. It’s important to recognize that not all taxpayers must file every type of return; the specific returns that need to be filed depend on the taxpayer’s category and the particulars of their GST registration.
Below is a snapshot of the 13 GST returns:
- GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
- GSTR-3B: A summarised return that outlines both sales and purchases, inclusive of tax payments.
- GSTR-4: Applicable to those under the Composition Scheme, summarizing turnover and corresponding tax.
- GSTR-5: For non-resident taxpayers conducting taxable transactions in India.
- GSTR-5A: For providers of online information and database access or retrieval services.
- GSTR-6: Used by Input Service Distributors for detailing input tax credit distribution.
- GSTR-7: For entities required to deduct TDS under GST.
- GSTR-8: To be filed by e-commerce operators reporting transactions on their platform.
- GSTR-9: An annual comprehensive return summarizing all periodical filings over the fiscal year.
- GSTR-10: The final return upon cancellation or surrender of GST registration.
- GSTR-11: For those with a Unique Identity Number, claiming refunds on their purchases.
- CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
- ITC-04: For manufacturers to declare details about goods dispatched to and received from a job worker.
Additionally, there are return-related statements for input tax credits:
- GSTR-2A (dynamic): Offers a real-time perspective of inward supplies as suppliers report.
- GSTR-2B (static): Provides a fixed snapshot of inward supplies based on the suppliers’ filings.
For small taxpayers enrolled in the Quarterly Return Monthly Payment (QRMP) scheme, the Invoice Furnishing Facility (IFF) permits the declaration of B2B sales during the first two months of a quarter. Nonetheless, these taxpayers are obligated to remit taxes monthly using Form PMT-06.
GSTR-1 (Return for Outward Supplies)
GSTR-1 is the mandatory return for businesses to detail their outward supplies of goods and services. This encompasses all sales-related invoices and adjustment notes for the given tax period. Every regular taxpayer under GST, including those classified as casual taxable persons, is obligated to file GSTR-1.
Submission Deadlines
- Monthly: Due on the 11th of the subsequent month for businesses whose yearly turnover exceeds Rs. 5 crore or for those not enrolled in the QRMP scheme.
- Quarterly: Due on the 13th of the month after the quarter’s end for businesses participating in the QRMP scheme.
GSTR-2A (Dynamic Read-Only Return)
GSTR-2A is a dynamic, read-only return for the recipients or purchasers of goods and services, capturing details of all incoming supplies from registered GST vendors within a tax period. The information in GSTR-2A is filled automatically from the GSTR-1 returns of suppliers and the Invoice Furnishing Facility (IFF) data for those in the QRMP scheme.
GSTR-2B (Static Read-Only Return)
Introduced in August 2020, GSTR-2B is a static read-only return that provides consistent ITC information sourced from the previous month’s GSTR-1 filings. It supports purchasers in matching their ITC claims for each tax period, advising on necessary actions for each listed invoice, including any need for reversals, ineligibility, or application of the reverse charge.
GSTR-2 (Deferred Return)
GSTR-2, an editable return, is presently deferred and was meant for registered purchasers to declare their inward supply of goods and services for a tax period. Initially planned to be auto-filled from GSTR-2A, its filing has been on hold since September 2017.
GSTR-3 (Deferred Return)
GSTR-3, a suspended monthly summary return for regular taxpayers, compiled concise figures of both outward and inward supplies, input tax credits, tax liabilities, and tax payments. It was automatically generated from GSTR-1 and GSTR-2 filings but has been deferred since September 2017.
GSTR-3B (Consolidated Return)
GSTR-3B, a monthly summary declaration for normal taxpayers, summarizes outward supplies, input tax credits, and tax dues. Before submitting GSTR-3B, it is critical to reconcile sales and ITC details with GSTR-1 and GSTR-2B records.
Submission Deadlines
- Monthly: Due by the 20th of the month following the reporting month for taxpayers with an annual turnover above Rs. 5 crore.
- Quarterly: Due by the 22nd of the month following the quarter for ‘X’ category states and by the 24th for ‘Y’ category states for taxpayers with a turnover of up to Rs. 5 crore in the QRMP scheme.
GSTR-4 (Return for Composition Scheme Taxpayers)
GSTR-4 is the yearly return for those under the Composition Scheme, due by April 30th of the subsequent financial year. GSTR-4 has replaced the prior quarterly submissions, with taxpayers now submitting a simplified challan via Form CMP-08 by the 18th following each quarter’s end
Under the Composition Scheme, businesses with goods turnover up to Rs. 1.5 crores may pay tax at a predetermined rate on their turnover. Service providers with a turnover of up to Rs. 50 lakh can opt for a similar benefit
GSTR-5 (Return for Non-Resident Foreign Taxpayers)
GSTR-5, required by non-resident foreign taxpayers engaged in business in India, details their outward and inward transactions, adjustments, tax liabilities, and payments, with submissions due by the 20th of each month
GSTR-5A (Return for OIDAR Service Providers)
GSTR-5A is the monthly summary for providers of Online Information and Database Access or Retrieval Services, due by the 20th of every month.
GSTR-6 (Return for Input Service Distributors)
Input Service Distributors must file GSTR-6 monthly, reporting the ITC received and allocated, including detailed documentation related to the distribution of credits, by the 13th of each month.
GSTR-7 (TDS Return)
Entities must deduct TDS under GST file GSTR-7 monthly, documenting TDS deducted, due and paid amounts, and any TDS refunds, with filings due by the 10th of the subsequent month.
GSTR-8 (Return for E-commerce Operators)
E-commerce operators under GST must submit GSTR-8 monthly, recording the supplies made and tax collected at source, due by the 10th of the following month.
GSTR-9 (Annual Return)
All GST-registered taxpayers must file GSTR-9 annually, summarizing their outward and inward supply details, taxes due, and paid. The due date is December 31st of the year after the
Due dates for various types of GST returns
| GST Return | Type of Taxpayer | Due Date |
|---|---|---|
| GSTR-1 | Regular Taxpayer | Monthly: 11th of the following month Quarterly: 13th of the month following the quarter |
| GSTR-2A (Auto-generated) | All Taxpayers | Auto-generated, utilized for reconciliation purposes |
| GSTR-3B | Regular Taxpayer | Monthly: 20th of the following month |
| GSTR-4 | Composition Scheme Dealer | Annually: 30th of April following the end of the financial year |
| GSTR-5 | Non-Resident Foreign Taxpayer | 20th of the following month |
| GSTR-6 | Input Service Distributor | 13th of the following month |
| GSTR-7 | Tax Deducted at Source (TDS) | 10th of the following month |
| GSTR-8 | E-commerce Operator | 10th of the following month |
| GSTR-9 | Regular Taxpayer (Annual) | 31st December of the following financial year |
| GSTR-9C | Regular Taxpayer (Annual) | Filed along with GSTR-9, by 31st December of the following financial year |
Penalty for Late Filing GST Returns
If you submit GST returns late, you could face penalties and interest charges. Businesses should submit on time to avoid these costs. Here’s what you need to know about late GST returns:
- Filing Returns is Required: Every registered taxpayer has to file GST returns regularly, even if there’s no business activity.
- Delays Lead to More Delays: If you miss a filing deadline, you can’t file for the next period until you’ve filed for the previous one. This can lead to a pile-up of late returns.
- Penalties for Late Filing: If you file GSTR-1 late, for example, you’ll get a penalty that shows up when you file GSTR-3B.
- Interest on Late Tax Payments: If you owe taxes and pay late, you’ll be charged 18% interest per year on the amount you owe, starting from the day after the due date until you pay
- Late Filing Fees: The law sets the late filing fee at Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
- Annual Return Late Fees: For yearly returns like GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in your state or UT unless the government provides relief or changes the fees.
How do you file the GST returns?
Multiuse is a leading business service platform in India; we offer end-to-end GST services. We have helped thousands of business owners to get GST registration, as well as file GST returns.
Benefits of choosing Multiuse for the GST returns
Dedicated GST Advisor
A relationship manager with experience in the sector that you operate in will guide you through the process of GST registration and filing. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.
Reminder to file GST returns
Our platform ensures that you get timely reminders well in advance of the deadline beyond which penalty will be applicable. In addition to this, your GST advisor will remind you periodically so that no deadlines are missed.
Provident Fund
Boost the productivity of your business operations by utilizing our professional Provident Fund (PF) services.
Multiuse provides comprehensive services related to Provident Funds (PF) in India. We help our clients with a wide range of PF-related activities, including registration, UAN generation, filing, and submission of returns, payment of contributions to the Employees’ Provident Fund Organisation (EPFO), withdrawals and transfers, and report generation.
Our experts are knowledgeable about all Indian laws related to Provident Fund matters and can provide guidance on how best to comply with them.
Multiuse assists companies with PF (Provident Fund) registration and voluntary PF registration.
Handling all interactions with PF authorities, such as answering notifications, examinations, and evaluations.
Our experts help companies generate a UAN (Universal Account Number) and complete the necessary KYC (Know Your Customer) process.
Preparing and submitting monthly reports to client management.
Tracking the Payment to the PF authorities through our inbuilt payment tracking module
Assisting companies with making monthly contributions to the Employees’ Provident Fund (PF) involves helping them to correctly and timely remit funds to the relevant authorities.
Any amendments related to provident fund act would be implemented to keep our clients compliant at all times
Processing an electronic challan cum return and uploading the data to the Employees’ Provident Fund portal involves handling electronic documents and uploading information to an online portal.
Any amendments related to provident fund act would be implemented to keep our clients compliant at all times.
ESIC (Employees’ State Insurance Corporation)
Gain access to top-notch healthcare services by utilizing the Employee State Insurance Corporation
These forms include the option to provide details about your family, which is important for beneficiary designation in the event of your death.
Assisting companies with registering for the Employees’ State Insurance Corporation (ESIC) involves providing guidance and support throughout the process of becoming registered with this organization.
Managing the necessary data upload to the Employees’ State Insurance Corporation (ESIC) portal and generating a payment challan.
Generating a temporary Employees’ State Insurance Corporation (ESIC) identification number involves generating a unique identification number that is used temporarily until a permanent number is issued.
Assisting companies with making monthly ESIC contributions involves helping them to correctly and timely remit funds to the relevant authorities.
Calculating the Employees’ State Insurance Corporation (ESIC) contribution according to the applicable rates and rules involves using the relevant laws and regulations
Systematically handling notices, inspections, and assessments with authorities involves using a systematic and organized approach to responding to and addressing these types of communications from regulatory bodies.
Professional Tax
Maximize your tax potential and save time by utilizing location-based Professional Tax Services to eliminate the stress of being non compliant.
Multiuse in-built Professional tax calculator allows businesses to accurately calculate and deduct professional tax from employee salaries based on the employee location. The calculations are made in line with the rules and regulations set by the local State governments pertaining to PT, ensuring complete compliance with local tax laws.