GST Return Filing

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability., Under GST, a registered dealer has to file GST returns that includes:, Purchases, Sales, Output GST (On sales), Input tax credit (GST paid on purchases)

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year., The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors., There are separate returns required to be filed by special cases such as composition dealers .

If GST Returns are not filed within time, you will be liable to pay interest and a late fee.

Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filing to the date of payment.

Late fees is Rs. 25 per day per Act. So it is Rs. 25 under CGST & Rs. 25 under SGST. Total will be Rs. 50/day. Maximum is Rs. 5,000. There is no late fee on IGST.