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GST Return

GST Return Filing

The businesses registered under GST have to file returns monthly, quarterly and annualy based on the category of business through the Government of India’s GST portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid. Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of returns will be done online.

What is GST Return?

GST return is an official document that furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales-related details. The GST returns is required to be filed, following which the taxpayer has to pay off the tax liability.

Who should file GST Returns?

GST returns has to be filed by all the business entities who are registered under the GST system. The filing process has to be identified on the basis of the nature of the business. The registered dealer who part of the following activities needs to file a GST return:

Sales

Purchase

Output Goods and services tax (on Sales)

Input Tax Credit with GST paid on the purchase

Types of GST Returns under New GST Law

The list of all types of GST returns in India along with frequency and the due date for filing returns.Return formWho should file the return and what should be filed?FrequencyDue date for filing

GSTR-1Registered taxable supplier should file details of outward supplies of taxable goods and services as effected.Monthly11th of the subsequent month.

GSTR-2Registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit.Monthly15th of the subsequent month.

GSTR-3Registered taxable person should file monthly return on the basis of finalization of details of outward supplies and inward supplies plus the payment of amount of tax.Monthly20th of the subsequent month.

GSTR-4Composition supplier should file quarterly return.Quarterly18th of the month succeeding quarter.

GSTR-5Return for non-resident taxable person.Monthly20th of the subsequent month.

GSTR-6Return for input service distributor.Monthly13th of the subsequent month.

GSTR-7Return for authorities carrying out tax deduction at source.Monthly10th of the subsequent month.

GSTR-8E-commerce operator or tax collector should file details of supplies effected and the amount of tax collected.Monthly10th of the subsequent month.

GSTR-9Registered taxable person should file annual return.Annual31 December of the next fiscal year.

GSTR-10Taxable person whose registration has been cancelled or surrendered should file final return.Once, after the registration of GST is cancelledWithin 3 months of date of cancellation or date of cancellation order, whichever is later.

GSTR-11Person having UIN claiming refund should file details of inward supplies.Monthly28th of the month, following the month for which the statement was filed.

Various Kinds of GSTR Forms with Explanation

GST returns can be filed using different forms depending on the type of transaction and registration of the taxpayer. Return forms for normal taxpayers are: GSTR 1 GSTR-1 form has to be filed by a registered taxable supplier with details of the outward supplies of goods and services. This form is filled by the supplier. The buyer has to confirm the auto-populated buy information on the form and make modifications if required. The form will contain the following details: Business name, period for which the return is filed, Goods and Services Taxpayer Identification Number (GSTIN). Invoices issued in the previous month and the corresponding taxes collected. Advances received against a supply order that has to be delivered in the future. Revision in outward sales invoices from the previous tax periods. GSTR-1 has to be filed by 10th of the following month. GSTR 2 GSTR-2 form has to be filed by a registered taxable recipient with details of the inward supplies of goods and services. The form will contain the following details: Business name, a period for which the return is filed, Goods and Services Tax Identification Number (GSTIN). Invoices issued in the previous month and the corresponding taxes collected. Advances received against a supply order that has to be delivered in the future. Revision in outward sales invoices from the previous tax periods. GSTR-2 has to be filed by 15th of the following month. GSTR 3 GSTR-3 form has to be filed by a registered taxpayer with details that are automatically populated by from GSTR-1 and GSTR-2 returns forms. The taxpayer has to verify and make modifications, if any. GSTR-3 return form will contain the following details: Details about Input Tax Credit, liability, and cash ledger. Details of tax paid under CGST, SGST, and IGST. Claim a refund of excess payment or request to carry forward the credit. GSTR-3 has to be filed by 20th of the following month. GSTR 4 GSTR-4 form has to be filed by taxpayers who have opted for the Composition Scheme. Taxpayers with small business or a turnover of up to Rs.75 lakh can opt for the Composition Scheme wherein he or she have to pay tax at a fixed rate based on the type of business. Taxpayers under this scheme will not have input tax credit facility. GSTR-4 quarterly return form will contain the following details: The total value of consolidated supply made during the period of return. Details of tax paid. Invoice-level purchase information. GSTR-4 has to be filed by 18th of the following month. GSTR 5 GSTR-5 form has to be filed by all registered non-resident taxpayers. This form will contain the following: Name and address of the taxpayer, GSTIN, and period of return. Details of outward supplies and inward supplies. Details of goods imported, any amendments in goods imported during the previous tax periods. Import of services, amendments in import of services Details of credit or debit notes, closing stock of goods, and refund claimed from cash ledger. GSTR-5 has to be filed by 20th of the following month. GSTR 6 GSTR-6 form has to be filed by all taxpayers who are registered as an Input Service Distributor. This form will contain the following: Name and address of the taxpayer, GSTIN, and period of return. Details of input credit distributed. Supplies received from registered persons. The amount of input credit availed under the current tax period. Details of inward supplies will be auto-populated from GSTR-1 and GSTR-5 return forms. Details of the receiver of input credit corresponding to his or her GSTIN. Details of credit or debit notes. Input tax credit received, input tax credit reverted, and input tax credit distributed as SGST, CGST, and IGST. GSTR-6 has to be filed by 13th of the following month. GSTR 7 GSTR-7 form has to be filed by all registered taxpayers who are required to deduct tax at source under the GST rule. This form will contain the following: Name and address of the taxpayer, GSTIN, and period of return. TDS details and amendments in invoice amount, TDS amount or contract details. TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS. Refund received from Electronic Cash Ledger will be auto-populated. GSTR-7 has to be filed by 10th of the following month. GSTR 8 GSTR-8 form has to be filed by all e-Commerce operators who are required to collect tax at source under the GST rule. This form will contain details of supplies effected and the amount of tax collected under Sub-section (1) of Section 43C of Model GST Law. Other details include: Name and address of the taxpayer, GSTIN, and period of return. Details of supplies made to registered taxable person and amendments, if any. Details of supplies made to unregistered persons. Details of Tax Collected at Source. TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS. GSTR-8 has to be filed by 10th of the following month. GSTR 9 GSTR-9 form is filed by normal taxpayers with details of all income and expenditure for the year. This detail will be regrouped in accordance with the monthly returns. The taxpayer will have the opportunity to make modifications in the information provided if required. GSTR-9 has to be filed by 31st December of the following financial year along with the audited copies of the annual accounts. GSTR 10 GSTR-10 form has to be filed by any taxpayer who opts for cancellation of GST registration. This form will contain the following: Application Reference Number (ARN). Date of cancellation of GST registration. Unique ID of cancellation order. Date of cancellation order. Details of closing stock including amount of tax payable on closing stock. GSTR-10 final return form has to be filed within 3 months of the date of cancellation or date of cancellation order, whichever is later. GSTR 11 GSTR-11 form has to be filed by everyone who has been issued a Unique Identity Number (UIN) and claims a refund of the taxes paid on inward supplies. This form will contain the following details: Name of the government entity, UIN, and period of return. All inward purchases from GST registered supplier will be auto-populated. Based on the above mentioned details, the tax refund will be made. GSTR-11 form has to be filed on 28th of the month, following the month for which supply was received.

Penalty for late filing of GST Returns

A penalty will be levied on the taxpayer in case he/she fails to file the returns on time. This penalty is called the late fee. As per the GST Law, the late fee is Rs.100 for each day for each Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). Thus, the total fine amount will be Rs.200 per day. However, this rate is subject to changes which will be announced through notifications. The maximum amount of fine that can be levied is Rs.5,000. Integrated GST or IGST does not attract any late fee in case the return filing is delayed. The taxpayer will also be required to pay an interest at the rate of 18% p.a. in addition to the late fee. This interest has to be calculated by the taxpayer on the amount of tax that is to be paid. The time period will be calculated from the day following the filing deadline till the date when the actual payment is made.

For more details, visit us here:

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Income Tax Return Filing Due Dates for FY 2020-21 (Last Date)

What is the Income Tax?

There are two types of tax levy one is a direct tax and the second one is an indirect tax. Income tax is a direct tax that is directly attributable to the income of the assessee. Income which is generated from the various head of income viz.Salary, House Property, Business, Capital Gain and Income from other sources. The assessee has to pay Income tax if his total Income after allowing Chapter VI-A Deduction is more than the taxable income limit.

Filing Income Tax Return Due Dates for FY 2020-21 (AY 2021-22)

There is a different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. Due Date is different according to audit or non-audit case of such categories as defined in section 139(1)

Last Date of Income Tax Return Filing for AY 2021-22 (Non-Audit Cases)

The common due date of filing the Income Tax Return by Assesse whose Books of Account are not required to be audited is 31st July 2021. The revised due date is 30th September 2021, read circular.

Filing Income Tax Return Due Date for AY 2021-22 (Audit Cases)

The general due date for filing the Income Tax Return for the audit cases is 31st October 2021. The CBDT has extended the due date till 30th November 2021.

Last Date of Income Tax Return Filing for AY 2021-22 (Assessee who are required to furnish report under sec 92E)

The due date of filing the Income Tax Return by Assesse who are required to furnish a report under sec 92E is 30th November 2021. The govt has extended the last date till 31st December 2021.

Due Dates for Tax Audit Report (3CA-3CD/3CB-3CD)

The due date for filing of Tax Audit Report for all categories of assessees whose account are required to be audited extended up to 30th September 2021. The revised last date is 31st October 2021.

Revised & Belated ITR Due Dates for AY 2021-22

The due date for filing a revised and belated income tax return for AY 2021-22 has revised by CBDT till 31st January 2022

File Tax Returns for A.Y. 2021-22 before 31st March with INR 10,000 Penalty

The income tax department notified the taxpayers for late filing of tax returns for A.Y. 2021-22, along with a penalty of INR 5000 (on filing the return after the due date but on or before 31st December) and INR 10000 (on the filing of return after 31st December to 31st March). The taxpayer has to file the late filing of tax returns for A.Y. 2021-22 before 31st March anyhow. Also to note that the penalty is applicable even if the taxpayer files the returns before 31st March while there is no option to file the returns after 31st March 2022. However, if the taxpayer’s total income does not exceed Rs 5 lakh, then the maximum penalty levied for delay will not exceed Rs 1000. Note: From AY 2021-22, the last date of filing belated and revised return has been amended to 31st December instead of 31st March but there is still no amendment under section 234F.

Advance Income Taxes Filing Due Dates FY 2020-21

If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by the assessee. 15th June (15%) | 15th Sept. (45%) | 15th Dec. (75%) | 15th March (100%) The assessee who are covered under section 44AD and 44ADA (i.e. Presumptive Income), are also required to pay the advance tax on or before the 15th march of the previous year. However, any tax paid till 31st March will be treated as Advance Tax.

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Tax Audit Under Section 44AB of Income Tax Act, 1961

https://vittconsultant.com/tax-audit-under-section-44ab-of-income-tax-act-1961/A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant. Simply Tax Audit means, an audit of matters related to tax.

Applicability of tax audit:

Business

Sales/Turnover or Gross Receipt Exceeds Rs. 1 Crore

Profession

Gross Receipts Exceeds Rs. 50 Lakhs

Business u/s 44AD

Sales/Turnover or Gross Receipt Exceeds Rs. 2 Crore. Also any person enrolled under the presumptive taxation scheme who claims that the profits of the business are lower than the profits calculated in accordance with the presumptive taxation scheme would be required to obtain a tax audit report.

Profession u/s 44ADA

Declaring his income at amount less than 50% of his gross receipts and whose income exceeds the basic exemption limit for relevant previous year.

 If the assesse who is qualified under the presumptive taxation scheme but opts out of it after a specified period, he would lose the ability to revert back to the presumptive taxation scheme for a continuous term of 5 assessment years after the decision to opt out is taken.

Due Dates of Filing Tax Audit Report:

30th September is the due date to filing tax audit report under section 44AB for all the assessee. Hence, if a tax audit is applicable to any assessee, then he/she has to mandatorily file its income tax return along with the tax audit report before 30th September.

Where the assessee is required to furnish a report of a chartered accountant as referred to in section 9E relating to international transaction or specified domestic transaction then the due date to submit audit report is 30th November.

Penalty for Completing Tax Audit:

If a taxpayer who is required to obtain tax audit does not get the accounts audited, then penalty could be levied under Section 271B of the Income Tax Act.

5% of the turnover in case of business organisation or 0.5% of the total receipts in case of profession of the current financial year

OR

Rs. 1,50,000.

whichever is lower.

However, according to the section 273B, no penalty would be imposed on the person if valid reason for such failure is proved.

Thus, tax audit is a very important requirement for individuals who are required to undergo such an audit. Failure to comply with the income tax rules would attract penalty and individuals wishing to avoid any penalty should ensure full compliance with all the rules of the income tax audit.

Who can Audit Your Account Books?

In India, Chartered Accountant will audit the account and prepare the report as prescribed in Income Tax Act. They are qualified for accounts and having degree of Chartered Accountancy (CA) from ICAI. Assessee can also authorize Chartered Accountant to file their income tax return on his behalf or file by himself. It is not mandatory to file income tax return by CA; Only audit report is mandatory. The audit report must be submitted before the due dates.

Form 3CA/3CB & 3CD:

Any person who is required to get tax audit would be required to furnish the following for tax audit while filing income tax return:

Form 3CA, 3CD – Audit Report Form in case where accounts of an assessee has been audited under any other law.

Form 3CB, 3CD– Audit Form in case accounts of an assessee are not being subject to audit under any other act except Income Tax Act.

For more details, visit us here:

https://vittconsultant.com/tax-audit-under-section-44ab-of-income-tax-act-1961/

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Corporate Finance Services

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About Vitt Management Consultant

Vitt Management Consultant offers a 360° view of challenges faced by an independent organization. We assist our clients in delivering sustainable finance solutions with a skillful and personalized approach to transform your business globally. Our subject matter experts advise worthwhile insights and alternatives that sustain a competing edge in the longer term. We deliver value-added business management services to esteemed clients that focus on providing loan, cash credit, tax, accounting, GST, financial consultancy, and audit services. We assure you to get sound value for money.