GST Return Filing
The GST implementation in India is set to happen during 2016,
overhauling the entire indirect taxation regime. The proposed GST would subsume levies like excise, VAT, service tax and other local levies, making the process for starting and managing a business easy in India Just like present service tax or VAT regulations, GST would also require periodic filing of GST returns. In this article, we look at GST Return Filing under the proposed GST regulations.
Who should file GST Returns?
Under GST, every person or entity registered under GST would be required to file a GST return for the prescribed period. Even those entities having a GST registration but no activity would be required to file a GST Nil Return to stay compliant with GST regulations.
How often would I have to file GST Returns?
Regular taxpayers would have to file GSTR-1 (details of outward supplies), GSTR-2 (details of inward supplied) and GSTR-3 (monthly return). GSTR-1 would be due on the 10th of each month, GSTR-2 would be due on the 15th of each month and GSTR-3 would be due on the 20th of each month. Compounding taxpayers must file GSTR-4 every quarter, on
18th of the month next to the quarter.
In addition to the monthly or quarterly returns, an annual return must be filed by all persons or entities registered under GST. The due date for filing of annual GST return would be 31st of December following the end of financial year. In case of assesses having to complying with auditing requirements, the GST reconciliation statement must be duly certified by a Chartered Accountant.
How to file GST Returns?
GST Returns must be filed online. There would also be a facility to prepare the returns offline and upload the same into an online portal.
Can GST Return be Revised?
There would be no procedure or revision of a GST Return. All unreported invoices of the previous tax period must be included in the return for the current month and interest, if any would be applicable.
What is penalty for not filing GST Returns?
All GST Return non-filers will be tracked by the GST Department and a list of GST return defaulters will be provided to the respective GST authorities for followup and enforcement action. The GST law would also include an imposition of automatic late fee for GST Return non-filers
and late filers.
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