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A GST return is a document a taxpayer must file with the tax authorities. It has information about their income/sales and expenses/purchases. The tax office uses it to determine how much net tax is owed. Part of filing GST returns is:
Persons or entities in India involved in the supply of goods or services must obtain GST registration when the threshold limit for registration is crossed.
In most states, you must sign up for GST if you sell services or goods worth more than Rs.20 lakhs per year.
In addition to the limit on sales, everyone who sells things online must also register for GST.
Yes, all taxpayers registered for GST should send in GST returns on the 10, 15, and 20 of every month.
Even if there was no business activity or transaction in a given month, the taxpayer must still log in to the GST portal and file a NIL GST return to avoid a penalty.
Registered for GST must file a GSTR-3B return for each month's sales and purchases by the 20th of each month. The goal of filing GSTR-3B is to declare the summary of the GST liability for a specific tax period and pay off these obligations. Every tax period, an average taxpayer must fill out and send Form GSTR-3B. Also, taxpayers must fill out form GSTR-3B even if they don't have a business. It won't be worth anything. It is not possible to change Form GSTR-3B.
All GST-registered businesses and organizations must fill out a GSTR-1 return. Companies that make more than Rs. 1.5 crores a year have to fill out GSTR-1 every month. A GST return should be filed every three months by a business with fewer than 1.5 crores turnover.
GSTR-1 is a monthly statement of goods and services sent out of the country. It is filled out by all regular and occasional registered taxpayers who send goods or services out of the country.
Every GST-registered taxable person, except for input service distributors who can deduct tax under section 51 and people who have to collect tax under section 52, must file GSTR-1. On the GST portal, you can find information about all the goods and services that leave the country.
All businesses or taxpayers registered for GST should file GST every year. The annual return for GST for FY 2018-19 is due in December 2020.
The following is a list of forthcoming deadline dates for GST returns:
Failure to file GST returns on time leads to penalties and cancellation of GST registration. If the GST return is not paid continuously for six months, the GST registration will be canceled for the specific entity or taxpayer.
In case of no business, NIL GST return must be filed. Failure to file NIL GST returns leads to the penalty of Rs.20 per day for both GSTR-3B return and GSTR-1 return. If there is any sales liability, an Rs. 50 penalty is applicable.
A taxpayer has to pay 18% interest on all the mentioned, penalty fees. The amount will be more after adding 18% interest on the penalties. Better to file the GST on time to save money.
All the entities registered under GST have to file GST before the due date. Even so, the registered entity with no activity should file a GST Nil Return to complete the GST regulations.
Regular taxpayers have to file the GSTR-1, GSTR-2, and GSTR-3. The due date of GSTR-1 is the 10th of each month, GSTR-2 is the 20th of each month and GSTR-3 is the 20th of each month. And the compounding taxpayers must file GSTR-4 on the 18th of the month every quarter.
After preparing your documents offline, you can upload the documents online and file GST returns.
There is no revision procedure for the GST return.