Frequently Asked Questions

Who has to file GST ?

Every entity registered under GST will have to file a GST Return. A Nil return has to be filed even if no purchase-sales activities have been carried out during the return period.

What is the periodicity of filling return ?

Depending on the type of registration and transactions different periods have been specified. Monthly Return has to be filed by Regular taxpayers, Foreign Non-Residents, Input Service Distributor, Tax Deductors and E-commerce Operators whereas Composition taxpayers will have to file a quarterly return. There is also an additional Annual GST Return apart from this.

What If I do not file the return on time ?

If the return is not filed within the due date then the taxpayer is penalized with a late fee of Rs. 100 per day up to a maximum of Rs. 5000/-.

Do different return forms have to be filled for CGST,SGST, IGST ?

No, the return forms are common for CGST, SGST, and IGST. A separate column is available for each of them in the same form and will be filled depending on Intra-state or Inter-state supply.

What is GSTR-1 Return ?

GSTR-1 return will include details of the outward supplies or sales of goods and/or services by the taxpayer. This return form would capture the following information:

What is GSTR-2 Return ?

GSTR-2 return will include details of the inward supplies or purchases of goods and/or services by the taxpayer. GSTR-2 is prefilled for a buyer based on the GSTR-1 filed by his supplier. You just have to validate this prefilled information and make modifications if required. For example, if you are buying goods from company B, then the company B would have filed its GSTR-1 and included your name as the buyer. Now the same information will be reflected in your GSTR-2 as purchases which you need to validate. GSTR-2 will thus include the details of auto-populated purchases.

What is GSTR-3 Return ?

One can say that GSTR 3 is a combined version of GSTR 1 and GSTR 2. As in the case of GSTR-2, GSTR-3 is also prefilled for a taxpayer based on the GSTR-1 and GSTR-2. You just have to validate this prefilled information and make modifications if required. GSTR-3 return will include the following details:

What is GSTR-4 Return ?

A small taxpayer with a turnover of up to Rs. 75 Lakhs has the option to opt for the composition scheme. In such a case he would be required to pay taxes at a fixed rate depending on the type of his business (2% for manufacturers, 5% for restaurant service sector and 1% for other suppliers). Although no input tax credit facility would be available. A taxpayer opting for the composition scheme would be required to file a simplified quarterly return that is GSTR-4. He is required to provide only the following details:

What is GSTR Annual Return GSTR-9 Return ?

All the normal taxpayers would be required to submit annual return under GST. This is intended to provide complete visibility about the activities of the taxpayer.

Can I Pay the taxes due after filing return ?

No, taxes due have to be paid before filing the return for that period otherwise the return will be invalid.

Can return be revised ?

No, the GST return cannot be revised. Any changes in details can however be made in the amendment section of the Return Form of next period.

Disclaimer
Powered by : iBusiness suite ERP