GST Return

GST Return filing is not only crucial, but also advisable as non filing can invite hell lot of interest and penalties. It will also impact your GST Rating, GST credits and refunds.

Latest Update: 23rd GST Council Meet on 10th November 2017

  • GSTR-3B has been extended to March 2018
  • All businesses to file GSTR-3B by 20th of next month till March 2018.
  • All businesses to file GSTR-1 and GSTR-3B till March 2018.
  • GSTR-2 and GSTR-3filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers
  • Turnover under Rs 1.5 Cr to file quarterly GSTR-1
  • Turnover above Rs 1.5 Cr to file monthly GSTR-1

GSTR-1 due dates

For turnover upto Rs 1.5 cr

Period (Quarterly) Due dates
July- Sept 31st Dec 2017
Oct- Dec 15th Feb 2018
Jan- Mar 30th April 2018


For turnover of more than Rs 1.5 cr

Period Dates
July to Oct 31st Dec 2017
Nov 10th Jan 2018
Dec 10th Feb 2018
Jan 10th Mar 2018
Feb 10th Apr 2018
March 10th May 2018
  • Timelines for filing of GSTR-2 and GSTR-3 for July to March 2018 will be decided by Committee of Officers. However, subsequent month filing of GSTR-1 will not be impacted.

Others GSTR filing extensions

Return Revised Due Date Old Due Date
GSTR-5 (for Non Resident) 15th Dec 2017 Earlier of 20th August 2017 or 7 days from date of registration
GSTR-4 (for Composition Dealers) 24th Dec 2017 18th October 2017
GSTR-6 (for Input Service Distributor) 31st Dec 2017 13th August 2017


Due dates of filing GSTR-3B

Month Last Date for filing GSTR-3B
August 2017 20th September 2017
September 2017 20th October 2017
October 2017 20th  November 2017
November 2017 20th  December 2017
December 2017 20th  January 2018
January 2018 20th  February 2018
February 2018 20th  March 2018
March 2018 20th  April 2018


Tax liability of GSTR-3B must be paid by the last date of filing for that month.

 

Who has to file GST Returns?

Any regular business has to file three monthly returns and one annual return. Meaning, there are total 37 returns in a year.

The three monthly returns  are GSTR-1 (for outward supplies), GSTR-2 (for inward supplies), and GSTR-3 for details of net taxes and tax payment.

What are the types of GST Returns?

Here is a list of all the returns to be filed under the GST Law along with the due dates. Till December, there is an additional return GSTR-3B, which is simply a summary of all three returns discussed.

3.1. Any regular business:

Return Form Particulars Interval Due Date
GSTR-1 Details of outward supplies of taxable goods and/or services effected Monthly 10th of the next month
GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Monthly 15th of the next month
GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Monthly 20th of the next month
GSTR-9 Annual Return Annually 31st December of next financial year
GSTR-3B Provisional return for the months of July to December 2017 Monthly 20th of the next month

 

A dealer opting for composition scheme :

A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

Return Form Particulars Interval Due Date
GSTR-4 Return for compounding taxable person Quarterly 18th of the month succeeding quarter
GSTR-9A Annual Return Monthly 31st December of next financial year

Late Fees for not Filing Return on Time

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 tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing (26th/ 29th Aug) to the date of payment.

Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

Moneyम्जी can help you in filing GST returns at a very affordable cost. Cost for Nil Return is Rs 500/- only. Quickly contact Moneyम्जी at +91-9711730497 or mail us at info@moneymji.com for customized quote.