Regular GST Return
Businesses registered for the Goods and Services Tax (GST) must submit a GST return regularly to the taxing authorities to disclose their sales, purchases, and tax liabilities for a given period. It makes it possible to calculate and pay GST and summarise taxable transactions.
Regularly filing GST returns is crucial because it promotes a transparent and effective tax system by ensuring compliance with tax laws, maintaining accurate financial records, avoiding fines and legal repercussions, allowing for the proper claim of input tax credits, and reconciling taxes paid and collected.
What is a Regular GST Return?
A regular GST return is a thorough document submitted regularly to tax authorities by companies registered for the Goods and Services Tax (GST). It records transactions, purchases, estimates of output and input taxes, and tax payments made during a period, usually monthly or quarterly.
Every organization or person registered for the Goods and Services Tax (GST) must file a regular GST return and reach the required turnover criteria. This includes manufacturers, traders, service providers, owners of online stores, and any other organizations involved in taxable deliveries of goods or services.
Regular GST returns have different due dates based on the tax jurisdiction and frequency of filing. Monthly filers are often set as the 20th of the following month, while quarterly filers are usually the last day of the following quarter. Confirming the precise deadline set by your jurisdiction’s tax authorities is crucial.
Depending on the tax jurisdiction, there are different penalties for filing regular GST returns late. In general, they could consist of the loss of an input tax credit, a percentage-based penalty on the amount of tax owed, and a fixed penalty per day of delay. Over time, these fines can add up, increasing financial obligations and posing significant legal repercussions for non-compliance.
What Information is Required for Filing a Regular GST Return?
- GSTIN (Goods and Services Tax Identification Number): Every registered taxpayer under GST is given a unique identifying number called a GSTIN (Goods and Services Tax Identifying Number). A 15-digit alphanumeric code must be included on all invoices, transactions, and GST refund submissions.
- Sales and purchase invoices are necessary records for submitting a regular GST return. The value of the goods or services, the applicable tax rates, and the GST charged are all included in the information they offer about the business’s sales. Similar information can be found on purchase invoices, including the input tax credit that may be claimed.
- To complete a normal GST return, input tax credit (ITC) information is required. It contains the entire GST paid on permissible purchases, which can be used to output GST liability to lower the business’s overall tax burden.
- The payment of tax liabilities is the sum of Goods and Services Tax (GST) that a company must pay to the tax authorities by the submitted GST return.
Steps to File a Regular GST Return
- Registration on GST Portal: You must first register on the GST portal to submit a regular GST return. Visit the nation’s official GST website, complete the registration form, and upload the necessary paperwork. After completing the registration process, you will be given a GSTIN and login information to use the portal for filing returns.
- Invoice creation: You must produce invoices for your sales and purchases to submit a regular GST return. Ensure the invoices include all relevant information, including your company’s information, the information about your client, the description of the goods or services, the quantity, the price, the applicable GST rates, and the GST amount charged or paid. Keep accurate records of these invoices for comparison and reconciliation purposes in the future.
- Preparation of GST return: Collect all the necessary data, including sales and purchase invoices, information about input tax credits, and payment history, to prepare a GST return. Verify the data, determine the output tax liability, and claim any allowable input tax credits.
- Payment of tax liability: Determine the total tax due after completing the GST return. Pay the tax amount electronically using the accepted payment methods given by the tax authorities. To avoid any fines or interest costs, pay on time. Keep the payment acknowledgement on file for future use and audits as evidence of tax payment.
- Filing of GST return: You must first log in to the GST portal using your login credentials before proceeding to the “Filing of GST Returns“ section, selecting the proper return form, filling out all required fields, verifying your work, and electronically submitting the return. Maintain the acknowledgement receipt as proof that the document was filed.
Types of Regular GST Returns
- GSTR-1: A monthly or quarterly report to report supplies of goods and services made outside the country.
- GSTR-2A: Auto-populated form that displays information about incoming supply based on supplier GSTR-1 filings.
- GSTR-3B: A monthly return to report that includes a summary of information about outgoing supply, input tax credits, and tax payments.
- GSTR-4: Quarterly return for taxpayers using the composition system to report a summary of outgoing supplies and tax paid.
- GSTR-5: Non-resident taxpayers must file Form GSTR-5 to report information about their inbound and outbound supplies.
- GSTR-6: Input Service Distributors (ISD) must complete Form GSTR-6 to report their input tax credit distribution.
- GSTR-7: Tax deductors’ return to report information about tax deducted at source (TDS).
- GSTR-8: Return submitted by e-commerce companies detailing purchases made through their system.
- GSTR-9: A yearly return that lists all outgoing and incoming supplies, input tax credits, and taxes paid.
- GSTR-10: Final return submitted by companies whose GST registration has been terminated or are at risk of being cancelled
Kanakkupillai is a helpful tool for companies when handling and submitting routine GST returns. While assuring compliance with tax laws and easing the strain of tax-related activities, Kanakkupillai offers thorough guidance and assistance. Businesses can streamline the filing of their GST returns with the help of Kanakkupillai’s experience and concentrate on their core business activities with the assurance that their tax obligations are in good hands. You may rely on Kanakkupillai for an effective and trustworthy GST return filing online service.
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FAQs on Regular GST Return
Depending on the tax jurisdiction, there are different penalties for filing a standard GST return beyond the deadline. It usually includes a predetermined penalty for each day of delay in addition to a percentage-based penalty on the amount of tax that is owed.
Yes, subject to certain restrictions and procedures established by the tax authorities, a regular GST return may be changed within a specific time frame, usually permitted during the same financial year or following periods.
Regular GST returns must be filed to avoid penalties, fines, and legal repercussions such as the loss of input tax credits, suspension of GST registration, and prospective tax audits or investigations.
Even without an internet connection, the GST Return Offline Tool makes it easy to file GST returns. By offering tools that may be downloaded from the official website, it caters to taxpayers with limited internet connection. These tools enable users to enter the necessary information in offline mode and upload it to the GST portal at a later time.
Subtract the total input tax credit from the total output tax due on your sales to determine the tax liability for a normal GST return.
Under certain conditions and restrictions, you may claim an input tax credit (ITC) for some purchases made for business purposes when submitting a conventional GST return.
You must submit separate returns for each GSTIN using their unique login information on the GST portal or using offline tools to file a regular GST return for multiple GSTINs.
The 18th of the subsequent quarter is often the deadline for composition dealers to submit their normal GST returns.
Yes, you must still submit a regular GST return even if there were no sales or purchases during the relevant period. You would then need to submit a nil return stating there were no transactions during that period.
Giving false or inaccurate information in a regular GST return can result in fines, penalties, and legal repercussions. Audits, inquiries, the loss of input tax credits, the suspension of registration, and possible criminal prosecution for tax evasion are all possible outcomes.