How do I file GST every month

Goods and services tax (GST) is an indirect tax subsumed all other indirect taxes in India that were levied on the supply of goods and services. Paying GST is followed by filing returns that could be availed by filing GST return forms by the entities involved in the trade. 

All the entities registered under the GST Act are required to file the details of the sale and purchase of services and goods including the tax collected and paid in the trade. The returns are needed to be filed online through the official website of Central Board of Indirect Taxes and Customs 

Individual taxpayers will require Details for filing the GST returns such as returns from purchases, supplies, monthly returns and annual return. Taxpayers owning small and medium enterprises who have opted for composition schemes are required to file quarterly returns. All Filing of such returns are needed to be made online.

How to file GST returns online?

Every manufacturer, suppliers, dealers, consumers and all the registered taxpayers under GST are required to file their GST returns with the Central Board of Indirect Taxes and Customs. Under the new GST regime, all returns filing has become automated. You can file GST returns with various GST-registered software or apps available in the market provided by Goods and Services Tax Network (GSTN). These will auto-populate the details on each GSTR form. We will tell you how to file your GST returns online step-by-step: 

• Visit GST portal (www.gst.gov.in)
• A 15-digit GSTIN number will be issued on the basis of your state code and PAN number
• Upload invoices of transactions on GST portal or the software
• After uploading invoices, inward return, outward return and cumulative monthly return are needed to filed online
• Outward supply returns are needed to be filed in GSTR-1 form through the information section on the official portal of GST on or before the 10th of the following month
• Outward supply details furnished by the supplier will be made available to the recipient in GSTR-2A
• Recipients are needed to verify, validate and modify the outward supply details and also the file the credit and debit notes details
• Recipients are needed to furnish the inward supply details of taxable goods and services in GSTR-2 form
• Suppliers can accept or reject the modification of inward supply details made available by the Recipient in GSTR-1A
• Note: GSTR-2 & GSTR1A are not available to taxpayer currently

Types of GST forms

• GSTR-1

Registered traders are needed to file outward supply details of taxable goods and services on or before 10th of the subsequent month.

• GSTR-2

Registered taxable supplier are needed to file inward supply details of taxable goods and services claiming input tax credit on or before 15th of the subsequent month.

• GSTR-3

Registered taxable persons need to file monthly returns based on finalization of details of outward and inward supplies along with the payment of tax amount on or before 20th of the subsequent month.

• GSTR-4

The due date for filing GSTR 4 is 30th of April following the relevant financial year. For example, the GSTR-4 for FY 2019-20 is due by 30th April 2020*. Until the FY 2018-19, the due date was 18th of the month after the end of the quarter..

• GSTR-5

GST returns of the REGISTERED non-resident taxable persons on or before 20th of the subsequent month.

• GSTR-6

Returns for input service distributor on or before 13th of the subsequent month.

• GSTR-7

Returns for authorities that are carrying out tax deduction at source on or before 10 of the subsequent month.

• GSTR-8

E-commerce operators/tax collectors are needed to file details of the trade and tax amount collected on or before 10 of the subsequent month.

• GSTR-9

Registered taxable person are needed to file annual return on or before 31st December of next fiscal year.

• GSTR-10

Taxable persons registration of whome has been cancelled/surrendered are needed to file final return within 3 months of cancellation date or date of cancellation of order, whichever comes late.

• GSTR-11

Persons having UIN who are claiming refund are needed to file the details of inward supplies on or before 28th of the month following the month in which the state was filed.

What is the late fees on filing GST returns 

All registered taxpayers are levied late fees in case they fail to file their returns on time. A late fees of Rs 10 to Rs 100 per day were applicable late fee as per different GST returns CGST and SGST each. The maximum amount of late fees that can be levied on the taxpayers is Rs 50000.  However, taxpayers are also needed to pay an interest at the rate of 18% per annum in addition to the late fees. The fees will be calculated from the deadline day till the date of payment. https://bthawk.com/