Taxable persons and entities under GST are required to file various GST returns. Under GST, return filing is a very important activity that serves as the link between the taxpayer and the government. In the GST return, the taxpayer is required to furnish details like the particulars of business activity, declaration of tax liability, payment of taxes and other information as requested by the government. All returns in GST are required to be filed electronically and facility is to be provided for manual filing of GST returns, wherein the return can be prepared offline and uploaded on the GSTN by the taxpayer or a facilitation center.
Registered persons who are taxable under GST are required to file GST returns. Therefore, any registered person who has obtained registration but has not crossed the exemption limit (i.e., Rs.20 lakhs across India, except for Northeastern and Hill states wherein its Rs.10 lakhs) will not be required to file GST return until they cross the exemption limit. However, once the exemption limit is crossed and the taxpayer begins filing GST returns, even if there is no taxable supplied made or received during a period, the taxpayer is required to file a NIL return. Hence, not filing GST return is not an option and without filing the return of a period, next return cannot be filed.
GST return filing is done through the GST portal and documents need not be attached to the GST return. However, the taxpayer would need to submit information pertaining to B2B invoices issued, B2C invoices issued, credit notes issued, debit notes issued and HSN summary of goods sold.
Mostly all companies file its financial statements and relevant attachments using Form AOC-4 each year. If the financial statements of the company are not adopted in an Annual General Meeting then un-adopted financial statements should be filed within 30 days of the date of AGM.
On the other hand, if the financial statements are adopted by the company then the adopted financial statements must be filed within 30 days of the AGM. Apart from this, if the company needs to revise the financial statement or Board’s report then revised financial statements can also be filed using form AOC-4.
Simplified monthly GST return will be applicable to all the taxpayers except those listed below:
Large businesses will be required to file return by 20th of the subsequent month. However, if a small taxpayer opts to file monthly return instead of quarterly, the filing due dates will be staggered based on the turnover of the taxpayer.
If a taxpayer liable to file monthly return has no purchases, output tax liability & no Input Tax Credit (ITC) to avail in any quarter, he will be required to file one Nil return for the whole quarter instead of monthly returns. He will also be required to report Nil transactions via SMS in the first & second month of the quarter.
The supplier will be required to pay the full amount of tax as reported in his return at the time of filing of return.
The new main returns will have two main tables. In one table, the taxpayer can report the taxed supplies. He can use the other table for claiming ITC. The output tax liability table in the return will be auto-populated by the annexure of invoices present in the return.
The recipient will be required to report all the missing invoices in his main return with applicable interest & penalty. He will be given time of up to two tax periods to get the missing invoices uploaded by the supplier(s).
For the recipient to claim ITC, only the invoices & debit notes uploaded by his supplier will be considered valid. If the recipient claims ITC for which no debit note or invoice has been uploaded, they will be considered missing invoices & such ITC will be recovered from the recipient.
If the supplier uploads an invoice for which no return is filed, the tax authorities will consider it a self-admitted liability & take actions for recovery of the tax. However, the authorities will first give him a reasonable time to file return & pay tax.
The invoices uploaded by the supplier will be auto-populated in his main return. A new viewing facility on the Common Portal will enable suppliers to upload invoices anytime during the month which will be continuously visible to the recipient.
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability., Under GST, a registered dealer has to file GST returns that includes:, Purchases, Sales, Output GST (On sales), Input tax credit (GST paid on purchases)
In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year., The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors, There are separate returns required to be filed by special cases such as composition dealers .,
Every registered taxable person is required to file returns under the GST law. If you have not performed any business activities during the period covered by a return, you need to file a Nil return. There are some entities that will need to register for GST but aren’t required to file returns regularly, such as UN bodies (and foreign consulates) must register for a unique GST ID, but they are required to file returns only for months during which they make purchases. Some entities do not need to register or file returns. Government entities and Public Sector Undertakings (PSUs), entities dealing with non-GST supplies, and those who deal with exempted/Nil rated/non GST goods and/or services will neither be required to register under the GST nor file returns.
Form 66, 23AC, 23ACA should be filed within 30 days from the date of AGM. Form 20B should be filed within 60 days from the date of AGM.
On Successful e-filing and payment of e-form a SRN (Service Request Number) is provided and with the help of this number one can view the status of transaction using the “Track your transaction status” link in the website of MCA. Moreover, once the form has been approved by the concerned official of the Ministry, one will receive an email regarding the same and the status of the form will get changed to Approved. In case the status is other than approved, necessary action need to be taken.
I Yes, you are allowed to make corrections. As a registered taxpayer, you are legally bound to file the details of every modification made to the return data to the GSTN either through an amendment form (if the edit was made before 17th of the following) or using the amendment sections under the next month’s tax return (if the edit was made after 17th of the following month). This is because modifications to invoices and other documents can result in a mismatch between your data and the data held by your customer or vendor and this will lead to litigation. Hence, by declaring the details of all edits made by you, you stay true to the law.
If e-sign does not work, you can always file a GST return using other methods which involve an OTP from your registered phone number, your PAN information and a DSC.