GST Filing Training in Chennai

Annual GST Return, GST filing, GST Training, GST Return Filing, How to file GST Return Online

Know how to file GST Returns Online, Annual GST Return, GST filing, GST return filing course provided from ICA. GST return can be filed in different forms by filing online returns., filing GST return, filing online returns, monthly GST return, file GST Return, Annual GST Return, GSTR-1 return, GSTR-2 return, GSTR-3 return, GSTR-4 quarterly Return, payment of tax due is compulsory.

What is GST Return?

Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.

Steps for filing GST return:

GST return can be filed in different forms depending upon the nature of transaction and registration. Return Forms that are applicable for Normal Tax payers and their due dates are: ☞ Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
☞ Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
☞ Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
☞ Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.

Frequently Asked Questions

1. Who has to file GST Return?

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.

2. What is the periodicity of filing 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.

3. 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/-.

4. Do different return forms have to be filed 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.

5. 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:

• Basic details like Business Name along with GSTIN, period for which the return is being filed etc.
• Details of invoices issued in the previous month and the corresponding taxes to be paid.
• Details of advances received against a supply which has to be made in future.
• Details of revision in relation to outward sales invoices pertaining to previous tax periods.

6. 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.

7. 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:

• Information about Input Tax Credit ledger, Cash ledger, and Liability ledger
• Details of payment of tax under various tax heads of CGST, SGST, and IGST
• Taxpayer will have the option of claiming a refund of excess payment or to carry forward the credit.

8. What is GST quarterly Return (GSTR-4)?
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:

• The total value of consolidated supply made during the period of return
• Details of payment of tax in the return
• Declare invoice-level purchase information.

9. What is GST Annual Return (GSTR-9)?

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.
• It will be a detailed return and will capture details of all the income and expenditure of the taxpayer and will regroup them in accordance with the monthly returns.
• A major advantage of this return will be that it will provide the opportunity to correct any short reporting of activities undertaken.
• The due date for the return is 31st December following the end of the financial year for which it is filed. And the same has to be filed along with the audited copies of the Annual Accounts.

10. Can I pay the taxes due after filing the return?
No, taxes due have to be paid before filing the return for that period otherwise the return will be invalid.

11. Can the 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.

Annual GST Return, GST filing, GST Training, GST Return Filing, How to file GST Return Online