Goods and Services Tax return filing has to be done every month/quarter by a registered taxpayer. This is a record of Outward and Inward supply done during the month/quarter, and tax paid/payable by the Supplier. Besides this, the taxpayer also needs to file Annual Returns.
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- Every taxable Supplier needs to upload the outward supply details in the form of GSTR-1 for all the supplies by the 10th date of succeeding month.
- The inward supplies are made available on 11th day of the month in the auto-generated gst return filing online
- A blueprint of GSTR-2A of Outward Supply will be provided temporarily by GSTN based on the invoice details reported.
- The purchaser can accept/reject/modify such a brief blueprint of GSTR-2A (Purchaser can download his statement from the portal and update or change it offline). The purchaser will also be able to add extra purchases (if he has received such supplies) in invoice of GSTR-2A, which is not uploaded by seller, up to 15th day of the month (i.e., within five days). ( GSTN would facilitate to upload periodic information to minimize the last-minute load on the system.)
- The purchaser will submit the GSTR-2 form by the 15th of the subsequent month, and any related updates will be available in the GSTR-1A form to the seller. The seller can accept or reject the corrections made by the purchaser, and GSTR 1 will be revised according to the modifications agreed by the seller.
- Both parties will pay the amount drafted in GSTR-3 return and will debit the ITC ledger and cash ledger and mention the debit entry No. in the GSTR-3 return and would submit the same by 20th of succeeding month.
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Late filing of GST Return:
GST is applicable to all business owners, small or big and even those with zero returns. Missing the GST return deadline will result in penalties and additional interest. Do note that the penalties are subject to change as per the CGST Act and official notifications circulated by the Central Board of Indirect Taxes and Customs (CBIC). Here’s what a defaulter can expect for not GST return filing in India on time.
1. Penalties for intra-state activities
INR 100 per day as per Central Goods and Services Act, 2017 and INR 100 as per State Goods and Services Act, 2017 or Union Territory Goods and Services Act, 2017, bringing the total penalty to INR 200 per day.
Reminder: For yearly or monthly filing of GST return, the maximum penalty cannot be more than INR 5000. Also, the late fee for missing deadline for filing of — annual— GSTR-9 cannot exceed 0.25% of the annual turnover.
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2. Penalties for inter-state activities
Missing IGST return deadline results in a penalty, which is a sum total of penalties stipulated by CGST and SGST or UTGST Acts. In other words, the total penalty is INR 200 per day.
Reminder: For yearly or monthly filing of IGST return, the maximum penalty cannot exceed INR 10,000 for each filing. Also, the late fee for missing deadline for filing of — annual— GSTR-9 cannot exceed 0.25% of the annual turnover.