Process of GST Monthly Return Filing
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About GST Monthly Filing
A document which furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales and other related details is called the GST Return. The GST Return is required to be filed with the tax authorities following which the taxpayer has to pay off the tax liability. There are various types of GST Returns varying from monthly to quarterly and further to annually depending upon various schemes and conditions. Let us further know about GST monthly return filing.
Types of monthly GST Returns
|GSTR-1||It consists of details of outward supplies of goods and services. The due date for filing this is 11th of the following month.|
|GSTR-3B:||It is a simple return in which the summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by the taxpayer. The due date for filing this is 20th of the following month. Further the due date for filing would be 22nd or 24th* of the subsequent month (If Aggregate turnover is less than or equal to 5cr.). 22nd or 24th is based on the state of the taxpayer.|
|GSTR-5||It is a return for a non-resident foreign taxable person. The due date for filing this is 20th of the following month.|
|GSTR-6||It is a return for an input service distributor. The due date for filing this is 13th of the following month.|
|GSTR-7||It is a return for authorities deducting TDS. The due date for filing this is 10th of the following month.|
|GSTR-8||It consists of details of supplies effected through the e-commerce operator and the amount of tax collected. The due date for filing this is 10th of the following month.|
|GSTR-11||It consists of details of inward supplies to be furnished by a person having UIN and claiming a refund. The due date for filing this is 28th of the following month for which the statement is filed.|
Eligibility for GST Return Filing
All the taxpayers registered under GST laws are required to file GSTR-monthly except the following:
- Taxpayers who have a Turnover up to Rs. 5 Crore in last financial year and have opted quarterly. - Composition Dealer - Input Service Distributor - Non- Resident Registered person - Person liable to deduct or collect tax under the CGST Act
1000/-(GSTR-1 & GSTR-3B)
- GSTR-1 Filing (For a period of 1 Month)
- GSTR-3B Filing (For a period of 1 Month)
- Expert Consultancy
2490/-(GSTR-1 & GSTR-3B)
- GSTR-1 Filing (For a period of 3 Months)
- GSTR-3B Filing (For a period of 3 Months)
- Expert Consultancy
8990/-(Upto 50 Lakhs Turnover)
- GSTR-1 Filing (For a period of 1 Year)
- GSTR-3B Filing (For a period of 1 Year)
- GSTR-9 Filing (Annual Return)
- Expert Consultancy
Frequently asked questions
What is GST return?
GST return is a document containing details of income which a taxpayer is required to file with the GST authorities. This helps tax authorities calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
- Output GST (i.e. GST on sales),
- Input tax credit (GST paid on purchases).
To file GST returns, only those sales and purchase invoices, that are GST compliant, are required.
Which GST Returns are required to be filed monthly and what are their due dates?
- GSTR-1: 11th of the following month
- GSTR-3B: 20th of the following month. Further the due date for filing would be 22nd or 24th of the subsequent month (If Aggregate turnover is less than or equal to 5cr.). 22nd or 24th is based on the state of the taxpayer.
- GSTR-5: 20th of the following month
- GSTR-6: 13th of the following month
- GSTR-7: 10th of the following month
- GSTR-8: 10th of the following month
- GSTR-11: 28th of the following month
Is GSTR 1 filing mandatory?
GSTR 1 needs to be filed even if there is no business activity in the tax period i.e. NIL Return is required to be filed.
Which type of registered taxpayers are not required to file monthly GST returns?
The following taxpayers are not required to file monthly GST returns:
- Composition Dealer
- Non-resident Registered Person
- Input Service Distributor
- Tax Deductor/Tax collector
- Taxpayers opting QRMP scheme
What are B2B and B2C Supplies?
B2B: It refers to supplies between registered taxable entities.
B2C: It refers to supplies between registered supplier & unregistered buyer.
What is GSTR-2?
GSTR 2 contains invoice level inward supply information rate wise as reported by the supplier in GSTR 1. Most of the details are auto populated from the other party return.
Can the taxpayer add invoices if the supplier did not upload the invoice?
Yes. The taxpayer can add invoice if he is in possession of invoices and have received the goods or services.
What is GSTR-3?
GSTR 3 is a monthly return based on the finalization of GSTR 1 and GSTR 2 .GSTR 3 can be generated only when GSTR 1 and GSTR 2 for the tax period have been filed by the taxpayer.
Is it mandatory to pay the tax liability before filing GSTR 3?
Yes, it is mandatory to discharge the liability before filing GSTR 3. If not discharged, it is treated as invalid return. Tax liability can be discharged by utilizing credit available in electronic credit ledger and electronic cash ledger.
When can the tax payer claim refund from electronic cash ledger?
The taxpayer can claim refund from electronic cash ledger when all the return related liabilities for that tax period have been discharged.
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