Under the GST, who is required to file returns regularly and who isn’t?
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.
What are the different types of GST returns?
There are a total of 11 types of returns under the GST.
GSTR-1: monthly return for outward supplies
GSTR-2: monthly return for inward supplies
GSTR-3: monthly return containing details from other monthly returns filed by the taxpayer (GSTR-1, GSTR-2, GSTR-6, GSTR-7)
GSTR-4: quarterly return
GSTR-5: variable return to be filed by Non-Resident Taxpayers
GSTR-6: monthly return to be filed by input service distributors
GSTR-7: monthly return to be filed for Tax Deducted at Source (TDS) transactions
GSTR-8: monthly return to be filed by e-commerce operators
GSTR-9: annual return
GSTR-10: final return to be filed when terminating business activities permanently
GSTR-11: to be filed by taxpayers with a Unique Identity Number (UIN)
What is the late fees for not filing return on or before due date
Late Fees for GSTR-1, GSTR-3B, GSTR-4, GSTR-5
Rs. 50 per day of delay for normal return
Rs 20 per day of delay for nil return
Late fees for GSTR-5A
Subject to maximum of Rs.5000
Rs. 200 per day of delay for normal return
Rs 100 per day of delay for nil return
What is input tax credit
When you buy raw materials/services as inputs to create and sell your product/services, you pay GST on such raw material/services. So when you are required to pay tax on the finished good/service, you can take the deduction of the tax that you have already paid on such raw materials/services
What is the time limit for availing input credit under GST?
As per provisions of Section 16(4) of the CGST Act, 2017 the ITC is not available after the due date of furnishing the return for the month of September of the next year or furnishing of the annual return, whichever is earlier.
Is the e-commerce operator required to submit any statement? What are the details that are required to be submitted in the statement?
Yes, every operator is required to furnish a statement, electronically, containing the details of outward supplies of goods or services effected through it, including the supplies of goods or services returned through it, and the amount collected by it as TCS during a month within ten days after the end of such month. The statement will be filed in FORM GSTR-8. The operator is also required to file an annual statement by 31st day of December following the end of the financial year in which the tax was collected. (Refer to Section 52(4) and Section 52(5) of the CGST Act, 2017.)