Goods and Service Tax – Return filing requirements

The new Tax Regime requires filing of number of Returns after Online Registration of GST.  The iterated modifications and amendments have made the compliance requirements easy for small and medium sized Businesses.

Here, we are providing an exhaustive list of compliance with regards to GST return filing requirements and effect of non-compliances.

Filing of Temporary GST Return: GSTR – 3B:

The said return is required to be filed for each month by every entity till March, 2018. Also, the mentioned return shall be filed by 20^th day of Next Month of reporting period. This return is required to be filed by every entity irrespective of the turnover.

For Example, for the transactions of month of December, 2017 you are required to file the GST Return latest by 20^th January, 2018.

Filing of Outward Supply Details: GSTR – 1:

The government has classified the entities into two categories based on the turnover of the entities. Both the entities shall have different reporting period for filing of Return GSTR – 1.

Below mentioned are the details for GSTR – 1 filing for the period of July, 2017 to March, 2018.

• Taxpayers having turnover up to Rs 1.5 Crore:

The filing shall be done on Quarterly basis in following manner and due date:

• For the period of January, 2018 to March, 2018 the due date announced is 30^th day of April, 2018.
• For the Quarter of October, 2017 to December, 2017, Return shall be filed latest by 15^th February, 2018.
• For the Quarter of July, 2017 to September, 2017, this form shall be filed before 31^st December, 2017.

• Taxpayers having turnover more than Rs 1.5 Crore;

Taxpayers falling under this category shall be required to file GST Return 1 on monthly basis. The due dates for this category are mentioned below:

Filing of Inward Supply Details: GSTR – 2:

The information for inward supplies is to be filed by every entity in GST Return – 2. Till date, the Government has not declared the date of filing GSTR – 2.

Filing of Return for Reconciliation: GSTR – 3:

The reconciliation of Transaction undertaken during reporting period is completed by filing of GST Return – 3. Alike, GSTR 2, the date of filing will be announced by the Government at a later date.

Provisions of late fee and penalties:

Earlier, where the late fee on failure of filing the returns was announced at Rs 200/- per day under IGST head or Rs 100/- each under SGST and CGST heads. The GST Council has recently rationalised the higher penalties.

For the GST registrant, whose liability during reporting period was NIL is now required to pay Rs 20/- under IGST head for each day of delay in filing of Returns. The liability shall be Rs 10/- each towards CGST and SGST heads, where applicable.

The GST Taxpayer, not falling under abovementioned category i.e. the liability to pay tax has arisen during the reporting period is liable to pay Rs 50/- for each day of delay in filing. Where the liability was towards CGST and SGST, the penalty shall be Rs 25 per day under both heads.

Waiver of late Fee:

The Government has announced waiver of late fee for the month of July, August and September, 2017. Therefore, the taxpayers, who have already paid penalties as per earlier provisions i.e. Rs 200/- for each day of delay will get the refund of same as the late fees were waived by the Government. The said amount will be reflected under electronic cash ledger of the concerned taxpayer after log in through registered credentials on GST Portal

Regular filing of returns under Goods and Service Tax Act is very essential as the GST Taxpayers are provided GST Compliance Rating based on their regularity for compliance with the provisions of the Goods and Service Tax Laws.