As per the newly implemented GST (Goods and Service Tax) rule, different returns are expected to be filed. If you are running a company and want to find all the details about GST, you can get from here guidance about the returns to be filed and the deadlines for the same.
We will address the different returns needed to file under the new Goods and Services Tax Law. The following piece will tell you what all the information is needed, how all these returns can be filed, and what the deadlines for filing the same are.
Let’s find out what does a return means?
Return is nothing but a document that must be filed with the tax authorities as required by the law. Under the GST law, a normal taxpayer must submit three monthly returns and it is noted that one such annual return is GSTR. Similarly, there are various tax returns for a taxpayer who are registered under the composition scheme, a taxpayer listed under the distributor category of the input service, a person who is either liable to deduct or collect tax as in TDS/TCS.
See below for everything you need to know about filing returns under the new GST Act.
Who can file the returns?
Everyone enrolled under GST is expected to file their returns under the new legislation. Even if you are a legal entity licensed under GST but with an operation, you still have the right to file your tax return as a ‘zero GST return’ to stay on the lawful side of the legislation.
How much time does it take for one to file the returns?
It is to be noted that those who registered as a regular taxpayer would pay it three times a month. That is, the GSTR-1, which would composite the outward supply details, must be paid by the 10th of each month; GSTR-2, comprises of the inward supply details and the due is to be paid by the 15th of every month, and GSTR-3, which is the monthly return, should pay the due by the 20th of each month.
For those who make up the filing, taxpayers will be expected to file their returns on a quarterly basis. GSTR-4 will be counted next to the quarter and the tax needs to be paid on the 18th of each month.
Besides the monthly and quarterly returns, there is an annual report which must be filed by December 31st. The Appointed Chartered Accountant will properly file the appropriate GST reconciliation document.
How do you file your returns?
Any notices or documents are supposed to be sent electronically. The website will have the procedure listed for those who want to view the application for returns and then submit it back online. Please acknowledge that there is no provision to amend the returns. Along with that, in the current month, you should include both invoices from the previous tax cycle that went unreported.
Does one have to pay the penalty, if he/she misses filing returns?
Although there is no specific information on the penalty specified by the government, the GST department will monitor all defaulters for appropriate follow-up and compliance action.
To prevent any legal implications and problems, all GST returns must be filed on a timeline-based basis. Else, apart from the fines, the authorities do have the right in cases of unlawful acts to inspect and seize the company, in which one may be charged on legal charges.
If you are enrolled under GST, you must file your income tax returns under the new rule. But if you are a legal entity that would be expected to apply for GST, then you will need to apply the same on time to comply with the legislation. If you have further doubts, then about the same, you should approach a legal expert from Vakilsearch, who will help you solve all your questions and also help you in any legal activities and documentations.
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