YOU CAN NOW REGISTER A GST Registration - Goods & Service Tax Registration Online IN INDIA AT JUST RS. 799 (ALL INCLUSIVE)*
Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.
Registered entities are required to file 2 monthly returns and 1 annual return, for a total of 26 returns in a year.
Entities have to file the GSTR-3B return every month providing details of sales and purchases made in a month. In addition to the GSTR-3B return, businesses registered under GST must file GSTR-1 returns. GSTR-1 return must be filed every month by businesses having annual revenue of over Rs.1.5 crores.
In case a business has a yearly revenue of less than Rs.1.5 crores, GST returns should be filed every quarter. Annual GST returns must also be filed by all entities in addition to the above.
Penalties and cancellation of the GST registration will result if an entity fails to file GST returns on time. In-case of non-compliance for more than six months consecutively, the entity would be unable to obtain another registration in addition to cancellation- until all the penalties are paid back in full.
The penalties for entities having no turnover is different when compared to entities having a certain turnover. NIL returns must be filed in case of no turnover and failure to do so will result in a penalty of Rs. 20 per day.
Established businesses will be levied with a penalty of Rs. 50 per day for the period of late-filing. A penalty of Rs. 50 per day will be applicable for late GSTR-3B return and Rs.50 per for GSTR-1 return. In total, a penalty of more than Rs.3000 per month would be incurred. In addition to the above late filing fees, the entity would also have to pay interest at the rate of 18% on GST payment remitted late.
All entities registered under the composition scheme are required to file form GSTR-4A every quarter through the GST portal or through a GST facilitation centre.
GST returns for those enrolled under the composition scheme is due on the 18th of the month every quarter. Hence, GST return filing for the composition scheme would be due on April 18th, July 18th, October 18th and January 18th.
The returns filed must include details of the following:
While filing the GST composition returns, the taxpayer is also required to pay all liabilities towards tax, interest, penalty, fees or any other amount payable under GST.
GST composition tax is levied at the following rates:
