What is India GST Return?

Run Your Business Jul 20, 2020

Updated on 29/7/2020

On 1st, 2017, GST (Goods and Service Tax) was implemented and led to India's most significant tax regimes of all time. The GST replaces all other indirect taxes such as central excise duty, state VAT, central sales tax, purchase tax, etc., and is a comprehensive tax levied on the supply of goods and services. If you are a service or manufacturer provider, or a trader, you need file returns under GST.

If you want to know how to file GST returns or are thinking how many returns in GST you have to register, you can visit the GST login portal. To get your GST number,  you should first know How to Register For GST and GST Registration Process.

Here Is What We Will Cover In This Article

GST Return Forms, Eligibility, Types, Due dates, Penalties

    What Is GST Return?
    What Is the India GST Return Form?
    What Are the Different Types of India GST Returns and Who Is Required to File It?
    Who Should File GST Returns?
    Penalty for Late Filing of GST Return
        - Late Filing Charges for Intra-state Dealings
        - Late Filing Fees for Inter-state Dealings
        - Penalties for NIL Returns Filing
        - Interest on Outstanding 
    File GST Returns with GSTN

GSTR Reports Available Under Deskera Books

      - GSTR-1 Report Under Deskera Books
      - GSTR-3B Report Under Deskera Books  

India GST Return Forms, Eligibility, Due dates
India GST Returns

What Is GST Return?

A document that includes all details related to GST payments, receipts, and invoices for a specific period is known as a GST Return. All transactions can be declared by a taxpayer in which the tax paid is based on the business revenue where the authorities will calculate the total amount of tax.

GST can be filed online by the business owners on the official portal provided by the GSTN

Below details are required by the registered dealer for the concerned period while filing the GST returns.

  • Total sales/Total Purchases
  • GST Output (customers pay GST.)
  • Input Tax Credit or ITC (the business pays GST for purchases.)

Once filed, a registered dealer can check the GST Return filing status online and comply with the requirements accordingly.

Besides this, you need to choose the right form before you initiate the GST return filing procedure. Under the GST regime, there are 11 types of returns applicable, and each one has various purposes and due dates.

What Is the India GST Return Form?

A document containing details of all sales, purchases, input tax credit (paid on purchases), and output GST (on sales) to calculate an assessee's GST liability for a particular tax period is known as GST Return Form. Currently, India Goods and Service returns can be filed either monthly, quarterly, or annually depending on various applicable factors.

What Are the Different Types of India GST Returns and Who Is Required to File It?

Types of India GST Returns and Who is Required to File it
‌‌Types of GST Returns and Due Dates

Who Should File GST Returns?

Every business unit, whose turnover exceeds Rs. 20 or 40 lakhs(Optional) annually has to file the GST returns. For different slabs, taxpayers are also supposed to go through various eligibility criteria.

Additional Read:  Step-by-Step Guide for India GSTR Filing

Penalty for Late Filing of GST Return

All the GST registered businesses and dealers, filing the returns are mandatory, including those with nil returns. Both late filing fees and penal interest. It will be implemented for any delay in the filing of the return.

Late Filing Charges for Intra-state Dealings

 Late filing charges for Intra-State
Charges for late filing for Intra-State

NOTE: The maximum late filing fees For each monthly/quarterly filing, the maximum late filing fees as per each GST Act cannot be more than Rs. 5000. While the maximum amount chargeable as the late filing fee for each annual  return (GSTR 9) cannot be more than 0.25% of the turnover.

Late Filing Fees for Inter-state Dealings

As per the Integrated Goods and Services Act, for the late filing of IGST returns, the penalty is equal to the sum of the penalties as per the SGST/UTGST Act and CGST Act.

Thus, Rs.200/day fine will be charged for the late filing of IGST. Please note for monthly/quarterly IGST return; the late filing fee cannot be more than Rs. 10,000 for each filing, while for each annual return(GSTR 9), the maximum amount of chargeable cannot be more than 0.25% of the turnover.

NOTE: The late filing fees are charged as per the CBIC notifications

Penalties for NIL Returns Filing

Charges for NIL Returns
Penalties for NIL Returns Filing

Interest on Outstanding Tax

In case of delayed GSTR filing, an interest rate of 18% will be charged on the outstanding tax. Please note, from the next day of the due date, this interest is calculated.

When a taxpayer claims excess Input Tax Credit (ITC) or reduces output tax liability in excess, 24% per annum interest has to be paid.

Thus, India Goods and Service returns should be filed well within the due dates to avoid any penalty and interest. To avoid any delay, refer to the essential  dates and the filing procedure.

File GST Returns with GSTN

The GSTN(Goods and Service Tax Network) will store all GST registered buyer's and sellers' information. It will also combine the submitted details, and maintain registers for future reference. Companies have to file three monthly returns every three months and one annual return in a financial year (Total 37 returns).

A simple excel based template has been launched by GSTN to make the return filing much easier for all the businesses. From the GST common portal, this excel workbook can be downloaded free of charge. The taxpayers can use this template to collate the invoice data regularly.

On the GST portal, the details of inward and outward supplies can be uploaded on or before the due date. The data preparation can be done offline. The taxpayer will need the internet only while uploading the prepared file on the GST portal.

Reports Available Under Deskera Books

GSTR 1 and 3B reports under Deskera Books
GSTR Reports available under Deskera Books

GSTR- 1 Report Under Deskera Books

GSTR-1 is a report that shows all the sales transactions if the monthly return of outward supplies of a business. Users can now fetch the GSTR-1 Report summary Using Deskera Books, which is mapped according to the Sell tab's transactions.

GSTR 1 Report Under Deskera Books

The GSTR-1 Report will display the details which divide the tax amount in SGST, CGST, IGST, and Cess, and based on the transactions in the Buy and Sell module the amount is auto-populated

GSTR- 3B Report Under Deskera Books

GSTR-2 is the Report that includes all purchase details. GSTR-3B report consists of a monthly summary of sales and purchases, which is auto-populated by pulling the source of information from GSTR-1 and GSTR-2.

GSTR-3B Report Under Deskera Books

You can calculate GST using Deskera Books easily and generate the Reports for filing purpose. Sign up for a free trial today and see it in action.

How to Register for India GST?
Every company/individual who supplies goods and services has to register under GST under the current GST regime. So, if your annual business turnover exceeding Rs.20 lakh (in all Indian states, other than north-eastern countries), you need to register with GSTN
GST Calculator – Online Goods and Services Tax Calculator
GST Calculator is a device that helps in calculating the GST amount on different goods or services accurately. The tool’s sole purpose is to show the total value of goods or services, including the amount of GST.
What is GSTN?
The GSTN is a non-profit, non-government organization. It will manage the GST portal’s entire IT system, which is the mother database for everything GST. The Government of India will use this portal to track every financial transaction.
What is GSTIN?
All business entities will need to Register under GST and obtain a unique 15-digit Goods and Service Tax Identification Number (GSTIN). It will replace the previously existing Tax Identification Number (TIN), allotted to businesses for registering under VAT.

Janhavi Wagh

Janhavi is a part of the Product Team @ Deskera. She is passionate about improving customer experience and helping them achieve desired business goals.

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