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A Brief Overview of GST Filing
GST (Goods and Services Tax) is the tax you pay when you sell goods or services in India.
Instead of multiple taxes like VAT, service tax, and excise, GST brings everything under one system. In India, when we pay any tax, whether it is Income Tax, GST, or any other taxes, we have to file a return showing the calculation of Tax liability and how those taxes have been deposited. GST Return filing is a similar process in which the taxpayer shows their sales details and computation of Tax liability on such sales. Frequency of GST return filing may vary depending on the type of Business and the taxpayer’s turnover.
You file returns and pay the balance to the Government
You file returns and pay the balance to the Government
You file returns and pay the balance to the Government
You file returns and pay the balance to the Government
GST and Its Rates
Goods and Services Tax (GST) is charged at different rates depending on what you buy or use. Currently, there are three main GST rates: 5%, 18%, and 40%.
The government decides these rates in special council meetings. Each product or service is assigned a rate based on its type and importance.
Where does the GST money go?
Many people know that GST is paid to the government, but how exactly is it divided?
GST revenue is shared between the Central Government and the State Government.
For example:
If a product costs ₹1,000 and attracts 18% GST and is sold within the state, the total amount payable becomes ₹1,180.
- 9% CGST (₹90) goes to the Central Government
- 9% SGST (₹90) goes to the State Government
So, the GST collected is evenly split between the Centre and the State.
Similarly, if a product costs ₹1,000 and attracts 18% GST and is sold in another state(inter-state sale), the total amount payable becomes ₹1,180.
- 18% IGST (₹180) – In this scenario, IGST is shared between the centre and the consuming state.
Types of GST in India
Mainly, there are four types of GST in India. No matter in which state you are, only the following types of GST can be applied on the sale of goods or services:
CGST- Central Goods and Service Tax
SGST- State Goods and Service Tax
UGST- Union Territory Goods and Service Tax
IGST- Integrated Goods and Services Tax
What is Input GST & Output GST?
GST Input
GST Output
Monthly and Quarterly Filing Due Dates
Below are the monthly and quarterly filing due dates that you should be aware of
| Return Type | Frequency | Due Date | Applicable Taxpayers |
|---|---|---|---|
|
GSTR-1 |
Monthly |
11th of the following month |
Businesses with turnover above ₹5 crores
|
|
GSTR-1 |
Quarterly |
13th of the month following the quarter |
QRMP taxpayers (turnover up to ₹5 crores) |
|
IFF (Invoice Furnishing Facility) |
Monthly (Optional) |
13th of the following month |
QRMP taxpayers opting for monthly invoice reporting |
|
GSTR-3B |
Monthly |
20th of the following month |
Businesses with turnover above ₹5 crores |
|
GSTR-3B |
Quarterly |
22nd or 24th of the month following |
QRMP taxpayers based on state category |
|
CMP-08 |
Quarterly |
18th of the month following the quarter
|
Composition taxpayers filing self-assessed tax |
Missing deadlines = late fees + interest, even if tax is zero.
A late fee of Rs. 50/ day (Rs. 20 for NIL returns) for late filing of GST returns is levied.
Interest @ 18% per annum is levied on payment of taxes after the due date is levied.
Late fees and Interest on tax are automatically calculated when we file GSTR-3B. This amount can be paid through cash only in cash. Input Tax credit can not be used for payment of Late fees and Interest.
Types of GST Returns
Instead of listing forms like a textbook, explain why they matter
GSTR-1 – Sales Return
a return that contains details of goods or services sold during a specific period, including to whom they were sold and the value of such supplies as per the tax invoices issued. Based on the information filed in GSTR-1 by the supplier, the purchaser can claim Input Tax Credit (ITC), subject to GST provisions.
GSTR-3B – Monthly Summary
Input Tax Credit (ITC) can be claimed to reduce your GST liability. The GST payable can be discharged by utilizing the available ITC balance and paying the remaining amount, if any, through the bank.
GSTR-9 – Annual Return
GSTR-9 is the annual GST return that summarizes total sales, purchases, input tax credit claimed, and tax paid for the financial year.
GSTR-9C- Reconciliation statement.
GSTR-9C is a reconciliation statement that matches the figures reported in GSTR-9 with the audited financial statements, ensuring accuracy and compliance under GST.
CMP-08- Return filed by composite dealers
CMP-08 is a statement-cum-challan filed by composition dealers to declare turnover and pay tax on a quarterly basis under the GST composition scheme.
GSTR- 4- Annual return for Composite dealers
This is the annual return for taxpayers registered under the Composition scheme, consolidating all quarterly CMP-08 returns filed during the year.
GSTR-8- Return filed by E-commerce operators
This return is applicable to E-commerce operators deducting TCS from vendors.
GSTR-5 & 5A- Returns filed by Non-Resident Indians doing business in India
GSTR-5 applies to those NRIs doing business in India with registered persons. And GSTR-5A is applicable to those NRIs doing business in India with unregistered persons.
GSTR-6- Return filed by ISD (Input service distributor)
This return is filed by ISDs to distribute Input tax credit to branches.
GSTR-8- Return filed by E-commerce operators
This return is applicable to E-commerce operators deducting TCS from vendors.
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FAQ
Yes. GST return can be filed after due date also by paying late filing fees and Interest.
Yes. Even if there is no sale in a month/quarter, it is mandatory to file a return to keep the GST registration active and to avoid late penalty & interest.
Yes. You can file your return on your own, but it is recommended to file it with expert assistance.
Ans: A late fee of Rs. 50/ day (Rs. 20 for NIL returns) for late filing of GST returns is levied.
GST filing can be filed in a few seconds or hours, depending upon the volume of Bills.