GST filing can be confusing. These questions will help you get the answers for filing returns. Click to learn the process of filing GST and staying in compliance.
The basic returns under GST are as follows:
(1) GSTR-01 Details of outward supplies.
(2) GSTR-02A Details of auto drafted ITC statement.
(3) GSTR-02B Details of auto drafted ITC statement.
(4) GSTR-03B Details of summary of outward supplies and inward supplies.
(5) GSTR-09 Annual Return.
(6) GSTR-09C Reconciliation Statement.
Every registered person is required to file GSTR-01 and GSTR-03B for every month (except QRMP levy and composition tax payer)
GSTR-02A and GSTR-02B shows the value and GST of inward supplies.
In GSTR-3B the payment of tax is made on net amount of outward supplies after considering the eligible Input tax Credit (ITC).
In case there is no taxable supplies in a particular month then also registered person is liable to file the returns. In such situation NIL returns are required to be filed.
Steps to file return:
(1) Login to GST Portal.
(2) Enter data of the outward supplies and other requirements
(3) A person can also upload a JSON generated from accounting software to easily upload all data.
(4) Once data is uploaded a draft return is available to verify data and tax liabilities.
(5) Once data is checked a person can file return via OTP or DSC.
Every registered person whose aggregate turnover (PAN based) in current Financial Year or Previous Financial Year does not exceed Rs. 5 Crores is eligible to opt for QRMP Scheme.
QRMP stands for Quarterly Return Monthly Payment wherein the person is required to file returns after every quarter but the payment of tax shall be made every month.
However, if a person wants to declare only the outward supply during the quarter, then he can also file the IFF (Invoice Furnishing Facility) by 13th day of following month.
A person can even file return after due date of that return. However, he shall be liable to pay late fees and penalties.
In case return involves payment of tax then he/she shall be liable to pay interest also @18% per annum.
No a return once filed cannot be revised, however, if a person has erroneously declared incorrect values in any of the return, then he can revise the said transaction in subsequent periods GSTR 1 or 3B.
In case the tax has been short paid then liability along with interest will arise.
No, all invoices are not required to be furnished in GSTR-01. Only details of following invoices are required to be furnished:
(1) Supplies made to Registered Persons (B2B).
(2) Supplies made outside the state to Unregistered person where invoice value is more than Rs. 2,50,000 (B2CL).
For other cases i.e. supplies made to unregistered person within state and outside state where invoice value is less than Rs 2,50,000 (B2CS); Only state wise summary list is required to be furnished.