Types of GST Returns: Forms, Due Dates & Penalties

Goods and Services Tax (GST) returns are essential for businesses to report their sales, purchases, and taxes paid or collected. There are various types of GST returns, and each has a specific form, due date, and penalty for late filing. Understanding these returns is crucial to ensure compliance with the law and avoid penalties.

Here are the different types of GST returns that businesses must file based on their category and business activities:

• GSTR-1: This form is used to report outward supplies (sales) of goods and services. It must be filed by registered taxpayers under GST.
• GSTR-2: This was previously used to report inward supplies (purchases). It is currently suspended and will be reintroduced in the future as per government announcements.
• GSTR-3B: A summary return that needs to be filed by all taxpayers to report sales, purchases, and the net GST payable. This is the most commonly filed return.
• GSTR-4: This return is for taxpayers who are registered under the Composition Scheme. It is a quarterly return.
• GSTR-5: Non-resident foreign taxpayers use this form to file their GST returns.
• GSTR-6: Input Service Distributors (ISDs) file this return to report the distribution of credit.
• GSTR-7: This return is for taxpayers who are required to deduct GST at source (TDS) and remit the tax to the government.
• GSTR-8: E-commerce operators must file this return for reporting TCS (Tax Collected at Source) on transactions made through their platforms.
• GSTR-9: Annual return for regular taxpayers to consolidate all the information for the financial year.
• GSTR-10: This return is filed when a business is de-registered under GST.
• GSTR-11: This return is filed by a person holding a Unique Identification Number (UIN) to claim a refund of taxes paid on inward supplies.

The due dates for filing various GST returns are as follows:

• GSTR-1: The due date for filing GSTR-1 is typically the 11th of the following month. However, this may vary based on the taxpayer's turnover and filing frequency (monthly/quarterly).
• GSTR-3B: This return must be filed by the 20th of the following month. If the business is eligible for quarterly filing, the due date is the 22nd or 24th, depending on the state.
• GSTR-4: GSTR-4 is filed quarterly and due on the 18th of the month following the quarter.
• GSTR-9: The annual return, GSTR-9, is due by the 31st of December following the end of the financial year.
• GSTR-5: Non-resident foreign taxpayers must file GSTR-5 on or before the 20th of the next month.
• GSTR-6: ISDs file GSTR-6 by the 13th of the following month.
• GSTR-7: TDS filers need to submit GSTR-7 by the 10th of the following month.
• GSTR-8: E-commerce operators file GSTR-8 by the 10th of the following month.

Late filing of GST returns attracts penalties. The penalties for non-filing or late filing of GST returns are:

• Late Fee: A late fee of ₹50 per day (₹20 for NIL returns) is applicable for non-filing of returns after the due date. The late fee is capped at ₹5,000 for each return.
• Interest: Interest is charged at 18% per annum on the outstanding tax liability for late payment of tax.
• Penalty for Continuous Default: If a taxpayer continuously fails to file returns, the authorities may initiate legal proceedings, which could result in cancellation of GST registration or other penalties.

• File Returns On Time: Ensure that you file all your GST returns on time to avoid any penalties and interest charges.
• Track Due Dates: Set reminders for return due dates to avoid missing deadlines.
• Maintain Proper Records: Keep accurate records of all sales, purchases, and taxes to ensure smooth and timely filing.

Understanding and complying with GST return filing requirements is crucial for businesses to avoid penalties and stay compliant with the law. Always stay updated with due dates and file returns accurately and on time!