GST Return Filing
The GST tax return filing procedure has brought several indirect taxes under a single roof. This change entirely simplified taxation in India. The GST council and the Indian government are strict on GST due dates. According to your income slab and business, numerous GST return filing dates must conform with this.
These GST filing dates are vital for each taxpayer. For any common man, it is difficult to memorize every date. Thus, we have compiled some of the GST return filing dates in December 2022.
GSTR-1 month of November 2022 - 11th December 2022
GSTR 1 IFF for ORMP November 2022 - 13th December 2022
GSTR 3B for November month 2022
GSTR 5 for the November month 202- 20th December 2022
GSTR- 5A for the November 2022- 20th December 2022
GST challan payment for non-adequate ITC for November 2022- 25th December 2022
GST yearly return filing date- 31st December 2022
Let's go through the forms for gst tax filing:
Filing of GSTR-1
GST taxpayers should file GSTR-1 on a quarterly or monthly basis. Every external supply and sales are included. There are 13 parts in gst return filing.
Eligibility of GSTR-1 Filing
Distributors of input services
Database access and online Info or retrieval (OIDAR) service providers.
Non-resident taxpaying person
Taxpayers obtaining TCS
Taxpayers having TDS
Documents required for filing GSTR-1
VAT rate
Type of Invoice, Place of supply, invoice date, invoice number, the taxable value
Customers GSTIN
Applicable IGST amount
Applicable CGST amount
SGST amount
Amount of the appropriate GST-CESS
Whenever GST reverse charge is there.
How to file GSTR-1?
You can file GSTR-1 directly via the GST portal.
What is the process for File GSTR-3B?
GSTR-3B must be provided monthly. This is a self-declared synopsis of gst return filing. It sums up every client's claim on net tax due and ITC.
The following penalties are valid if the due date is not followed.
₹50 for every late day
Taxpayers with no accountability are fined ₹20 per day
An interest of up to 18% is levied annually on the non-paid tax
Eligibility of GSTR-3B Filing
Taxpayers who are members of the excellent composition scheme
Non-resident OIDAR service providers
Distributors of input services
Non-resident taxpaying amenities
Documents Required to File GSTR-3B
Data on sales and purchases should be given.
Info regarding interstate transactions with buyers under the composition scheme
Non-registered purchases
Input tax credit.
UIN
How to file GSTR-5A and GSTR-5A?
A GSTR-5 return has to be filed by a non-resident taxpayer who is registered. Non-resident foreign taxpayers are those vendors who don't stay in India but have travelled here temporarily to run a business. They must fill the GSTR-5 with Information on all taxable supplies.
Eligibility of GSTR-5 Filing :
A foreign taxpayer who is a non-resident registered OIDAR services provider in India can do gst tax return filing using this form.
Important Documents Required to File GSTR-5:
Modifications to the Information given in any previous return
Taxpayer name
GSTIN
Capital goods imported
Supplies to registered people that are taxable out of the country.
Non-registered individuals who obtain taxable interstate supply with an invoice value of 2.5 lakh INR.
Total due value in taxes
Debit entries for interest payments and tax in the credit ledger and computerized cash (to be filled in subsequent tax payment and return submission)
Late fees, Interest, and any other amounts that are payable but not yet paid must be repaid.
Filing of GSTR-9 :
It is a yearly return that GST-registered taxpayers should file at the end of the year.
It comprises every Information about inbound and inbound sales supplies made or obtained during the specific financial year. It blends every monthly and quarterly return (GSTR-2A, GSTR-1, and GSTR-3B) delivered during that year. Even though intricate, this return helps in extensive data reconciliation for straightforward confessions.
If the GSTR-9 is not given by the deadline, there is a penalty of 100 INR every day for every Act. An overdue fee of 100 INR under CGST and 100 INR under SGST will be charged. The total penalty is 200 INR for every day of nonconformity.
GST tax return filing exclusion of annual revenue:
According to the recent updates on July 5th, 2022, taxpayers registered under GST with annual revenue of 2 crores INR must not file GSTR- 9.
Eligibility of GST yearly return:
Gst tax filing can be filed by every taxpayer who registered for GST. Nevertheless, the following individuals are let off from gst tax return filing of GSTR-9:
Taxpayers select the composition program
Non-resident taxpaying amenities
Distributors of intermittent taxable person input services
Those individuals who pay TDS
GSTR-9 turnover limit:
Individuals whose mixed yearly revenue goes beyond five crores INR should file GSTR-9.
What is the format of GSTR-9?
There are six elements inside the GSTR-9 format. These have the Info of every taxpayer.
Part 1 -Fundamental taxpayer information
Part 2 -Information on supplies during the financial year -outward and inward
Part 3 -Information regarding ITC as mentioned in returns delivered during the fiscal year
Part 4 -Information on taxes paid as stated in returns delivered during the fiscal year.
Part 5 -Info regarding transactions from the previous fiscal year(FY) mentioned in reports from April to September of the latest FY or up till the date of filing the yearly return from the last Fiscal year.
Part 6 -Supplementary data comprises refunds and demands, late-fee supplies, the HSN summary gained from taxpayers who filed a composition tax return, and supposed supplies, among others.
The Final Thoughts
Different GST tax return filing forms are filed on various due dates in a year. Gst tax return filing is obligatory and is very trouble-free through Lawgical India. Our team of professionals can take over your firm's Gst tax return filing procedure and ensure that you do not miss any due dates and face any consequences. If you have any customized questions on filing GST registration or GST returns, reach out to our GST expert now.
