What is meant by Gst return? Have you filed any time?
GST return in the file that contains complete information of goods and services that are being produced in the economy. The major concept in this it includes taxes on input goods and output goods. This is the only income of the government through which it provides us defense facilities, educational ,transport facilities etc.
Monthly GST return:
Monthly GST return is the gst return that is made through online which we can also say as e- commerce portal to collect TCS. Through this mode customers can easily pay their taxes, payments for the goods and services being bought by them.
Types of gst returns
There are eleven types of gst returns. They are:
1. GSTR -1Gst returns for outward supplies
2. GSTR -2stt return for inward supplies
3. This is the sub part of Gstr 2A second one which is a read only document which is automatically populated according to the details of the supplier. The receiver can tally the details.
4. This is the combination of both one and two similar to third Gstr-3B i.e. summary of inward and outward supplies.
5. GSTR-4 Return for composition dealers: this is applicable to taxpayers who registered to pay at a fixed rate having turnover up to 1.5 Crores.
6. GSTR-5 Return for non resident taxable payers: applicable for the non residents which includes gstr 1 & gstr 2 along with penalties, interests, taxes.
7. GSTR-6 Return for input service distributors: this gives the overall tax that is collected in a month for the goods and services produced. This also includes ISD credits.
8. GSTR -7 Returns for taxpayers deducting TDS: this also recorder per month deducted tax payers comes under this.
9. Return for the e-commerce operators: tax is to be paid through online mode.
10. Annual return for the normal registered taxpayer under gst: this comes under annual payments of the registered payers for electronically furnished.
11. Sub part of gstr 9 i.e. 9-A Annual return for composition dealers. People preferring composition should register annually for the returns.
Upcoming due dates to file GST returns.
Annual turn over: 1.5 C
January- march 2020 due date: 30 April 2020
October- December 2019 due date: 31 January 2020
Monthly GST Return
Annual Turnover of more than Rs 1.5 crore must file monthly
February 2020 – 11 March 2020
January 2020 – 11 February 2020
December 2019 – 11 January
GSTR-2 and GSTR-3
Not yet released.
GSTR-3B has been extended to March 2019
All businesses have to file GSTR-3B by the 20th of next month until the month of March 2019.
Due date for the quarter October 2018 to December 2018 is 18th Jan 2019Due date for the quarter Jan 2019 to Mar 2019 is 18th Apr 2019
Non-resident taxpayers have to file GSTR-5 by 20th of next month i.e. March 20 2020
Those non-resident taxpayers who provide OIDAR services have to file GSTR-5A by 20th of next month i.e. 20 March 2020
The input service distributors have to file GSTR-6 by the 13th of next month in March.
GSTR-7 : Due date to fill the gstr 7 is on 10 of March 2020
GSTR-8:. Due date to fill the gstr 8 is also on 10 of March 2020
Late fees for not filing return on time :
All returns other than Annual Returns: Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) up to a maximum of Rs 5,000.
Annual Returns: Rs. 200 per day . 100ome late fees applicable for all except for gstr 9.
Calculation of monthly gst:
According to the goods and services that consumers consume in a month.
Net price of a service or good and
GST rate that applies such as 5%, 12%, 18% and 28%.
The click on calculate button. Clear Tax GST calculator will display the tax amounts for each tax head CGST and SGST or IGST along with the final/ gross price of the goods and service to be billed.
GST Amount = Value of supply – Value of supply x 100/(100+GST%)
Is there any need to file a gst return monthly? If so how many times?
This is to be filed by the registered taxpayer under furnish electronics.
One must file two gst returns per month and one annual gst return.
Gst late fee is calculated:
Rs. 100 CGST + Rs. 100 SGST) of up to a maximum of Rs 5,000 annual exceptional.
Including annual payment: 100 CGST + Rs. 100 SGST) of up to a maximum of 0.25% of Turnover.
All the eligible tax payers under sec 44 of CGST and SGST must file for annual gst return.
GST refund :
Answer: Gst refund is nothing but returning the amount from the collection of gat when it is higher than the liability expected.