GST Return Filling
GSTR 1 Return: - GSTR 1 return is a detailed report of all the sale invoices raised, Credit or Debit notes issued to your customers during the month/quarter. In this return, each and every information of all of your sale invoices is furnished (like Invoice Date, Invoice No., Taxable Values and tax amount thereon, HSN wise sale of goods/services, total no. of documents issued (invoices/debit notes/credit notes issued/cancelled (if any)) during the month.
Your Customers can claim the ITC of GST only when your GSTR 1 Return is filed or invoices are uploaded through IFF facility (in case of quarterly taxpayers). The due date to file GSTR 1 Return is 11th of every month for Monthly assesses).
GSTR 3B Return: - GSTR 3B return is a summary return of your sales and purchases made during the month. GST is required to be computed and deposited to govt. before filing of this return. One can claim ITC of GST paid on purchases/expenses/fixed assets in GSTR 3B return. However, ITC claim should match with the credit shown in GSTR 2A (it is a summary of ITC report generated automatically when your vendor files his GSTR 1 Return).
The GST liability stands discharged once taxes are paid/adjusted through ITC and 3B return is filed. 20th of every month is the due date for payment of taxes and filing of GSTR 3B return of previous month.
(For Example: - April month’s GST is to be paid by 20th of May and the same is also the due date to file GSTR 3B Return.)
GSTR 9 Annual Return: - The CBIC has exempted those taxpayers from filing the annual return under form GSTR9 whose annual aggregate turnover doesn’t exceed Rs 2 Crore from FY 2020-21 onwards. Although its not mandatory to file annual return for turnover up to Rs 2 Crores but the taxpayers can still file this return on Voluntary Basis. The due date for filing of this return is 31st December of subsequent financial year.
Annual Return in case of multiple GST Registrations: Where any taxpayer has obtained multiple GST registrations whether within the same state or in different states, he is required to file his annual return for each registration separately.
Major components of Annual GSTR 9 Return:- 1. Details of advances, inward and outward supplies made during the financial year on which tax is payable 2. Details of Outward supplies made during the financial year on which tax is not payable. 3. Details of ITC availed during the financial year. 4. Details of ITC reversed and Ineligible ITC for the financial year. 5. Other ITC related information. 6. Details of tax paid as declared in returns filed during the financial year (including Interest, Late Fee, Penalty & Others) paid during the financial year. 7. Details of the previous Financial Year's transactions reported in next Financial Year (summary of transactions reported in next financial year). 8. Differential tax paid on account of declaration in table no. 10 & 11. (total tax paid on transactions reported in next financial year). 9. Particulars of Demands and Refunds. 10. Supplies received from Composition taxpayers, deemed supply by job worker and goods sent on approval basis. 11. HSN wise summary of Outward Supplies. 12. HSN wise summary of Inward Supplies.
The Concept of E-Way Bill Under GST The E way bill system is for GST registered persons/transporters for generating a document called “way bill”. The person carrying the goods is required to carry this way bill along with the Tax Invoice of Goods. Way Bill becomes mandatory if the value of goods transported exceeds Rs 50,000. One can register himself on the eway bill portal i.e. ewaybillgst.gov.in and generate the way bill by simply filling up the details mentioned on the tax invoice like name, address, GSTIN of the purchaser, description of goods, HSN, taxable amount, GST rate, and transporter details like vehicle no etc. Although having GSTIN is mandatory for registration on the Eway Portal. Unregistered persons/Transporters can also register under eway bill system by providing their PAN and Aadhaar. Supplier/Receiver/Transporter anyone can generate the eway bill. The validity of the eway bill is fixed as one day for every 200 Km’s or part thereof. This validity can be extended online before expiry.
Blocking & Unblocking of Eway Bill Generation: A registered taxpayer who doesn’t file his GSTR 3B return for consecutive two previous months then that GSTIN will be blocked for further generation of eway bill either as consignor, consignee, or transporter. However, once all the pending GSTR 3B returns are filed on the GST Common Portal, the blocked GSTIN will get automatically updated as “Unblocked” within a day in the eway bill system and the taxpayer would be allowed to generate eway bills.