Why Filing of GST returns is important?
The filing of GST Returns has manifold importance,such as
For Return Filer
- Necessary to adhere the legal compliances
- Helps in calculating the correct tax liability of self and others
- A tool for claiming ITC
For Government
- Source for collecting Financial Statistics of Organisations
- Scrutinize the relevant cases effectively and efficiently
- A basis for future policy making
- Helps in making the future compliance procedures
- Evasions can be better tracked
- Effective mode of procuring information from the taxpayers
What are some of the steps involved in filing of the GST returns?
The basic steps involved in filing of GST returns include:
- Uploading Invoice/ Sale details
- Auto Population of Purchase details
- Auto population and auto reversal of ITC
- E-filing of returns
What are the different options for filing GST Returns?
GST Returns can be filed online using any of the below mentioned methods:
The Return can be filed online either through
- Government Portal or
Third Party Softwares - Offline
The GST Return can also be prepared offline through
- Utilities available on Government Portal and
GSPs : GST Suvidha Providers
Are there any consequences of not Filing GST Returns?
Yes, non filing or delayed filing of GST Returns can attract you
- Late Fee and
- Penalty
- Late Fee
- Any registered person who is liable to file Goods and Services Tax return under section 37,38,39 or section 45. Fails to do so by the due date, shall attract a late fees of Rs 100 per day, aggregating maximum upto Rs 5000 [Section 47(1)] of the CGST Act.
- Also, any person liable to furnish return under Section 44 i.e. annual return, if fails to furnish the same by due date then, late fee of Rs 100 per day aggregating maximum upto 0.25% of quarterly turnover in State or Union Territory. The same is governed by provisions mentioned under section 47(2) of the CGST Act.
- No late fees shall be attracted under IGST Act.
- Interest In case tax payment is outstanding interest is 18% per annum shall be calculated on the Net tax liability from the next day of filing due date till the actual date of payment.
What can incomplete details in GST Returns result in?
Furnishing of GST return with incomplete or wrong information can attract a penalty upto Rs 25,000. CBIS has issued circular no 89/80/2019-GST dt 18/02/2019 in this regards.