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GST Filing – Important Dates For Filing
About GST Returns
Businesses and professionals registered under GST must file monthly GST reports in forms GSTR-1 and GSTR-3B if their annual aggregate turnover during the fiscal year exceeds Rs.5 crore (Was Rs.1.5 crore up to December 2020). The rest of the taxpayers, on the other hand, had the option of opting for quarterly GSTR-1 filing while continuing to file GSTR-3B monthly until December 2020.
Composition Taxable Persons
A person registered under the composition scheme must pay tax once a quarter in form CMP-08, providing basic information, and must file a new version of GSTR-4 every year by April 30th for fiscal years 2019-20 onwards. A taxpayer enrolled under the composition scheme had to make a quarterly return in form GTSR-4 and an annual return in form GSTR-9A until fiscal year 2018-19.
Returns For Specific Transactions Or Entities
Special GST transactions are described by specific GST returns such as GSTR-5, GSTR-5A, GSTR-6, GSTR-7, and GSTR-8. Read our article on 'GST Returns' for more information about GST returns.
GST requires the filing of returns. You must file a Nil return even if there is no transaction.
Please keep the following points in mind:
Penalties, Interests & Late Fees
The annual interest rate is 18%. It must be estimated by the taxpayer based on the amount of unpaid tax. It is based on the net tax liability as recorded in the ledger at the time of payment. The time period will be from the next day of the filing due date until the actual date of payment.
The late fee under the CGST Act is Rs.100 every day. As a result, it is Rs.100 under CGST and Rs.100 under SGST. The total cost each day will be Rs.200. There is, however, a maximum levy of Rs. 5,000. The IGST Act does not include a separate late fee. In addition, the total late cost for GSTR-1 and GSTR-3B has been decreased to Rs. 50 per day (Rs.20 per day for Nil filing).
1. What are the GST returns to be filed?
There are a total of 11 return forms to be filed under GST.
2. What is the due date for filing GST Returns?
Each return has a specific return date. Please refer to the table column in the above article for the due dates for each return form.
3. Is it compulsory to file GST Returns?
If you are a registered GST user, you have to file returns. Even if you are not liable to pay tax, you have to file NIL returns.
4. How do I pay GST?
Registered GST taxpayers can pay tax, file returns and claim input tax credit through the official GST portal.
5. What if I fail to file my GST return?
If you do not file a GST return, subsequent returns cannot be filed, and applicable penalties will be imposed on your account.
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