GST return filing is a recurring compliance requirement for every registered taxpayer. Understanding the different return forms and their due dates is essential to avoid penalties and maintain compliance.
GSTR-1 is the monthly return that captures details of outward supplies (sales). It must be filed by the 11th of the following month for monthly filers. For quarterly filers under the QRMP scheme, the due date is the 13th of the following month for the last quarter month.
GSTR-3B is the summary return where you report total sales, ITC claimed, and pay net tax liability. It is due by the 20th of the following month. For QRMP scheme taxpayers, it is filed quarterly by the 22nd or 24th of the month following the quarter, depending on the state.
GSTR-9 is the annual return consolidating all monthly returns filed during the year. It is mandatory for taxpayers with turnover exceeding Rs 2 crore and must be filed by December 31 of the following financial year.
GSTR-9C is the reconciliation statement required for taxpayers with turnover exceeding Rs 5 crore. It reconciles the annual return with audited financial statements and must be certified by a CA or Cost Accountant.
For input tax credit, GSTR-2B is the auto-drafted ITC statement that reflects ITC based on suppliers’ GSTR-1 filings. You can only claim ITC that appears in GSTR-2B, making supplier compliance critical for your own ITC position.
Late filing attracts a fee of Rs 50 per day (Rs 20 for nil return) capped per return. Additionally, 18% annual interest applies on outstanding tax. Set up reminders and use automated filing software to ensure timely compliance. A CA can manage your entire GST compliance efficiently.
Need Help with Your Taxes or Compliance?
Book a free consultation with our expert Chartered Accountants today.
