Wednesday, 12 September 2018

Types of GST Returns and their Due Dates

    Latest updates on Due date changes

    1. Extension of Due date for GSTR-3B only for newly migrated taxpayers for months July 2017 to Nov 2018 till 31st December 2018. The due dates remain unchanged for rest of the taxpayers.
    2. Extension of Due date for GSTR-1 in case of taxpayers with turnover above Rs 1.5 crores in previous FY or Current FY
    a. Regular taxpayers : for months from July 2017 to September 2018 extended till the 31st October 2018.
    b. Newly migrated taxpayers : for months from July 2017 to November 2018 extended till the 31st December 2018.
    3. Extension of Due date for GSTR-1 in case of taxpayers with turnover upto Rs 1.5 crores in previous FY or Current FY
    a. Regular taxpayers :
    QuarterNew Due date
    July – September 201731st October 2018
    October – December 201731st October 2018
    January – March 201831st October 2018
    April – June 201831st October 2018
    July – September 201831st October 2018
    October – December 201831st January 2019
    January – March 201930th April 2019
    b. Newly migrated taxpayers : For all quarters from July 2017 to September 2018 extended till 31st December 2018.
    c. For flood-affected regions of Kodagu, Mahe and Kerala : Above table of dates remain the same except for quarter July 2018 to September 2018 extended till 15th November 2018.
    4. Due date of TRAN-1 and TRAN-2 is extended for certain taxpayers who could not complete filing due to tech glitch, to 31st March 3019 and 30th April 2019 respectively.

    Due Dates based on Latest Orders and Notifications

    Quarterly Returns (Taxpayers with Annual Turnover upto Rs. 1.5 Crore can opt for quarterly return filing)
    Period (Quarterly)Due dates
    Jan- Mar30th April 2018
    Apr-June 201831st July 2018
    July-Sept 201831st Oct 2018

    For turnover of more than Rs 1.5 cr
    July to Nov10th Jan 2018
    Dec10th Feb 2018
    Jan 201810th Mar 2018
    Feb 201810th Apr 2018
    March 201810th May 2018
    April 201831st May 2018
    May 201810th June 2018
    June 201810th July 2018
    July 201811th August 2018
    August 201811th Sept 2018
    GSTR-2 and GSTR-3
    GSTR-2 and GSTR-3 filing currently suspended
    • GSTR-3B has been extended to March 2019
    • All businesses have to file GSTR-3B by 20th of next month until March 2019.

    Due date  for the quarter April 2018 to June 2018 is 18th July 2018
    Due date  for the quarter July 2018 to Sept 2018 is 18th Oct 2018
    Due date for Aug 2018 is 20th Sept 2018
    Due date for Aug 2018 is 20th Sept 2018

    Latest Update!
    Due date of GSTR-6 for the months from July 2017 to Aug 2018 is extended to 30th Sept 2018
    Other Due Dates
    TRAN-02 – 30th June 2018*
    * Latest update as on 10th Sept 2018, TRAN-01 and TRAN-02 for taxpayers who faced tech glitches and could not file forms have time till 31st March 2019 and 30th April 2019 to complete filing these forms.

    Due dates for All GST Returns

    These returns are as per the CGST Act*
    Return FormParticularsFrequencyDue Date
    GSTR-1Details of outward supplies of taxable goods and/or services effectedMonthly10th of the next month
    GSTR-2Details of inward supplies of taxable goods and/or services effected claiming input tax credit.Monthly15th of the next month
    GSTR-3Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.Monthly20th of the next month
    GSTR-3BSimple return for Jul 2017- Mar 2018Monthly20th of the next month
    GSTR-4Return for compounding taxable personQuarterly18th of the month succeeding quarter
    GSTR-5Return for Non-Resident foreign taxable personMonthly20th of the next month
    GSTR-6Return for Input Service DistributorMonthly13th of the next month
    GSTR-7Return for authorities deducting tax at source.Monthly10th of the next month
    GSTR-8Details of supplies effected through e-commerce operator and the amount of tax collectedMonthly10th of the next month
    GSTR-9Annual ReturnAnnually31st December of next financial year
    GSTR-9AAnnual ReturnMonthly31st December of next financial year
    GSTR-10Final ReturnOnce. When registration is cancelled or surrenderedWithin three months of the date of cancellation or date of cancellation order, whichever is later.
    GSTR-11Details of inward supplies to be furnished by a person having UIN and claiming refundMonthly28th of the month following the month for which statement is filed
    * Subject to change by Notifications/ Orders

    Late filing

    Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.
      • You cannot file a return if you don’t file previous month/quarter’s return.
      • Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

    Late fee & Interest

      1. Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.
      2. As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.
      3. Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back to Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.
      4. As per latest update, late fees for GSTR-5A earlier reduced stands withdrawn. So, the Late fee of Rs 200 per day (or Rs. 100 per day in case of NIL return filing) shall apply with effect from 7th March 2018.
      5. Late Fee for filing GSTR-1, GSTR-3B, GSTR-4, GSTR-5 & GSTR-6 after the due date has been reduced to Rs. 50 per day of delay.
      6. Late fee for filing NIL returns have been reduced to Rs. 20 per day of delay for taxpayers(i.e having Nil tax liability for the month) for GSTR-1, GSTR-3B and GSTR-4 & GSTR-5.

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