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The Goods and Services Tax (GST) is a crucial aspect of India’s indirect tax system, requiring businesses to comply with various return filings. Understanding these returns is essential for accurate tax reporting and avoiding penalties. In this SLA Institute blog, we will cover the key GST returns, their importance, and the consequences of late filing.

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Understanding GST Returns

GST returns are periodic statements that registered taxpayers must file to declare their tax liabilities and claim input tax credits. Here’s a detailed look at the various GST returns:

1. GSTR-1: Outward Supplies Details

GSTR-1 is a monthly or quarterly return that captures details of outward supplies of goods and services. It helps the government track sales transactions and input tax credit claims.

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2. GSTR-2A & GSTR-2B: Auto-Generated Invoices for Recipients

• GSTR-2A is an auto-drafted statement reflecting invoices uploaded by suppliers. Taxpayers can use this to verify input tax credits.


• GSTR-2B is a static statement that provides a summary of eligible and ineligible input tax credits, helping taxpayers in ITC reconciliation.

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3. GSTR-2: Details of Inward Supplies (Currently Suspended)

GSTR-2 was designed to capture inward supplies of a taxpayer, but it has been suspended since the introduction of GSTR-2A and GSTR-2B.

4. GSTR-3 & GSTR-3B: Monthly Tax Summary & Payment

• GSTR-3 (Currently Suspended) was meant to be a monthly tax return summarizing sales, purchases, and tax liabilities.


• GSTR-3B is a simplified monthly return where taxpayers report summarized tax liabilities and input tax credits. It is mandatory for all regular taxpayers.

5. GSTR-4: Composition Scheme Taxpayers

GSTR-4 is an annual return filed by businesses under the composition scheme, which allows small businesses to pay a fixed percentage of turnover as tax.

6. GSTR-5 & GSTR-5A: Non-Resident & OIDAR Service Providers

• GSTR-5 is for non-resident taxable persons who conduct business in India.


• GSTR-5A is for Online Information and Database Access or Retrieval (OIDAR) service providers supplying services to unregistered Indian consumers.

Consequences of Late Filing of GST Returns

Filing GST returns after the due date attracts penalties and interest:

• Late Fee: 50 per day (25 CGST + 25 SGST) for normal taxpayers, and 20 per day (10 CGST + 10 SGST) for NIL returns.


• Interest: 18% per annum on the outstanding tax liability.


• Restriction on ITC Claims: Late filers may lose access to input tax credits.


• Suspension of GST Registration: Continuous non-compliance may lead to suspension or cancellation of GST registration.

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Conclusion

Staying compliant with GST return filing is crucial for businesses to avoid penalties and ensure smooth tax operations. Taxpayers should stay updated with GST norms, maintain proper records, and file returns on time to remain compliant. If needed, professional assistance can help in managing GST efficiently.

For more insights on GST compliance, keep following our blog!

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