How to file your monthly GST Returns

How to file your monthly GST Returns

Under GST, a regular taxpayer needs to furnish 3 monthly returns, out of which 2 would be system generated returns & taxpayer would need to verify, modify , confirm & submit these so as to complete the return filing process.

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Return no. 1: Form GSTR-1: For Every month by 10th of next month.

This return signifies the tax liability of the supplier for the supplies effected during the previous month.

With Form GSTR-1, one would report the “Details of outward supplies” which would include details of Invoices, debit notes, credit notes and revised invoices issued in relation to outward supplies made during any tax period.

If form GSTR-1 is filed late, there would be a penalty of Rs.100/- per day of continuing default subject to a maximum of Rs.5000/-

Return no.2: Form GSTR-2: For Every month by 15th of next month.

This return signifies accrual of ITC (Input Tax Credit) from the inputs received during the previous month.

The details of inward supplies from FORM GSTR-1 furnished by the supplier shall be auto-populated & made available to the recipients in FORM GSTR-2A on 11th of the month

The receiver is required to – verify, validate, modify or even delete, if necessary – the details furnished by the suppliers, this window would be open from 11th to 15th of the month

The details accepted & validated by the recipient would be filed by the recipient in form GSTR-2.

Any modification, deletion or inclusion of inward supplies by the receiver in his inward return i.e. FORM GSTR-2 shall be communicated to the Outward supplier which will be visible to them as GSTR 1A which shall be reviewed by the supplier and relevant corrections shall be effected in

FORM GSTR-1 which will be the final details as filed.

The supplier may either accept or reject the modification, deletion or inclusion made by the recipients on or before 17th day of the succeeding month.

 

Return no. 3: Form GSTR-3: For Every month by 20th of next month.

Monthly return based on finalization of details of outward supplies (FORM GSTR–1) and inward supplies (FORM GSTR–2)

The details of inward supplies & outward supplies will be auto populated from GSTR2 & GSTR-1 on 20th of the month for submission

The registered person would determine the liability on their supplies, determine the amount of eligible ITC on their purchases and then generate the net tax liability from the system for each type of tax.

After the due date of filing the monthly return Form GSTR-3, the inward supplies will be matched with the outward supplies furnished by supplier, and then the final acceptance of input tax credit will be communicated in Form GST MIS-1.

Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated in Form GST MIS-1. Discrepancies not ratified will be added as output tax liability along with interest. However, within the prescribed time, if it is ratified, the recipient will be eligible to reduce this output tax liability.

 

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