Question: Is GST Filing Mandatory?

Can GST return be filed without payment?

Under the GST law, the filing of return without payment of taxes shall not be considered as a valid return.

In other words, unless the supplier has paid the entire self-assessed tax and filed his return and the recipient has filed his return, the ITC of the recipient would not be confirmed..

Do we need CA to file GST return?

Initially a CA is required to file the GST returns in a proper manner but if you cannot afford to do so because of time or money then you can seek the help of a reputed Online Filings companies to help you in this regard. They can help you to get proper Input Tax Credit (ITC), wrong ITC can lead you heavy penalties.

Can I fill GST return myself?

All individuals registered under the GST Act has to furnish the details of the sales and purchases of goods and services along with the tax collected and paid. This can be done by filing online returns.

What if GST return not filed for 6 months?

According to sources, PK Dash, Chairman, CBIC, expressed his displeasure in the progress of cancellation of registration of non-filers who have not filed GSTR 3B (showing tax payments) returns for six or more than six return periods and are liable to action under GST law.

What happens if I don’t file my GST return?

If you don’t file any GST return then subsequent returns cannot be filed. For example, if GSTR-2 return of August is not filed then the next return GSTR-3 and subsequent returns of September cannot be filed. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty (see below).

What is the maximum penalty for GST?

25,000 rupeesA penalty of up to 25,000 rupees applies to any offense of the GST law that lacks a specifically prescribed penalty [Sec 125]. Compared to earlier tax laws (i.e., Excise Duty, Service Tax, VAT), the GST tax regime contains a substantial increase in the maximum penalty levied.

How do I file a GST return for a small business?

The turnover/gross receipt as per GST and GSTIN must be reported while filing ITR-4. Further, details of both CGST and SGST/IGST paid on purchases, sales and expenses must be specified under profit and loss account, by business owners who are filing their returns under ITR-3, ITR-5 and ITR-6.

How often do I need to file GST returns?

Most businesses are required to report quarterly. However, large businesses with over $6 million in annual taxable supplies must report monthly. Smaller businesses under $1,500,000 in annual taxable are generally put on an annual filing frequency. However, they can elect to file either on a quarterly or monthly basis.

How do I file a GST bill?

Step 1 – Click on ‘ADD MISSING INVOICE DETAILS’ to add details of any inward supplies from a registered person and reverse charge supplies missing in GSTR-2A. Step 2 – Enter the following details: GSTIN of the Supplier. Invoice Number, Invoice Date, Total Invoice Value.

Is it mandatory to file GST return every month?

Every registered person paying GST is required to furnish an electronic return every calendar month. A “Tax Return” is a document that showcases the income of a registered taxpayer. Such a document needs to be filed with the tax authorities in order to pay tax to the government.

Who needs to file GST?

GST returns must be filed by every business units whose turnover exceeds 20 or 40 lakh (Optional) annually. Taxpayers are also supposed to go through various eligibility criteria for different slabs.

How do I fill out GST every month?

How to file GST return online:Visit the GST portal (www.gst.gov.in).A 15-digit GST identification number will be issued based on your state code and PAN number.Upload invoices on the GST portal or the software. … After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online.More items…•

How do I get my GST refund?

Here is a Step by Step Guide to File RFD – 01 on GST Portal:Step 1: Login to the GST portal.Step 2: Go to ‘Services’ > ‘Refunds’ > ‘Application for Refund’Step 3: Select ‘Refund of Excess Balance in Electronic Cash Ledger’ and click on ‘CREATE’.More items…•

How do I file a GST without a late fee?

Scheme for reduction of Late fee under GST:Such relief is available only for Form GSTR3B.No Late fee in case of Nil return.Scheme applies to all returns pertaining to the period July 2017 to July 2020 when filed between 1st July, 2020 and 30th September, 2020.Maximum late fee is capped at Rs.

Can GST late fees be waived off?

Representation on GST Audit, Notices, ITC, Late Fees issues & Solution. It waived late fees only if returns were filed between 01-07-2020 to 30-09-2020. … Many taxpayers could not take the benefit of late fees waiver due to rejection of revocation applications. It is requested to extend the waiver scheme till 31-12-2020.

How much is GST return per year?

26 returnsIn the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.