Remember deadlines for filing GSTR next month to avoid penalty

Under the  Goods and Services Tax (GST) regime, the GST council decided to extend the deadline for filing the  returns. As the date is nearing up the next month and you do not want to miss it, here's are the details of GSTR which can save you from penalty.

GST, which has subsumed over 17 different taxes, was launched from July 1.

GSTR-1

GSTR-1, which summarizes all outward supplies by normal and casual registered taxpayers, has total 13 sections and is based on your turnover.

Businesses with a turnover up to Rs 1.5 crore need to file quarterly returns. While other taxpayers with a turnover above Rs 1.5 crore are required to file monthly GSTR.

A trader with a turnover below Rs 1.5 crores should file GSTR for quarter July - September on December 31, 2017. Similar deadline is fixed for taxpayers with a turnover above Rs 1.5 crore for the months of July, August, September and October.

Once a taxpayer files for GSTR 1, the government will utilize the information to auto populate GSTR 3 for the dealer and GSTR 2A for the dealers to whom supplies have been made.

GSTR-1 cannot be revised after filing returns. If you have made any mistake, you can only revise it in the next month. For example if a mistake is made in July GSTR 1, rectification for the same can be done in August's GSTR 1.

Penalty for late filing for a Nil tax payer has also be been reduced to Rs 20 per day from earlier Rs 200 and for others it has been fixed at Rs 50 a day.

GSTR-4

Unlike the normal taxpayers who have to provide quarterly returns, a dealer opting for the composition scheme is required to file only one return called GSTR-4. Due date for filing this return was extended to December 24, 2017 for the quarter July-September, 2017.

Just like GSTR-1, GSTR-4 cannot be revised after filing returns on the GSTN Portal. Any mistake in the return can be revised in the next month’s returns only.

Taxpayer’s GSTIN will be auto-populated at the time of return filing. It has total 13 sections.

GSTR-5

GSTR-5 is made available for non-resident foreign taxpayers who do not have a business establishment in India, but are staying for a short period to make supplies in the country. It contain all business details for NRIs including the details of sales & purchases.

Due date of GSTR-5 for the months of July to October has been extended to December 11, 2017. While date of GSTR-5A (OIDAR) for the same period is extended to December 15, 2017.

Once the details for GSTR-5 has been inked by taxpayers, the same flow into GSTR-2 of buyers.

If you delay in filing, you will be liable to pay interests and a late fee. Late fee is Rs 100 per day per Act--Rs 100 under CGST & Rs 100 under SGST. Total fee would be Rs 200 per day and can reach up to Rs 5,000. There is no late fee on IGST.

There are 14 headings in GSTR-5 format prescribed by the government. 

GSTR-6

This is a monthly return form needed to be filed by an Input Service Distributor, having details issued for the distribution of Input Tax Credit. Due date of GSTR-6 for July 2017 has been extended to December 31, 2017.

An ISD can file for GSTR-6 only after adding, correcting or deleting the details in GSTR-6A. Most of the details in the GSTR 6 is auto-populated.

GST paid on inward supplies by an ISD will be auto-populated from the GSTR 1 of the suppliers in the GSTR 6 A.