Who has to file GST returns?

Who has to file GST returns?

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.

Is it mandatory to file Gstr?

Yes, filing GSTR 1 is mandatory. If your total sales for a year is less than Rs. 5 crore you have the option to file the return on a quarterly basis. With this, there is also an Invoice furnishing facility available to upload sales invoices on a monthly basis (for the first two months of the quarter).

What is the turnover limit for GST annual return?

2 crore rupees
However, the option to file GST Annual Return shall be available and the taxpayers whose turnover is up to 2 crore rupees still can file the Annual Return in FORM GSTR-9 on voluntary basis. FORM GSTR 9 is mandatory for registered person whose aggregate turnover is Rs. 2 crores or more. 4.

Who is liable for monthly GST return?

All the taxpayers registered under GST laws are required to file GSTR-monthly except the following : Small Taxpayers (who have a Turnover up to Rs. 5 Crore in last financial year and have not opted quarterly) Composition Dealer.

Who should register for GST?

Who Should Register for GST? According to the Goods and Services Tax Act 2017, any business with a turnover of Rs. 40 lakh and above must register for GST. For North-eastern and hill states, the turnover threshold for GST registration is Rs.

What if GST return not filed?

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 will happen if I don’t file GST return?

Who can opt for quarterly return under GST?

In the preceding financial year, if you had a turnover between INR 1.5 crores-5 crores, you will be assigned the GST quarterly return option. If you are a registered taxpayer and have not been migrated, you can opt for this scheme once you fulfill the criteria.

Who files annual return?

All companies registered in India must prepare and file with the Registrar of Companies, an annual return in FORM MGT 7, within 60 days from the date of annual general meeting.

Is audit required for GST?

While Section 110 omits section 35(5) of CGST Act, 2017 means GST Audit (GSTR-9C) by CA/CMA is no longer required and Section 111 substitutes section 44 (Annual return) of CGST Act, 2017.

Who is not responsible for GST registration?

As per the said section the following are the persons not liable for registration under GST: Person engaged exclusively in supplying goods or services or both not liable to tax. Person engaged exclusively in supplying goods or services or both exempt from tax.

Who are GST exempt?

Businesses and individuals are exempt from GST if their annual aggregate turnover is less than a specific amount. At the time of GST implementation in July 2017, businesses/individuals with annual aggregate turnover of less than Rs. 20 lakhs were allowed GST exemption.

Who is required to file an annual return under the GST?

As per section 44 of the CGST Act, Every registered person is required to furnish an annual return for every financial year except a few categories of persons as provided in section 44 (1).

How many gstrs are required to be filed per month?

Every registered person as a normal tax payer or SEZ taxpayers are required to file monthly two returns as of now i.e. GSTR 1 by 11th of subsequent month and GSTR 3B by 20th of subsequent month. Every person registered as input service distributor is required to file one monthly GST return i.e. GSTR6.

What are the activities involved in the process of GST returns?

There are a whole lot of activities that form a part of the process of Returns under GST. These include: Taxpayers registered under GST are required to follow the return procedure to be able to file returns easily and take the benefit of Input Tax Credit (ITC).

What is the due date for filing gstr-9 and reconciliation statement?

Date: 24-10-2020 – The due date for filing Annual return in Form GSTR-9 and reconciliation statement in GSTR-9C for the F.Y. 2018-19 has been extended to 31st Decemeber 2020. What are the various information, which are required to be furnished in GST Returns? Why Filing of GST returns is important?