Quick Answer: Do We Need To File GST Every Month?

What happens if GST annual return is not filed?

What is the consequence of non-filing the return.

Failure to file annual return shall attract a late fee of INR 200 per day during the period of failure, subject to a maximum of 0.25% of the said Financial Year’s turnover..

How do you qualify for GST refund?

You are generally eligible for the GST/HST credit if you are considered a Canadian resident for income tax purposes the month before and at the beginning of the month in which the Canada Revenue Agency makes a payment. You also need to meet one of the following criteria: you are at least 19 years old.

Is Gstr 1 monthly or quarterly?

GSTR-1 is to be filed by all normal taxpayers who are registered under GST. It is to be filed monthly, except in the case of small taxpayers with turnover up to Rs. 1.5 crore in the previous financial year, who can file the same on a quarterly basis.

Is GST paid every month?

As per the guidelines, every registered regular taxpayer has to furnish the GST returns on a monthly basis, and pay the requisite tax by the due date for payment of GST – 20th of every month. … Without furnishing the return for a month and paying the tax due, the subsequent month’s return cannot be furnished.

Is it mandatory to file GST annual return?

The GST Council in its 37th meeting announced that GST annual return is not required for small businesses with a turnover of less than Rs. Filing of GSTR-9 for taxpayers whose aggregate turnover does not exceed Rs. … 2 crore is not mandatory for financial years 2017-2018 and 2018-19.

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.

Is Gstr 9 compulsory for all?

Filing of GSTR-9 has been made optional for those with turnover of less than Rs 2 crores, while GSTR-9A, applicable to composition taxpayers, has been done away with. Both these changes are applicable for the first 2 years of GST i.e. FY 2017-18, FY 2018-19.

Is Gstr 3b monthly or quarterly?

Only one Quarterly return facility in GSTR-1 is available If TO is upto 1.5 crore but GSTR-3B must be filed monthly. Every taxpayer who will apply for quarterly return has to pay tax in self declaration form on monthly basis for first two months of the quarter.

Is GST return monthly or quarterly?

In a bid to ease GST compliance and return filing for small taxpayers, the GST Council on October 5 allowed them to file GSTR-1 and GSTR-3B once a quarter instead of every month.

How do I file GST every month?

Step by Step to file the GST return online are as follows: Step 2: Obtain a 15-digit GSTIN (GST identification number) which will be issued based on your state code and PAN. Step 3: Upload the relevant invoices on the software or the GST portal. An invoice reference no. against each invoice will be allotted to you.

Who is eligible for quarterly return in GST?

The GSTR 1 form is a return form for the regular taxpayers who have to file details of outward supplies on every 11th of next month for those who cross the turnover more than 1.5 crores annually. The taxpayers who are under the threshold limit to 1.5 crores will have to file quarterly return.

What is the last date to file GST annual return?

“On the recommendations of the GST Council, it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020,” the Board said in a statement on Saturday.