GST Returns Part I

After a long gap, I’m back with a new post. Meanwhile, GST celebrated its birthday on 1^st July. We also celebrated Chartered Accountants Day on the very same day. I still keep wondering is it a coincidence that two events occur on the same day?? Let’s keep it a suspense.

From this post onwards, we will try and discuss the types and the due dates of various returns. Now that a year has passed and the due dates and forms are fairly settled; it’s a ripe time to get to know about it. In last year many of the entrepreneurs could not abide by the timelines because of various reasons, but the most common reason was “I never knew I had to file this!!!” So let’s get to know what exactly are the timelines that one has to follow.

GSTR 1

If your Turnover is up to Rs. 1.50 Crores
Period (Quarterly)	Due date
July- September	30th October 2018

If your Turnover is more than Rs 1.50 Crores
Period (Monthly)	Due Date
June 2018	10th July 2018
July 2018	10th August 2018
August 2018	10th September 2018
September 2018	10th October 2018

These due dates are to be strictly observed. Otherwise, late fees are imposed; and you won’t be able to file your next return unless you pay the late fees. The late fees are imposed per day of the delay. Let us see what the late fees for late filing of GST Returns are: -

Type of Return	Late Fee
Normal Return	Rs. 50 per day of delay
Nil Return	Rs. 20 per day of delay

These late fees are same for GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 5A, GSTR 6

This is all about the timelines of GSTR 1. But what exactly is GSTR 1?? We’ll see in my next post.

GST Tip: - As per the CGST Act, every taxpayer/registered person has to maintain books of accounts or other records for 72 months i.e. for 6 years from the due date of furnishing of the annual return.