WHETHER TO FILE GST RETURN MONTHLY OR QUARTERLY.?

 WHETHER TO FILE GST RETURN MONTHLY OR QUARTERLY.?

 

Implementation of GST already crossed three years but still there is confusion in the market for businessmen whether to file GST Return on monthly or on quarterly basis.

There are mainly two types of GST Returns to be file by almost every taxable person, these are as follows:

1. GSTR-3B

2. GSTR-1

GSTR-3B

• All the taxable persons must file the GSTR-3B Return on Monthly basis even the sale is 1 crore rupees or 1 lakhs rupees or even zero rupees.

• GSTR-3B contains the Summary of Purchase & Sale of a particular month.

• Sales made during the month and tax thereon is mentioned in GSTR-3B and it also includes the Input tax credit of a particular month.

• Every Taxable person is required to pay the tax to government on monthly basis in GSTR-3B.

For Detail You can View our Video by click following link

GSTR-1

• A Person, whose gross turnover is more than Rs.1.5 crore, is required to file the GSTR-1 on monthly basis.

• A Person, whose gross turnover is not more than 1.5 crore, He has option to file his GSTR-1 on monthly or quarterly basis.

• Every person, whose gross turnover is not more than Rs.1.5 cr. can avail this option at the beginning of the year and can’t change it thereafter during the year. But can change the option at the beginning of next year.

• For example In april2019 person select the option to file the GST Return for the FY 2019-20 on quarterly basis then he has to file all the four return of FY 2019-20 on quarterly basis but he has option in apr2020 to change it to monthly basis but before apr-20 he will not get any option to change it.

• GSTR-1 Contains Following Details

1. GSTIN of Party                   

2. Name of Party

3. Invoice number     

4. Invoice Date

5. Taxable vale  

6. CGST, SGST, IGST, Cess Amount

7. CGST, SGST, IGST, Cess Tax rate

8. Invoice Value

9. Place of Supply

10.  Supply is or reverse charge or not

 

DUE DATE OF GSTR-3B

If turnover of previous year is More than Rs.5 crore than due date is 20th of next month and if turnover is not more than Rs.5 Crore than 22nd if place of business is fall in category-1 State otherwise 24th if fall in category-2 States.

Category-1 States are as follows:

Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.

Category-2 States are as follows:

Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi

Month	Turnover is More than 5 Cr	Turnover is Less than 5 Cr
		Category-1	Category-2
April	20th May	22nd May	24th May
May	20th June	22nd June	24th June
June	20th July	22nd July	24th July
July	20th August	22nd August	24th August
August	20th September	22nd September	24th September
September	20th October	22nd October	24th October
October	20th November	22nd November	24th November
November	20th December	22nd December	24th December
December	20th January	22nd January	24th January
January	20th February	22nd February	24th February
February	20th March	22nd March	24th March
March	20th April	22nd April	24th April