As per the GST law, sellers are required to file their returns on a monthly basis. Sellers must file their GSTR-1 form on the GST portal (which should contain the details of the outward supplies made during a month by the 11th of the following month.
Next, they need to file a summary return in GSTR – 3B, by 20th of the following month and pay the net GST liability after availing input tax credit on inputs, input services and Tax Collection at Source (TCS) which will be collected by the e-commerce operator on the net sales made through the e-commerce platform.
For taxpayers exceeding the notified threshold, annual returns for a financial year need to be filed in GSTR-9 form and a reconciliation statement between the financials and the GST returns need to be filed in form 9C by December 31st of the next financial year. Keeping a GSTR-9 checklist can ease the process of mapping details in the present form.
It should be noted that there is no mechanism of filing revised returns. The rectification of any errors/omissions is allowed only in the subsequent returns.
New GST return formats are proposed to be implemented from October 1, 2020.
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By using ClearTax Biz, you agree that the product or solution is provided by Defmacro Software Private Limited, with the exclusion of Amazon Seller Services Private Limited (hereinafter referred to as “Amazon”). Amazon disowns all liability and assumes no responsibility for consequences resulting from your use of, or reliance on the ClearTax Biz product/solution.
Please note that failure to furnish Form GSTR-1, GSTR-3B by the due date will attract a late fee of Rs. 50 per day (Rs 25 per act) - subject to a maximum penalty of Rs. 10,000 (Rs 5,000 per act) for each return. Failure to furnish the annual return in Form 9 will attract a late fee of Rs 200 per day (Rs 100 per act) subject to a maximum penalty of 0.25% of the turnover for the respective financial year. To ensure that no vital information has been left out, be sure to keep a GST checklist for the audit handy.
We hope this article will be helpful in achieving GST compliance for your business.