GSTR-5 is a return for non-resident foreign taxable persons. This return is to be filed on a monthly basis by the 20th of the following month.
The due date for the period July – Dec. 2017 is Jan 31, 2018.
This return is for input service distributors. It is to be filed monthly by the 13th of the following month. At this point the GST portal has facilitated GSTR-6 filing only for the month of July 2017.
Soon-to-be required returns
GSTR-7: Applies to authorities deducting tax at the source. It will need to be filed on a monthly basis by the 10th of the following month.
GSTR-8: To be filed by ecommerce operators on a monthly basis by the 10th of the next month.
GSTR-9: Every dealer will need to furnish this annual return by 31 December after the end of the financial year. The first annual return under GST for the period April 2017 to March 2018 will need to be filed by Dec. 31, 2018.
GSTR-10: To be filed only when a taxpayer’s registration is cancelled or surrendered, within three months after the cancellation.
GSTR-11: This return is for UIN holders to report details of inward supplies to be furnished by a person having UIN and claiming a refund. It must be furnished by the 28th of the month following the month for which the statement is being filed.
The GST Act mandates filing returns. In cases where there are no transactions for a particular period, taxpayers will still need to file a nil GST return. Missed returns cannot be filed in a subsequent month or quarter. Therefore late filing will have a cascading effect leading to heavy fines and penalty.
Pursuant to the GST Act, late fees of Rs. 100 per day per return will be levied on companies in cases of late filing. This means total late fees of Rs. 200 per day (100 under CGST and 100 under SGST), subject to a maximum of Rs. 5,000 for a particular period. There are no late fees for IGST returns.
The GST Council has waived late fees for GSTR-3B for July, August, and September. Any late fees paid for these months will be credited back to the company’s electronic cash ledger under ‘Tax’ and can be utilized to make future GST payments.
In addition, the GST Council reduced the fees for filing GSTR-3B and GSTR-4 returns after their due dates to:
- Rs. 50 per day of delay in normal cases
- Rs. 20 per day of delay for taxpayers having nil tax liability for the month
Interest on delayed tax payments is charged at 18 percent per annum on the amount of outstanding tax and is calculated from the day following the missed due date until the actual date of payment.
Using GST compliance software can greatly assist businesses in filing returns accurately and on time.