After implementation of GST, businessmen have to file monthly returns. Under VAT, small traders were filing quarterly returns, and half yearly returns under service tax. Under GST, every assessee has to present the following 3 returns :
(1) Sales Return (Section 25) – (GST R-1) :
This return contains information regarding sales of goods/services made during a month. This return is filed within 10 days of the end of the month. It includes details of outbound supplies, sales at zero rate, interstate sales, purchase return, export to other countries, debit note, credit note, etc. This information is matched with return filed by the buyer under section 26, and in case of mismatch the tax payer is given a chance to rectify the mistake.
(2) Purchase Return (Section 26) (GST R-2) :
It will contain all the details of purchases of goods and services on which GST is paid by the assessee. The due date for filing GST R-2 is 15th of next month. The details filed under this return are matched with the return filed under section 25 by the seller, and any mismatch will impact input tax credit eligibility.
(3) Monthly Returns (Section 27) – (GST R-3) :
After filing sales and purchase returns on 10th and 15th of next month, the monthly summary of purchases, sales, tax amount given in GST R-l and GST R-2 returns, has to be filed online by the 20th of subsequent month. A registered taxable person paying tax under the composite scheme shall furnish quarterly returns within 18 days after the end of relevant quarter.
Levy or Late fees – for defaulted returns (Section 33) :
A penalty of? 100 per day is applicable for late filing of GST return under section 25,26,27 and 31 with a maximum penalty of ? 5,000. And penalty for Annual Reports (section 30) is ? 100 per day of delay with a maximum 0.25% on aggregate turnover.