First return, Annual Return & Final return along with Late fee in case not filed within due date under GST in 10 points
1. First return - Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.
2. Annual Return - Every normal registered person shall furnish an annual return electronically in GSTR-9 for every financial year electronically on or before the thirty-first day of December following the end of such financial year. Provided that composition tax payer shall furnish annual return in form GSTR-9A
3. Every registered person who is required to get his accounts audited shall furnish, electronically, the annual return along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year duly certified, in FORM GSTR-9C with the audited annual financial statement. Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited.
4. Final return- Every registered person whose registration has been cancelled shall furnish a final return within three months of the date of cancellation or date of order of cancellation, whichever is later, electronically in FORM GSTR-10.
5. Notice to non-filers of returns - Where a registered person fails to furnish a return, a notice shall be issued requiring him to furnish such return within fifteen days. A notice in FORM GSTR-3A shall be issued, electronically, to a registered person.
6. Any registered person who fails to furnish the details of outward or inward supplies or monthly return or quarterly returns or final return by the due date shall pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum amount of five thousand rupees.
7. Any registered person who fails to furnish the annual return by the due date shall be liable to pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum of an amount calculated at a quarter per cent. of his turnover in the State or Union territory.
8. All taxpayers filing return in GSTR-1 to GSTR-3, other than ISD's, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors, are required to file an annual return. Casual taxpayers, non- resident taxpayers, ISDs and persons authorized to deduct/collect tax at source are not required to file annual return.
9. Taxpayers will have various modes to file the statements and returns. Firstly, they can file their statement and returns directly on the Common Portal online. However, this may be tedious and time consuming for taxpayers with large number of invoices. For such taxpayers, an offline utility will be provided that can be used for preparing the statements offline after downloading the auto populated details and uploading them on the Common Portal. GSTN has also developed an ecosystem of GST Suvidha Providers (GSP) that will integrate with the Common Portal.
10. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. Final Return has to be filed only by those registered persons who have applied for cancellation of registration. The Final return has to be filed within three months of the date of cancellation or the date of cancellation order.
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