GST Compliance Requirements & Return Filing

Every invoice raised after getting the GST Registration should contain the applicable GST components. The total amount of GST that is billed during a month has to be paid to the Government by 20th of next month.

Payment of GST every month is mandatory irrespective of collection of bills. Also, the filing of return is also mandatory even if there is no invoicing.

A. In case the GSTN holder has Business transactions:

1. Monthly GSTR-3B Filing and Payment of GST

A monthly declaration / Filing is mandatory by every GSTN registered dealers from date of registration.

Due date for filing GSTR-3B is 20th of following month. This filing / payment is separately required for each GSTIN. Tax liability of GSTR-3B must be paid latest by the last date of filing GSTR-3B for that month. If there are no transactions for a month, NIL returns are required to be filed every month.

If the GSTR-3B is not filed in time, a Late Fee will be charges as follows:

• If there GST liability - Rs. 50 per day of delay
• If there is no GST liability - Rs. 20 per day of delay

Also, if there is a delay in payment of GST dues, an interest at 18% p.a is also will be charged till the date of payment

2. Monthly / Quarterly Return Filing- GSTR-1

Every GSTN Registered dealers must file Return in GSTR 1. By default, every dealer must file this return on monthly basis. In case of the monthly turnover is less than Rs.1.5 Crore, the dealer can opt to file this return every quarterly.

Filing of GSTR-1 (Monthly/Quarterly) is also mandatory irrespective of whether there are any transactions during the month or not.

If the GSTR-1 is not filed in time, a Late Fee will be charges as follows:

• If there GST liability - Rs. 50 per day of delay
• If there is no GST liability - Rs. 20 per day of delay

B. In case the GSTN holder does not have any Business transactions:

In case the GSTN holder does not have any transactions, NIL - Monthly / Quarterly are required to be filed in time to avoid penalty for non-Filings.

C. Consequents of non-filing NIL Returns

As referred above, the filing of returns is mandatory even if there are no GST transactions. Non-Filing of returns will result in accumulation of penalties and interest till the date of filing. Also, it may result in cancellation of GST Registration abruptly.