Should I file my GST Return monthly or quarterly?

Author
By Sakshi Shah on February 18, 2019

Every business registered under GST must file all its GST Returns regularly within the due dates to avoid penalties and late fees.

Taxpayer registered under Regular Scheme

For business registered under the regular scheme, the type of GST Return and the frequency of filing it depends on the turnover of the business.

1. Returns under Monthly Scheme

If the aggregate turnover of the business in the preceding financial year exceeded Rs.1.5 Crore OR the aggregate turnover during the current financial year is expected to exceed Rs.1.5 Crore, following returns are to be filed:

How to calculate aggregate turnover under GST?
GST ReturnFrequencyDescriptionDue Date
GSTR-3BMonthlySummary Return with details of outward supplies, inward supplies and payment of tax20th of next month
GSTR-1MonthlySales Return with details of outward supplies for businesses with aggregate turnover of more than Rs.1.5 Crore11th of next month

2. Returns under Quarterly Scheme

If the aggregate turnover of the business in the preceding financial year was up to Rs.1.5 Crore OR the aggregate turnover during the current financial year is expected to be up to Rs.1.5 Crore, following returns are to be filed:

FormFrequencyDescriptionDue Date
GSTR-3BMonthlySummary Return with details of outward supplies, inward supplies and payment of tax20th of next month
GSTR-1QuarterlySales Return with details of outward supplies for business with aggregate turnover of more than Rs.1.5 Crorelast date of next month from end of the quarter

Taxpayer registered under Composition Scheme

A business can register under the Composition Scheme if the aggregate turnover is up to Rs.1 Crore. Tax is to be paid at a specified rate based on the nature of the business.

What is Composition Scheme under GST?

Taxpayers who have applied for registration under Composition Scheme should file the following GST Return:

FormFrequencyDescriptionDue Date
GSTR-4QuarterlyReturn with details of outward supplies and payment of tax at a fixed rate of turnover of the return period18th of next month from end of the quarter