GST Return Filing: The Goods and Services Tax Network (GSTN) has officially opened the gateway for taxpayers to file their returns for the new financial year, 2024-25. Starting from April 1, 2024, businesses and individuals registered under GST can now access the portal to file their GSTR-1 and GSTR-3B returns for the first quarter, covering the period from April to June 2024. This timely activation ensures that taxpayers can maintain compliance from the very beginning of the fiscal year.
Key Updates on the GST Portal
The facility to file returns has been enabled for all taxpayers, including those who file on a monthly basis and those under the Quarterly Return Monthly Payment (QRMP) scheme. This means that the forms for the tax period of April 2024 are now available. The GSTN has made both the GSTR-1 (Statement of Outward Supplies) and the GSTR-3B (Monthly Summary Return) accessible on the official portal, gst.gov.in. Taxpayers are advised to begin their filing process early to avoid any last-minute technical glitches or delays.
Understanding GSTR-1 and GSTR-3B
For those new to the GST regime or in need of a refresher, understanding the purpose of these two primary forms is crucial for accurate compliance.
- GSTR-1: This is the return where a registered taxpayer details all their outward supplies, i.e., sales and services provided, during the tax period. The accuracy of GSTR-1 is vital as the information auto-populates in the GSTR-2A/2B of the recipient, forming the basis for their Input Tax Credit (ITC) claim.
- GSTR-3B: This is a consolidated summary return. It requires the taxpayer to declare their summary GST liabilities for the month, disclose the ITC claimed, and make the final tax payment.
Here is a simple breakdown of the two forms:
| Form Name | Purpose | Who should file? |
|---|---|---|
| GSTR-1 | To report details of all outward supplies of goods and services. | All normal and casual registered taxpayers. |
| GSTR-3B | A monthly self-declaration to furnish a summary of outward supplies, ITC claimed, and net tax payable. | All normal registered taxpayers. |
Why Timely Filing is Non-Negotiable
Adhering to GST deadlines is not just a matter of good practice; it is a legal requirement with significant financial implications. Delay in filing GSTR-1 can lead to late fees and, more importantly, can prevent your customers from claiming their rightful Input Tax Credit on time, potentially straining business relationships.
Similarly, delay in filing GSTR-3B attracts both late fees and interest on the outstanding tax liability. Consistent non-compliance can lead to stricter actions from the tax authorities, including the cancellation of GST registration. Therefore, all businesses must prioritize timely and accurate filing to ensure smooth operations and avoid unnecessary financial burdens. Ensure you log in to the portal and complete your filings well before the due dates for the April-June 2024 quarter.
