Once you have obtained your GSTIN in Kolkata, the next critical obligation is filing GST returns on time. Non-compliance can result in heavy penalties, blocking of e-way bills, and even cancellation of your GST registration. This guide explains all the key GST returns that Kolkata businesses must file, along with their due dates and consequences of late filing.
What is GST Return Filing?
A GST return is a document containing details of all income and expenses that a GST-registered taxpayer is required to file with the tax administrative authorities (GSTN). The information filed in the returns is used by the tax authorities to calculate the net tax liability of the taxpayer.
Types of GST Returns Every Kolkata Business Must Know
GSTR-1 (Outward Supplies): This return captures details of all outward supplies (sales) made by the taxpayer. Businesses with turnover above ₹5 crore must file it monthly by the 11th of the following month. Businesses opting for QRMP scheme file it quarterly by the 13th of the month following the quarter.
GSTR-3B (Monthly Summary Return): This is a self-declared summary return that every registered taxpayer must file monthly. It covers summary of outward supplies, ITC (Input Tax Credit) claimed, and net tax payable. It must be filed by the 20th of the following month for businesses with turnover above ₹5 crore, or by 22nd/24th for those under QRMP scheme.
GSTR-9 (Annual Return): This is the annual return that must be filed by December 31st of the following financial year. It provides a consolidated summary of all monthly/quarterly returns filed during the year.
GSTR-9C (Reconciliation Statement): Businesses with annual turnover exceeding ₹5 crore must also file GSTR-9C, a self-certified reconciliation statement between the annual return and the audited financial statements.
Input Tax Credit (ITC) — A Key Benefit for Kolkata Businesses
One of the most important benefits of GST is the Input Tax Credit mechanism. If your Kolkata business purchases goods or services from a GST-registered vendor, you can claim credit for the GST paid on those purchases and use it to offset your output GST liability. This prevents the cascading effect of taxes and significantly reduces the overall tax burden.
Penalties for Late GST Return Filing in Kolkata
If you fail to file GST returns on time, you will be liable for a late fee of ₹50 per day (₹25 CGST + ₹25 SGST) for returns with tax liability, or ₹20 per day (₹10 CGST + ₹10 SGST) for nil returns. Additionally, interest at 18% per annum is charged on the outstanding tax liability from the due date.
Tips for Kolkata Businesses
Always reconcile your GSTR-2A/2B with your purchase register before filing GSTR-3B to claim correct ITC. Hire a qualified GST practitioner or CA in Kolkata to ensure accurate and timely return filing. Keep all tax invoices, debit notes, and credit notes properly organized for audit purposes.