As per certain commercial structures, the office of a business can remain responsible to receive the tax invoices against the services availed by its different branches. Therefore, this business owner will need to distribute the input tax credit or ITC received to all of its branches as mentioned above.
Please note that ISD taxpayers are legally obligated to file a monthly GST return. So, it is beneficial to know GSTR 6 meaning in this regard.
GSTR 6 is a return that you have to file every month, declaring the crucial details of the input tax credit that your business has received in a month. Additionally, in this form containing eleven different sections, you must also provide all the minute information about how this accumulated credit has been distributed among the different branches of your primary corporation.
In order to file a GSTR 6 return, you must meet certain eligibility parameters in the first place. These include the following:
You can file your GSTR 6 return online without any hassle just by adhering to a few simple steps. The procedure to do so has been detailed below:
Step 1: Navigate to the official website of Goods and Services Tax to access its portal.
Step 2: Log in to the portal using your registered username and password.
Step 3: Click on the option of ‘Return Dashboard.’
Step 4: Select the month and year when you are filing this return.
Step 5: Click on ‘Search.’
Step 6: From the dialogue box shown on your screen, choose the option of ‘Return for input service distributor GSTR6 and select ‘Prepare Online.’
Step 7: Fill out the consent form as required.
Step 8: Input all the adequate details as per the different requirements as stated in the form.
Step 9: Attach the required documents to substantiate the pieces of information you have provided in this form.
Step 10: Ensure there are no mistakes in the data entered from your end, as it can become complicated if you file the return with erroneous details.
Step 11: Make sure that the status of your return has changed to ‘Filed’ in the return dashboard.
The GSTR details that you need to provide during your return filing include the following:
The due date for filing GSTR 6 is the 13th of the following month in a tax period. Here is a schedule of some of the upcoming due dates.
|
Month |
Due Date |
|
February 2023 |
13th March 2023 |
|
March 2023 |
13th April 2023 |
|
April 2023 |
13th May 2023 |
|
May 2023 |
13th June 2023 |
When filing a GSTR 6 return form, it is ideal to keep certain regulations in mind:
You will be charged with a fine of ₹50 for each day from the deadline till you make the actual submission. This amount is a sum total of:
Additionally, if there is any tax liability, you will have to pay another ₹20, which is a sum total of:
However, the highest amount chargeable as a penalty had been limited to ₹10000/return.
Some quintessential benefits of GSTR 6 have been listed below:
According to the GST rules, a delay in the payment of GST results in 18% to the annual interest rate. For every day since the due date of payment, a late fee will be charged from the taxpayer. Here is an example to give you a clearer idea.
If your tax liability is about ₹1000, then you have to pay both your original GST and an additional 18% interest. This means the daily late fee will be the following:
1000*18/100*1/365= ₹4.93
Failing to file a GST form within the deadline is mandatory for taxpayers. Otherwise, a lump sum penalty can be levied on you for such delinquencies. Additionally, if you fail to submit the form on time for consecutive six months, you can face an additional risk of your GST registration getting potentially cancelled.
Therefore, it is absolutely necessary for you as a businessman to know the meaning of GSTR 6 and how you can file it on time. This way, you can rest assured that no additional amount is spent on penalty charges. As a result, your business does not have to face any additional expenses.
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