GST Return Filing
The businesses registered under GST have to file returns monthly, quarterly and annualy based on the category of business through the Government of India’ Gst Portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid.
Implementation of a comprehensive Income Tax system like gst will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of returns will be done online.
What is GST Return?
GST return is an official document that furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales-related details.
The GST returns is required to be filed, following which the taxpayer has to pay off the tax liability.
Who should file GST Returns?
GST returns has to be filed by all the business entities who are registered under the GST system.
Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.
An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.
The filing process has to be identified on the basis of the nature of the business.
The registered dealer who part of the following activities needs to file a GST return:
- Sales
- Purchase
- Output Goods and services tax (on Sales)
- Input Tax Credit with GST paid on the purchase
How to File GST Returns.
Each and every either who is manufacturers, suppliers, dealers and consumers etc , all taxpayers have to file their tax returns with the GST department monthly , quartly and yearly Under the new GST regime,
filing tax returns has become automated. GST returns can be filed online using the software or apps provided by Goods and Service Tax Network (GSTN) which will auto-populate the details on each GSTR forms. Listed below are the steps for filing GST return online:
Types of GSt Return
- GSTR-1
GSTR-1 has to be filed against all goods and services rendered by a company. This includes all the invoices raised as well as credit-debit notes against sales for a tax period.
- GSTR-2A
GSTR 2A is a view-only GST return for buying goods and services. It contains the details of all purchases made by the recipient in any month. All kinds of inward supplies to the recipient can be viewed as purchases made from other GST registered suppliers.
- GSTR- 2B
This is also a static, view-only GST return. It is important for buyers of goods and services. GSTR-2B is available every month from August 2020 and contains ITC data of any period when it is checked back.
- GSTR- 3B
GSTR 3B is a monthly self-declaration. It furnishes the summarised details of:
- All outward supplies made
- Input tax credit claimed
- Tax liability
- Taxes paid
- GSTR-4
GSTR-4 is an annual return to be filed by composition taxable persons. It is to be filed by April 30th following the relevant financial year. This return replaced GSTR-9A.
- GSTR-5
GSTR-5 is for those non-resident foreign taxpayers who carry out transactions in India. What do these returns entail? They contain details of the following:
- Outward supplies made
- Inward supplies received
- Credit-debit notes
- Tax liability
- Taxes paid
- GSTR-5A
GSTR-5A summarises all the outward taxable supplies and tax payable by OIDAR, which stands for the Online Information and Database Access or Retrieval Services provider.
You have to file this return by the 20th of every month.
- GSTR-6
GSTR-6 must be filed by an Input Service Distributor (ISD) every month. Its composition details are:
- Input tax credit distributed and received by ISD
- All the details of all documents related to the input tax credit
The due date of the GSTR-6 is the 13th of every month.
- GSTR-7
GSTR-7 is to be filed by the persons who are required to deduct the TDS under GST. TDS stands for “Tax deducted at source.” Here’s what the GSTR-7 entails:
- Details of TDS deducted
- TDS liability payable and paid
- TDS refund if any
The due date of the GSTR-7 is the 10th of every month.
- GSTR-8
This form is required to be filed by the e-commerce operators registered under GST. They are usually required to collect tax at the source. All the details of supplies made through the e-commerce platform and the TCS on the same are recorded.
It is to be filed by the 10th of every month.
- GSTR-9
This is an annual return to be filed by taxpayers who are registered under GST. It is due by December 31st for the year following the specific financial year. What does the GSTR-9 contain? It consists of the following:
- Details of outward supplies made
- Inward supplies received
- Summary of supplies received under HSN code
- Details of tax payable and paid
- GSTR-9C
It is a statement filed by all the taxpayers registered under GST whose turnover exceeds Rs. 2 crores in a financial year. This is a unique form in that it has to be certified by a Chartered Accountant or a Cost Management Accountant after a GST audit and looking over the GST-9.
It is to be filed by December 31st of the year that follows the relevant financial year.
However, as per the Union Budget 2021, the mandate for the GST audit by CAs and CMAs has been removed.
- GSTR-10
The GSTR-10 form is to be filled by a person whose registration was surrendered or cancelled. It is also called a final return which needs to be filed within three months of the cancellation order or the date of cancellation, whichever comes first.
- GSTR-11
GSTR-11 is for foreign diplomatic missions and embassies that do not pay tax in India but require a refund of taxes. It is filed by those persons who have been issued a Unique Identity Number (UIN) to get a refund for the goods and services incurred by them in India. These returns have details of the inward supplies received and refunds claimed