Last Updated on May 24, 2022 by
If you are a registered taxpayer, you must be aware of the requirement of filing Goods and Services Tax (GST) returns. Let us understand this provision in detail.
Table of Contents
What is a GST return?
A GST return is a document that contains the particulars of sales, purchases, income, and expenditure by a taxpayer with a specific GSTIN. It is filed for purchases or sales made, output GST on sales, and the input tax credit. This is done on a monthly, quarterly, or yearly basis. The net tax liability of the taxpayer is calculated thereof.
Based on the kind of activities you are involved in, you use separate forms while filing the GST returns. Let us see the various categories of the same.
What are the types of GST returns?
GST returns are categorised based on the nature of the taxpayer. Each form has separate due dates as well as different frequencies of filing. These are as follows:
GSTR- 1
Registered suppliers must furnish the details of any taxable outward supplies using this form. It also contains details of the business, such as the name and the GSTIN. All invoices of the previous month on which tax has been collected are uploaded. Apart from this, any advance received for subsequent supply is also included in this period.
Frequency of filing: Every month/every quarter if you have opted for the quarterly return filing and monthly payment of taxes (QRMP) scheme.
Due date for filing: 10th of subsequent month/13th of the next month after the quarter ends.
GSTR-2
Registered recipients are required to file this return with the details of the inward supply of taxable goods and services. All input tax credit claims are also to be included.
Frequency of filing: Suspended with effect from September 2017.
GSTR-3
This form has monthly details that are taken from GSTR 1 and 2. It includes information regarding inward and outward supply. Moreover, you must mention the particulars of input tax credit and tax paid under CGST, SGST, and IGST.
Frequency of filing: Suspended with effect from September 2017.
GSTR-4
The registered dealers who have opted for the composition scheme shall use this form to furnish the returns. For that, your turnover must not exceed Rs. 75 lakh. However, under this scheme, you are not allowed to avail of the input tax credit.
Frequency of filing: Annual.
Due date of filing: 30th of the month after the end of the financial year (30 April for the year ending 31 March).
GSTR-5
If you are a non-resident taxpayer, this is the return that you must file. Mention your name, address, and GSTIN. Along with that, declare the details of inward/outward supply, import of goods and services, and your stock of goods.
Frequency of filing: Monthly.
Due date of filing: 20th of the next month.
GSTR-6
This form is for all Input Service Distributors. Apart from the basic details of the taxpayer– the name, address, and GSTIN– it contains details of the supply received and the input credit received and distributed thereof.
Frequency of filing: Monthly.
Due date of filing: 13th of the next month.
GSTR-7
This return form is for tax deducted at source by all Government officials. It contains the basic details of the taxpayer, along with the TDS details. The TDS liability will reflect automatically. It also shows any penalty for filing the TDS return late and any interest accrued on delay in TDS payment.
Frequency of filing: Monthly.
Due date of filing: 10th of the next month.
GSTR-8
If you are an e-commerce operator who collects tax at the source, you are required to fill out this form while filing your GST return. It is crucial to mention the details of the supplies to registered as well as unregistered taxable persons.
Frequency of filing: Monthly.
Due date of filing: 10th of the next month.
GSTR-9
All regular taxpayers are liable to furnish the return using this form. It declares your income and expenses for the year. You may also make any modifications as required later on.
Frequency of filing: Annual.
Due date of filing: 31 December of the succeeding year.
GSTR-10
If you are a registered taxpayer under GST but are looking to cancel your registration, you are required to fill out this form as a final return. It includes the date of cancellation along with the application reference number.
Frequency of filing: On cancellation of registration.
Due date of filing: Within three months of cancellation (or order of cancellation, whichever is later).
GSTR-11
If you have a Unique Identification Number (UIN) and wish to claim a refund on inward supplies, you must furnish the return using this form. It includes the details of inward supply and the name of the Government entity along with the UIN.
Frequency of filing: Monthly.
Due date of filing: 28th of the succeeding month.
Now that you have understood which form to fill out let us simplify the process of filing the return.
How to file GST returns?
The new regime of GST has brought relief in terms of filing GST returns by automating the process. You can file your return online on the official GST portal provided by the GST network. Most of the details are automatically filled in to make the process even more convenient. You can follow the given steps to file your GST return online:
Step 1: Open the GST portal at www.gst.gov.in
Step 2: Your GSTIN – a 15 digit code will be generated. It is based on your state and your PAN.
Step 3: Upload your invoices. This will generate a separate invoice reference number for every invoice.
Step 4: File your outward and inward returns along with the cumulative returns of every month.
Step 5: Fill out GSTR-1 with the details of outward supply. These details shall be available to the recipient via GSTR-2A.
Step 6: The recipient must verify the details of the outward supply or make any other changes. The recipient must also upload the information regarding debit and credit notes.
Step 7: The supplier shall either accept or reject the changes made by the recipient.
In conclusion
If you are liable to file the GST return, you need to keep note of all the latest tax provisions. In case you fail to file your return on time, a late fee of Rs. 100 and interest at 18% per annum will be charged. Keep in mind the due dates to avoid attracting any penalty. Consult your CA/Tax advisor for professional guidance on GST and return filing.
