GST Returns

GST Returns

          All registered businesses are required to file monthly, quarterly and annual/yearly GST Returns based on the type of business.

          Returns are the reports to be submitted to the Tax Authorities by a tax payer along with Tax whenever applicable, as per schedule notified by CBIC which may change as per CBIC Notifications. These reports are submitted online in the GSTN portal by a tax payer and are used by tax authorities to calculate tax liability.

Under GST, a regular registered dealer has to file GST returns that include:

·         Purchases

·         Sales

·         Output GST (On sales)

·         Input tax credit (GST paid on purchases)

Who should file GST Returns?

Under GST Law, every regular registered has to file two monthly returns and one annual return. This amounts to 26 returns in a year.

The best thing about the system is that one has to manually enter its sales details of one monthly return – GSTR-1. The other return GSTR 3B will automatically get populated by calling information from GSTR-1 filed by the business and the vendors.

As per GST registrations separate returns required to be filed by the taxpayer such as composition dealers has to file GSTR-4.

GST Returns in Tabular Form

Return Form No	Particulars	Frequency/Interval	Due Dates
GSTR-1	Details of outward supplies of taxable goods and/or services (Sales)within a month	Monthly	11th* of the next month with effect from October 2018
GSTR-2 Suspended	Details of inward supplies of taxable goods and/or services(Purchases) affected claiming the input tax credit.	Monthly	15th of the next month
GSTR-3 Suspended	Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of tax.(Difference between Sales and Purchases)	Monthly	20th of the next month
GSTR-3B	Simple Return in which summary of outward supplies along with Input Tax Credit is declared  and payment of tax is affected by taxpayer .(Difference between Sales and Purchases and Vice Versa)	Monthly	20th of the next month
GSTR-4	Return for a taxpayer registered under the composition Scheme	Quarterly	18th of the month succeeding quarter
GSTR-5	Return for a Non-Resident foreign taxable person	Monthly	20th of the next month
GSTR-6	Return for an Input Service Distributor	Monthly	13th of the next month
GSTR-7	Return for authorities deducting tax at source.(TDS)	Monthly	10th of the next month
GSTR-8	Details of supplies effected through e-commerce operator and the amount of tax collected (TCS)	Monthly	10th of the next month
GSTR-9	Annual/Yearly Return for a Normal Taxpayer	Annually	31st December of next financial year*
GSTR-9A	Annual/Yearly Return a taxpayer registered under the composition Scheme anytime during the year	Annually	31st December of next financial year*
GSTR-10	Final Return	Once, when GST Registration is cancelled or surrendered	Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11	Details of inward supplies to be furnished by a person having UIN and claiming a refund	Monthly	28th of the month following the month for which statement is filed

Also See : Goods and Services Tax (GST)    Advantages of GST      GST Registration Online