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GST RETURNS

 

Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.


Returns under GST Act


1. GSTR-1


GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made, or in other words, sales transactions made during a tax period, and also for reporting debit and credit notes issued. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in the GSTR-1 return. GSTR-1 is to be filed by all normal taxpayers who are registered under GST.

2. GSTR-2A


GSTR-2A is the return containing details of all inward supplies of goods and services i.e. purchases made from registered suppliers during a tax period. The data is auto-populated based on data filed by the suppliers in their GSTR-1 return. GSTR-2A is a read-only return and no action can be taken.

3. GSTR-2


GSTR-2 is the return for reporting the inward supplies of goods and services i.e. the purchases made during a tax period. The details in the GSTR-2 return are auto-populated from the GSTR-2A. Unlike GSTR-2A, the GSTR-2 return can be edited. GSTR-2 is to be filed by all normal taxpayers registered under GST, however, the filing of the same has been suspended ever since the inception of GST.



4. GSTR-3


GSTR-3 is a monthly summary return for furnishing summarized details of all outward supplies made, inward supplies received and input tax credit claimed, along with details of the tax liability and taxes paid. This return is auto-generated on the basis of the GSTR-1 and GSTR-2 returns filed.
GSTR-3 is to be filed by all normal taxpayers registered under GST, however, the filing of the same has been suspended ever since the inception of GST.

5. GSTR-3B


GSTR-3B is a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid. GSTR-3B is to be filed by all normal taxpayers registered under GST.

6. GSTR-4 / CMP-08


GSTR-4 is the return that was to be filed by taxpayers who have opted for the Composition Scheme under GST. CMP-08 is the return which has replaced the now erstwhile GSTR-4. The Composition Scheme is a scheme in which taxpayers with turnover up to Rs.1.5 crores can opt into and pay taxes at a fixed rate on the turnover declared.

7. GSTR-5


GSTR-5 is the return to be filed by non-resident foreign taxpayers, who are registered under GST and carry out business transactions in India. The return contains details of all outward supplies made, inward supplies received, credit/debit notes, tax liability and taxes paid. The GSTR-5 return is to be filed monthly for each month that the taxpayer is registered under GST in India.

8. GSTR-6


GSTR-6 is a monthly return to be filed by an Input Service Distributor (ISD). It will contain details of input tax credit received and distributed by the ISD. It will further contain details of all documents issued for the distribution of input credit and the manner of distribution.

9. GSTR-7


GSTR-7 is a monthly return to be filed by persons required to deduct TDS (Tax deducted at source) under GST. GSTR 7 will contain details of TDS deducted, the TDS liability payable and paid and TDS refund claimed if, any.

10. GSTR-8


GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST who are required to collect tax at source (TCS). GSTR-8 will contain details of all supplies made through the E-commerce platform, and the TCS collected on the same. The GSTR-8 return is to be filed on a monthly basis.

11. GSTR-9


GSTR-9 is the annual return to be filed by taxpayers registered under GST. It will contain details of all outward supplies made, inward supplies received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes, along with details of taxes payable and paid. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.

12. GSTR-9A


GSTR-9A is the annual return to be filed by taxpayers who have registered under the Composition Scheme in a financial year*. It is a consolidation of all the quarterly returns filed during that financial year.

13. GSTR-9C


GSTR-9C is the reconciliation statement to be filed by all taxpayers registered under GST whose turnover exceeds Rs.2 crore in a financial year. The registered person has to get their books of accounts audited by a Chartered/Cost Accountant. The statement of reconciliation is between these audited financial statements of the taxpayer and the annual return GSTR-9 that has been filed.


Due Dates of Filing GST Returns

These returns are as per the CGST Act

Return Form Description Due Date
GSTR-1 Details of outward supplies of taxable goods and/or services affected. 11th* of the next month with effect from October 2018 until September 2020. *Previously, the due date was 10th of the next month.

End of the month succeeding the quarter.
GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming the input tax credit. 15th of the next month.
GSTR-3 Monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of tax. 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 the taxpayer. Staggered^ from the month of January 2020 onwards* *Previously 20th of the next month for all taxpayers.
GSTR-4 Return for a taxpayer registered under the composition scheme under section 10 of the CGST Act (supplier of goods) and CGST (Rate) notification no. 02/2019 dated 7th March 2020 (Supplier of services). 30th of the month succeeding a financial year.
GSTR-5 Return for a non-resident foreign taxable person. 20th of the next month.
GSTR-6 Return for an input service distributor to distribute the eligible input tax credit to its branches. 13th of the next month.
GSTR-7 Return for government authorities deducting tax at source (TDS). 10th of the next month.
GSTR-8 Details of supplies effected through e-commerce operators and the amount of tax collected at source by them. 10th of the next month.
GSTR-9 Annual return for a normal taxpayer. 31st December of next financial year.
GSTR-9A Annual return to be filed by a taxpayer registered under the composition levy anytime during the year. 31st December of next financial year.
GSTR-9C Certified reconciliation statement 31st December of next financial year.