GST Return

• 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’s 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 in India 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 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. 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:

1. Sales
2. Purchase
3. Output Goods and services tax (on Sales)
4. Input Tax Credit with GST paid on the purchase

 

• Types of GST Returns under New GST Law

The list of all types of GST returns in India along with frequency and the due date for filing returns.

Return form	Who should file the return and what should be filed?	Frequency	Due date for filing
GSTR-1	Registered taxable supplier should file details of outward supplies of taxable goods and services as effected.	Monthly	11th of the subsequent month.
GSTR-2	Registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit.	Monthly	15th of the subsequent month.
GSTR-3	Registered taxable person should file monthly return on the basis of finalization of details of outward supplies and inward supplies plus the payment of amount of tax.	Monthly	20th of the subsequent month.
GSTR-4	Composition supplier should file quarterly return.	Quarterly	18th of the month succeeding quarter.
GSTR-5	Return for non-resident taxable person.	Monthly	20th of the subsequent month.
GSTR-6	Return for input service distributor.	Monthly	13th of the subsequent month.
GSTR-7	Return for authorities carrying out tax deduction at source.	Monthly	10th of the subsequent month.
GSTR-8	E-commerce operator or tax collector should file details of supplies effected and the amount of tax collected.	Monthly	10th of the subsequent month.
GSTR-9	Registered taxable person should file annual return.	Annual	31 December of the next fiscal year.
GSTR-10	Taxable person whose registration has been cancelled or surrendered should file final return.	Once, after the registration of GST is cancelled	Within 3 months of date of cancellation or date of cancellation order, whichever is later.
GSTR-11	Person having UIN claiming refund should file details of inward supplies.	Monthly	28th of the month, following the month for which the statement was filed.

• Various Kinds of GSTR Forms with Explanation

GST returns can be filed using different forms depending on the type of transaction and registration of the taxpayer. Return forms for normal taxpayers are: GSTR 1 GSTR-1 form has to be filed by a registered taxable supplier with details of the outward supplies of goods and services. This form is filled by the supplier. The buyer has to confirm the auto-populated buy information on the form and make modifications if required. The form will contain the following details: Business name, period for which the return is filed, Goods and Services Taxpayer Identification Number (GSTIN). Invoices issued in the previous month and the corresponding taxes collected. Advances received against a supply order that has to be delivered in the future. Revision in outward sales invoices from the previous tax periods. GSTR-1 has to be filed by 10th of the following month. GSTR 2 GSTR-2 form has to be filed by a registered taxable recipient with details of the inward supplies of goods and services. The form will contain the following details: Business name, a period for which the return is filed, Goods and Services Tax Identification Number (GSTIN). Invoices issued in the previous month and the corresponding taxes collected. Advances received against a supply order that has to be delivered in the future. Revision in outward sales invoices from the previous tax periods. GSTR-2 has to be filed by 15th of the following month. GSTR 3 GSTR-3 form has to be filed by a registered taxpayer with details that are automatically populated by from GSTR-1 and GSTR-2 returns forms. The taxpayer has to verify and make modifications, if any. GSTR-3 return form will contain the following details: Details about Input Tax Credit, liability, and cash ledger. Details of tax paid under CGST, SGST, and IGST. Claim a refund of excess payment or request to carry forward the credit. GSTR-3 has to be filed by 20th of the following month. GSTR 4 GSTR-4 form has to be filed by taxpayers who have opted for the Composition Scheme. Taxpayers with small business or a turnover of up to Rs.75 lakh can opt for the Composition Scheme wherein he or she have to pay tax at a fixed rate based on the type of business. Taxpayers under this scheme will not have input tax credit facility. GSTR-4 quarterly return form will contain the following details: The total value of consolidated supply made during the period of return. Details of tax paid. Invoice-level purchase information. GSTR-4 has to be filed by 18th of the following month. GSTR 5 GSTR-5 form has to be filed by all registered non-resident taxpayers. This form will contain the following: Name and address of the taxpayer, GSTIN, and period of return. Details of outward supplies and inward supplies. Details of goods imported, any amendments in goods imported during the previous tax periods. Import of services, amendments in import of services Details of credit or debit notes, closing stock of goods, and refund claimed from cash ledger. GSTR-5 has to be filed by 20th of the following month. GSTR 6 GSTR-6 form has to be filed by all taxpayers who are registered as an Input Service Distributor. This form will contain the following: Name and address of the taxpayer, GSTIN, and period of return. Details of input credit distributed. Supplies received from registered persons. The amount of input credit availed under the current tax period. Details of inward supplies will be auto-populated from GSTR-1 and GSTR-5 return forms. Details of the receiver of input credit corresponding to his or her GSTIN. Details of credit or debit notes. Input tax credit received, input tax credit reverted, and input tax credit distributed as SGST, CGST, and IGST. GSTR-6 has to be filed by 13th of the following month. GSTR 7 GSTR-7 form has to be filed by all registered taxpayers who are required to deduct tax at source under the GST rule. This form will contain the following: Name and address of the taxpayer, GSTIN, and period of return. TDS details and amendments in invoice amount, TDS amount or contract details. TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS. Refund received from Electronic Cash Ledger will be auto-populated. GSTR-7 has to be filed by 10th of the following month. GSTR 8 GSTR-8 form has to be filed by all e-Commerce operators who are required to collect tax at source under the GST rule. This form will contain details of supplies effected and the amount of tax collected under Sub-section (1) of Section 43C of Model GST Law. Other details include: Name and address of the taxpayer, GSTIN, and period of return. Details of supplies made to registered taxable person and amendments, if any. Details of supplies made to unregistered persons. Details of Tax Collected at Source. TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS. GSTR-8 has to be filed by 10th of the following month. GSTR 9 GSTR-9 form is filed by normal taxpayers with details of all income and expenditure for the year. This detail will be regrouped in accordance with the monthly returns. The taxpayer will have the opportunity to make modifications in the information provided if required. GSTR-9 has to be filed by 31st December of the following financial year along with the audited copies of the annual accounts. GSTR 10 GSTR-10 form has to be filed by any taxpayer who opts for cancellation of GST registration. This form will contain the following: Application Reference Number (ARN). Date of cancellation of GST registration. Unique ID of cancellation order. Date of cancellation order. Details of closing stock including amount of tax payable on closing stock. GSTR-10 final return form has to be filed within 3 months of the date of cancellation or date of cancellation order, whichever is later. GSTR 11 GSTR-11 form has to be filed by everyone who has been issued a Unique Identity Number (UIN) and claims a refund of the taxes paid on inward supplies. This form will contain the following details: Name of the government entity, UIN, and period of return. All inward purchases from GST registered supplier will be auto-populated. Based on the above mentioned details, the tax refund will be made. GSTR-11 form has to be filed on 28th of the month, following the month for which supply was received.

• Penalty for late filing of GST Returns

A penalty will be levied on the taxpayer in case he/she fails to file the returns on time. This penalty is called the late fee. As per the GST Law, the late fee is Rs.100 for each day for each Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). Thus, the total fine amount will be Rs.200 per day. However, this rate is subject to changes which will be announced through notifications. The maximum amount of fine that can be levied is Rs.5,000. Integrated GST or IGST does not attract any late fee in case the return filing is delayed. The taxpayer will also be required to pay an interest at the rate of 18% p.a. in addition to the late fee. This interest has to be calculated by the taxpayer on the amount of tax that is to be paid. The time period will be calculated from the day following the filing deadline till the date when the actual payment is made.