GST Returns are the returns to be filed by registered dealers within the due dates on a particular format. A Business owner and a Registered taxpayer are liable to declare the income from the business operations. GST return is a supportive document that entails sales and Purchases.
Further, it must embrace all the information related to Output Tax or the tax collected on sales and Input Tax or tax paid on purchases. A proper invoice with all the important information like Date, Quantity, GSTIN number, HSN code, IGST AND CGST amount, and a final GST TAX, must be mentioned on it in a proper format. Such invoices support your GST RETURN which is to be filed by the taxpayer monthly/ quarterly as per the nature of operations.
Nature of GST return
Amongst the huge list of all the GSTR returns, it is necessary to know which category the taxpayer falls in for filling the return timely. Many GSTR return types are listed by the GST council making the differentiation with names so that there is a broad classification of return filing. In this article, we will be charting down the types of returns, with a small summary on the same.
GSTR-1 is a return required to be filed down by regular taxpayers monthly. It requires an account of all the Sales transactions, outward supplies of goods and services. It can be filed monthly or quarterly based on the Total Turnover of the Business. Any business with annual turnover up to Rs 1.5 crores in the previous financial year can opt to file the return quarterly.
GSTR2A is an auto-populated return, in response to GSTR1 return. In other words, it contains all data related to the inward supplies of Goods And Services. Further, the purchases must be done from the registered suppliers. GSTR 2A helps tally all the data mentioned in GSTR1 and hence one can reconcile the data to claim input credit for the same.
3. GSTR 2
GSTR2 is a return for Inward Supplies. All the data entries related to purchases or inward supplies of goods and services in a particular tax period are mentioned in it. However, the GST council marks it redundant and blocked by the government as of now.
GSTR3 is a monthly return, a comprehensive report for the details of all the outward supplies in a month with the Taxpayer’s basic information (name, GSTIN, etc), the period for the return, turnover details, final aggregate sales, and purchase figures, tax liability under CGST, SGST, IGST. The registered taxpayer must furnish all the details about the same and file it within the due date.
GSTR3B is the summary return, wherein the registered taxpayer can furnish all the details for inward purchases, outward supplies, and input tax credit if any can be claimed.
It is easy to interpret return introduced by the GST council to remove the hardships and make the GST return filing easier and convenient. This return too shall be filed within the due date to avoid any late fees.
6. GSTR-4 / CMP-08
All the taxpayers who have opted for the composition scheme under the GST Act, have to file the GSTR 4 return. It a newer version of the CMP -08 return. The return is very simple with the easiest form to furnish the details and is to be filed quarterly.
7. GSTR 4A
It is an automatically generated report by the GSTN portal and embraces all the pertinent information declared in GSTR1, GSTR-5, and GSTR-7. It contains a Quarterly purchase-related return for the composition dealers.
GST Act implies that all the non- resident Foreign Taxpayers, who are registered and do business in India must file a GSTR-5 return. It must by all means contain the information related to sales/ outward supplies, purchase or inward supplies, credit, and debit notes. This return also shall be filed monthly.
GSTR-6 is a return to be filed by Input Service Distributor (ISD). It must contain all the details related to the Input Tax Credit received and distributed and is to file on monthly basis.
A return to filed by TDS (Tax deducted at source) Deductor is called the GSTR-7 Return under GST Act. It must contain all the information related to TDS payable, deducted, and refund if any. It must be filed monthly.
All the E-commerce operators who collect Tax at source (TCS) registered under the GST Act, shall file the GSTR-8. The return must contain the information of the E-commerce operator, the accounting entries of all the supplies made through the platform and the TCS collected on the same. It is also to be filed monthly.
GSTR-9 is a consolidated return of all the monthly returns or Quarterly returns filed in by the registered taxpayers. The information related to all the purchases, sale GST invoices in a proper format about the previous year, must be mentioned in the return. It is an Annual return that must be filed by all the taxpayers.
13. GSTR-9A return
All the taxpayers who had opted for the composition scheme under the GST Act in any financial year must file the Annual GSTR-9A return. In other words, the consolidated return for all the monthly or quarterly returns filed in by the registered taxpayer.
14. GSTR 9B
Again, GSTR 9B is to an Annual Return to be filed by E-commerce operators which collect the Tax At Source.
Any registered taxpayer whose turnover in any financial year has exceeded the limit under the GST act must file a reconciliation statement or GST9C return. Further, it requires accounts for the same to be audited by Chartered/Cost Accountant.
Any person whose registration has been cancelled or surrendered has to file in the GSTR-10 return within 3 months. It is also known as the final return.
All the registered person under the GST Act who have been issued a Unique Identity Number (UIN) need to file a GSTR11 return. This return is filed to get a refund under the GST Act.
Any amendment if any, for reporting the discrepancies in the GSTR1 return filed by the taxpayer and GSTR-2 of the customers, can be done on GSTR1 A form. The amendment form needs to file between the 15th and 17th of the following month for it to be addressed and resolved.
GSTR 3 is indeed a TAX NOTICE issued by the GST tax authority to the taxpayer/ defaulter who has not furnished his details of income along with the monthly GST return with the due date.
The underlying fact is that, for filing in any GST RETURN, being a regular taxpayer,
E-commerce operator, or Taxpayer under the composition scheme, one must have GST invoices in the proper format, supporting the GST returns. Such invoices can be issued by any software. The most efficient and lifetime free software is CATSBILL. It caters to issue GST invoices in a proper format without letting you miss important details. Moreover, one needs not to worry as in the case of misplaced manual billing or hardware malfunctioning. All the invoices and details are stored on the cloud with security.
Gurpreet Sehgal, is a Tax consultant, is committed to helping people get what they want. A “reformed” financial consultant, Gurpreet teaches people how to work out the Accounting, Tax, And Investment to their benefit. An engaging and influential writer, Gurpreet uses humor and stories culled from his own experience.