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What is GST return?

Every person registered under GST Act has to periodically furnish the details of sales, purchases and tax paid and collected theron by filing return with GST Authorities. Before filing any return payment of tax due is pre requisite otherwise such return will be invalid.

Steps for filing GST return:

GST return can be filed in different forms depending upon the nature of transaction.Return Forms that are applicable for Normal Tax payers and their due dates

☞Monthly Details of inward supplies in FORM GSTR-1 by the 10th of next month.

☞Monthly Details of outward supplies in FORM GSTR-2 by the 15th of next month..

☞ Monthly Filing of Return in FORM GSTR-3 by the 20th of next month.

☞ Annual Filing of Return in FORM GSTR-8 by 31st December of next financial year.

GST return filing process

Types of returns under GST

There are multiple return under the GST regime. The most common used return will be GSTR 1, 2 ,3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis. GSTR 4 is submitted on a quarterly basis and GSTR 9 on an annual basis.

Return/Form Details Frequency Due Date
GSTR – 1 Outward sales by business Monthly 10th of next month
GSTR – 2 Purchases made by Business Monthly 15th of next month
GSTR – 3 GST monthly return along with the payment of amount of tax Monthly 20th of next month
GSTR – 4 Quarterly return for GST Quarterly 18th of month next quarter
GSTR – 5 Periodic return by Non-Resident foreign taxpayer. Monthly 20th of next month
GSTR – 6 Return for Input Service Distributor (ISD). Monthly 15th of next month
GSTR – 7 GST Return for TDS Monthly 10th of next month
GSTR – 8 GST return for ecommerce suppliers Monthly 10th of next month
GSTR – 9 GST Annual Return Annually 31st Dec of next financial year
Return/Form Details Frequency Due Date
GSTR – 1 Outward sales by business Monthly 10th of next month
GSTR – 2 Purchases made by Business Monthly 15th of next month
GSTR – 3 GST monthly return along with the payment of amount of tax Monthly 20th of next month
GSTR – 4 Quarterly return for GST Quarterly 18th of month next quarter
GSTR – 5 Periodic return by Non-Resident foreign taxpayer. Monthly 20th of next month
GSTR – 6 Return for Input Service Distributor (ISD). Monthly 15th of next month
GSTR – 7 GST Return for TDS Monthly 10th of next month
GSTR – 8 GST return for ecommerce suppliers Monthly 10th of next month
GSTR – 9 GST Annual Return Annually 31st Dec of next financial year

Frequently Asked Questions

1. Who has to file GST Return?

Every entity registered under GST will have to file a GST Return. A nil return has to be filed even if no purchase sales activity has been carried out during the return period.

2. What is the periodicity of filing return?

Depending upon the type of registration and trasactions different periods have been specified.Monthly Return has to be filed by Regular, Foreign Non Residents, ISD and Casual Tax Payers whereas compounding tax payers have to file quaterly returns

3. What if i do not file the return on time?

If the return is not filed within the due date then the tax payer is penalized with late fee of Rs 100 per day upto a maximum of Rs. 5000/-

4. Do different return forms have to be filed for CGST, SGST, IGST?

No, the return forms are common for CGST, SGST, IGST

5. What is GSTR-1 return?

GSTR-1 return will include details of the outward supplies or sales by the tax payer. This return form would capture the following information:
• Basic details like business name along with GSTIN, period for which the return is being filed etc.
• Details of invoices issued in the previous month and the corresponding taxes paid.
• Details of advances received against a supply which has to be made in future.
• Details of revision in relation to outward sales invoices pertaining to previous tax periods.

6. What is GSTR-2 return?

GSTR-2 return will include details of the purchases by the tax payer. GSTR-2 is prefilled for a taxpayer based on the GSTR-1 filed by his supplier. You just have to validate this prefilled information and make modifications if required. For example, if you are buying good from company B, then company would have filed its GSTR-1 and included your name as the buyer. Now the same information will be reflected in your GSTR-2 as purchases which you need to validate. GSTR-2 will include the following details:
• The details of purchases auto-populated by the department
• Invoices on which partial credit has been availed earlier has to be submitted in a separate table.

7. What is GSTR-3 return?

One can say that GSTR 3 is a combined version of GSTR 1 and GSTR 2. As in case of GSTR-2, GSTR-3 is also prefilled for a taxpayer based on the GSTR-1 and and GSTR-3. You just have to validate this prefilled information and make modifications if required. GSTR-3 return will include the following details:
• Information about ITC ledger, cash ledger and liability ledger
• Details of payment of tax under various tax heads of CGST, SGST, IGST
• Taxpayer will have the option of claiming refund of excess payment

8. What is GST quarterly Return (GSTR-4)?

Small taxpayer has the option to opt for the composition scheme. In such a case he would be required to pay taxes at fixed rate. Although no input tax credit facility would be available. A taxpayer opting for the composition scheme would be required to file a simplified quarterly return that is GSTR-4. He is required to provide only the following details:
• The total value of supply made during the period of return
• Details of payment of tax in the return
• Declare invoice-level purchase information.

9. What is GST Annual Return (GSTR-8)?

All the normal taxpayers would be required to submit annual return under GST. This is intended to provide complete visibility about the activities of the taxpayer.
• It will be a detailed return and will capture details of all the income and expenditure of the taxpayer and will regroup them in accordance with the monthly returns.
• A major advantage of this return will be that it will provide the opportunity to correct for any short reporting of activities undertaken supply wise.
• Due date for the return is 31 December following the end of the financial year for which it is filed. And the same has to be filed along with the audited copies of the Annual Accounts.

10. Can i pay the taxes due after filing the return?

No taxes due have to be paid before filing the return for that period otherwise the return will be invalid.

11. Can return be revised?

Yes the return can be revised.

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