RETURNS UNDER GST REGIME – OVERVIEW
This article will help you to learn ways for filing GST return in India. GST has been introduced recently by the Indian government which will get effective from 1st April, 17. So learn these steps to file your GST return easily.
What is GST return?· Every person registered under GST Act has to periodically furnish the details of sales, purchases and tax paid and collected thereon by filing a return with GST Authorities. Before filing any return payment of tax due is prerequisite otherwise such return will be invalid.
Who is required to file a return under model GST Law?
Which return to file?
Categories / Types of returns under GST Law
Return / Form
GSTR – 1
Outward supplies made by a taxpayer.
10th of succeeding month.
GSTR – 2
Inward supplies received by a taxpayer.
15th of succeeding month.
GSTR – 3
Monthly return along with the payment of an amount of tax.
20th of succeeding month.
GSTR – 4
Quarterly return for compounding taxpayer.
18th of the month succeeding quarter.
GSTR – 5
Periodic return by a Non-Resident foreign taxpayer.
20th of the next month.
GSTR – 6
Return for Input Service Distributor (ISD).
15th of the next month.
GSTR – 7
Return for Tax Deducted at Source
10th of the next month.
GSTR – 8
Supplies effected through e-commerce operator and the amount of tax collected
10th of the next month.
GSTR – 9
31st December of next financial year.
GSTR – 10
Final Return (For the taxable person whose registration has been surrendered or cancelled )
GSTR – 11
Details of inward supplies for UIN.
28th of the month following the month for which statement is filed.
Steps for filing GST return?GST return can be filed in different forms depending upon the nature of the transaction. Return Forms that are applicable for Normal Taxpayers 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.
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ABOUT THE AUTHOR
Jyoti McKenzie is an experienced and renowned author in the matters of Taxation and Financial Auditing. She has more than 12 years of work experience as a legal consultant and a chartered accountant. She has provided her guidance as a financial expert to different businesses in the matters of financial auditing, accounts, and taxation.