RETURNS UNDER GST REGIME – OVERVIEW

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?

• Every registered person required filing a return for the prescribed tax period. A Return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.

 

• Persons exclusively dealing in exempted / Nil rated / non – GST goods or services would neither be required to obtain registration nor required to file returns under the GST law.

 

Which return to file?

Categories / Types of returns under GST Law

Return / Form

Details

Frequency

Due Date

GSTR – 1

Outward supplies made by a taxpayer.

Monthly

10th of succeeding month.

GSTR – 2

Inward supplies received by a taxpayer.

Monthly

15th of succeeding month.

GSTR – 3

Monthly return along with the payment of an amount of tax.

Monthly

20th of succeeding month.

GSTR – 4

Quarterly return for compounding taxpayer.

Quarterly

18th of the month succeeding quarter.

GSTR – 5

Periodic return by a Non-Resident foreign taxpayer.

Monthly

 

20th of the next month.

GSTR – 6

Return for Input Service Distributor (ISD).

Monthly

15th of the next month.

GSTR – 7

Return for Tax Deducted at Source 

Monthly

10th of the next month.

GSTR – 8

Supplies effected through e-commerce operator and the amount of tax collected

Monthly

10th of the next month.

GSTR – 9

Annual Return

Annually

31st December of next financial year.

GSTR – 10

Final Return (For the taxable person whose registration has been surrendered or cancelled )

Monthly

Within three months of the date of cancellation or date of cancellation order, whichever is later.

GSTR – 11

Details of inward supplies for UIN.

Monthly

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.