1. What is GST Return?
The term “return” means statement of information furnished by the taxpayer to tax authorities at regular intervals.
The information to be furnished in the GST Return comprises of:
- Details of business operations
- Determination and Discharge of tax liability.
- Deductions and Exemptions
- All the returns under GST law are to be filed electronically.
2. Eligibility to file GST Return?
In the GST regime, any regular business registered under GST has to file two monthly returns and one annual return. This will results to 26 returns in a fiscal year.
Every registered person has to file one monthly return GSTR 1 (depending upon the turnover) and monthly GSTR 3B for furnishing the summary of outward supplies and inward supplies along with the payment of any GST dues.
3. Furnishing Details of Outward Supplies
- Every registered person shall be required to file a return containing the details of outward supplies
- Return has to be submitted in Form GSTR-1
- GSTR-1 has to be submitted upto 10th of the subsequent month.
- The details filed under GSTR-1 shall reflect in recipient GSTR-2A (auto populated) to cross verify the ITC available to the recipient
4. Furnishing Details of Inward Supplies
Every registered person shall be required to submit a return containing the details of inward supplies.
Return has to be submitted
5. Types of Returns under GST and Due Dates of filing GST Returns
|Return Form||Particulars||Frequency||Due Date|
|Form GSTR-1||Furnish details of outward supplies of taxable goods and/or services affected||Monthly||11th* of the succeeding month with effect from October 2018 *Previously, the due date was 10th|
|Form GSTR-2A||This is auto-populated of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier||Monthly||11th* of the succeeding month|
|Form GSTR-2 Suspended||Detail of inward supplies of taxable goods and/or services affected claiming the input tax credit or modification in GSTR-2A||Monthly||15th of the succeeding month|
|GSTR-3 Suspended||Monthly return of details of outward supplies and inward supplies along with the payment of tax.||Monthly||20th of the succeeding month|
|GSTR-3B which is a monthly return filed||It is a Simple Return in which summary of outward supplies along with Input Tax Credit (ITC) is declared and payment of tax is affected by taxpayer||Monthly||20th of the succeeding month|
|GSTR-4||Furnish details of outward supply. This return is for a taxpayer registered under the composition scheme||Monthly||18th of the month succeeding quarter|
|GSTR-5||Furnish details of imports, outward supplies, tax paid, input tax credit etc. This return is for a Non-Resident foreign taxable person||Monthly||20th of the succeeding month|
|GSTR-6||Return for an Input Service Distributor furnishing details of input credit distributed.||Monthly||13th of the succeeding month|
|GSTR-7||Return for authorities furnishing the details of TDS deducted||Monthly||10th of the succeeding month|
|GSTR-8||Details of supplies through e-commerce operator and the amount of tax collected on the supplies||Monthly||10th of the succeeding month|
|GSTR-9||Annual Return for a Normal Taxpayer furnishing details of ITC availed and GST paid||Annually||31st December of succeeding fiscal year*|
|GSTR-9A||Annual Return for a taxpayer registered under the composition levy anytime during the year||Annually||31st December of succeeding fiscal year*|
|GSTR-10||Final Return- For taxpayers whose registration has been surrendered or cancelled||Once, when GST Registration is cancelled or surrendered||Within 3 months of the date of cancellation or date of cancellation order, whichever is later|
|GSTR-11||Furnish details of inward supplies by a person having UIN and claiming a refund||Monthly||28th of the month succeeding month for which statement is filed|
* Subject to changes by Notifications/ Orders
6. Late Fees for non-filing of return in time
Return filing is mandatory under GST. Even if there is no transaction, you must file a NIL return.
- You cannot file a return if you do not file previous month/quarter’s return.
- Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty of interest
- The late filing fee of the GSTR-1 is populated in the liability ledger of GSTR-3B filed immediately after such delay.