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GST RETURNS

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GSTRETURN

Introduction:

GST, as you all know, is Goods & Service Tax. From July 2017, it has been implemented in India and is to be followed by every business person registered under the act. It is an indirect tax and should be applied and filed by businessmen only on th purchase and sales they make.

Essential Features of GST:

  • GST return filing and payment is a fully online process, and every it includes punching of sales, purchase, credit notes, debit notes transactions, and involves paying of tax, return filling, claiming an input tax credit, and much more.
  • The underlying motive is to able a taxpayer to file all his returns showing all sale purchases and related transactions of a business.
  • A GST registered taxpayer needs to file monthly, however annual returns. 
  • Every GST payer has to file different returns designated to his category of registration in GST.
  • GST council to make the process simple has categorized business as having turnover below 1.5crores, above 1.5crores and above 5crores, and accordingly made less compliance for fewer turnover taxpayers.
  • Officially, returns can be filed using any of the following methods:
  1. GSTN portal (gst.gov.in).
  2. Offline utilizes provided by GSTN.


The following table lists the various types of returns under GST Law:

ReturnDescriptionWho Files?S t a n d a r d Date for filing
GSTR1*Statement of Outward supplies of Goods or ServicesNormal Registered Person10th of the next month
GSTR2*Statement of Inward supplies of Goods or servicesNormal Registered person15th of the next month
GSTR3*Return for a normal taxpayerNormal Registered Person20th of the next month
GSTR3BS i m p l e M o n t h l y Return for the period Jul 2017 to March 2018Normal Registered Person20th of the next month
GSTR-4Quarterly ReturnTaxable Person opting for Composition Levy18th of the month succeeding the quarter
GSTR-5Monthly return for a non-resident taxpayerNon-resident taxpayer20th of the month succeeding tax period & within 7 days after expiry of registration
GSTR5AMonthly return for a person supplying OIDAR services from a place outside India to a non-taxable online recipientSupplier of OIDAR Services20th of the next month
GSTR-6Monthly return for an Input Service Distributor (ISD)Input Service Distributor13th of the next month
GSTR-7Monthly return for authorities deducting tax at sourceTax Deductor10th of the next month
GSTR-8M o n t h l y statement for E-Commerce Operator depicting supplies effecting through itE-Commerce Operator10th of the next month
GSTR-9Annual ReturnR e g i s t e r e d Person other than an ISD, T D S / T C S Taxpayer, casual taxable person and Non-resident taxpayer31st December of next Financial Year
GSTR9AS i m p l i f i e d Annual Return under Composition SchemeTaxable Person opting for Composition Levy31st December of next Financial Year
GSTR10Final ReturnTaxable person whose registration has been surrendered or cancelledWithin three months of the date of cancellation or date of order of cancellation, whichever is later.
GSTR11Details of inward supplies to be furnished by a person having UINPersons who have been issued a Unique Identity Number(UIN)28th of the next month



Calendar for Return filing:-

The due dates for filing various GST returns may vary from the Standard dates mentioned in the table above. Various notifications are issued from time to time in this regard and as per the notifications issued on 29/12/2017.

ReturnCategory of TaxpayerTime PeriodDue Date
GSTR3BAll taxpayers to file along with payment of tax Quarterly basisEvery month till March 201820th of the succeeding month
GSTR-1Taxpayers with annual aggregate turnover up to Rs 1.5 Crore to file onJ u l y – S e p 201710th Jan 2018
O c t – D e c 201715th Feb 2018
J a n – M a r 201830th April 2018
Taxpayers with annual aggregate turnover of more than Rs 1.5 Crore to file on Monthly basisJ u l y – O c t 201710th Jan 2018
1st November 201710th Jan 2018
1st December 201710th Feb 2018
1st January 201810th Mar 2018
1st February 201810th April 2018
1st March 201810th May 2018
GSTR-4Taxpayers who have opted for Composition scheme to file every quarterJul-Sep 201724th Dec 2017
GSTR-5Non Resident Taxable Person to file every monthJul-Dec 201731st Jan 2018
GSTR5ATaxpayers supplying OIDAR services from a place outside India to a non-taxable online recipientJul-Dec 201731st Jan 2018
GSTR-6Input Service Distributor1st July 201731st Dec 2017


Due Dates for Filing of Return in GST:

Sr.NoReturn FormDue Date
1GSTR-110th of Next Month
2GSTR-2After the 10th but before 15th of Next Month
3GSTR-320th of Next Month
4GSTR-418th from end of the Quarter
5GSTR-520th from end of the month or within 7 days after the last day of validity of registration whichever is earlier
6GSTR-613th of Next Month
7GSTR-710th of Next Month
8GSTR-810th of Next Month
9GSTR-931st December of Next Financial Year
10GSTR-9A31st December of Next Financial Year

Details of GST Return Forms:

This information shows the details of all GST return forms & details of returns which are required to be filed under the GST Law:

 Who is required to furnish the return?

GSTR 1: A registered person shall be required to submit details of outward supplies other than the following registered person

  1. Input Service Distributor
  2. Non-Resident Taxable Person
  3. A person paying tax under section 10, i.e., person opting for Composition Levy
  4. A person required to deduct tax at source i.e.person paying tax under section 51
  5. A person required to collect tax at source i.e.person paying tax under section 52

GSTR 2: A registered person shall be required to submit details of Inward supplies other than the following registered persons:

  1. Input service distributor
  2. Non-Resident Taxable person
  3. A person paying tax under section 10, i.e., person opting for Composition Levy
  4. A person required to deduct tax at source, i.e., a person is paying tax under section 51.
  5. A person required to collect tax at source, i.e., a person paying tax under section 52

GSTR 3: A registered person shall be required to submit a return in form GSTR-3, barring the following registered persons:

  1. Input service distributor
  2. Non-Resident Taxable person
  3. A person paying tax under section 10, i.e., person opting for Composition Levy
  4. A person required to deduct tax at source, i.e., a person is paying tax under section 51.  
  5. A person required to collect tax at source, i.e., a person paying tax under section 52

GSTR 4: Registered person paying tax under section 10, i.e., a person paying composition levy in lieu of tax

GSTR 5: Registered Non-Resident Taxable person

GSTR 6: Taxable person registered as Input Service Distributor

GSTR 7: The registered person required to deduct tax under section 51

GSTR 9/9A: A registered person shall be required to submit Annual return other than the following registered person

  1. Input Service Distributor
  2. Non-Resident Taxable person
  3. A person required to deduct tax at source, i.e., a person paying tax under section 51
  4. A person required to collect tax at source, i.e., a person paying


Late Filing Fees:-

  • The GST Act mandates filing returns. 
  • In cases where there are no transactions for a particular period, taxpayers will still need to file a nil GST return. 
  • Returns cannot be revised. 
  • According to the GST Act, late fees of Rs. 50 per day per return will be levied on companies in cases of late filing returns with data
  • Rs. 100 per day of delay in normal cases
  • Rs. 20 per day of delay for taxpayers having nil tax liability for the month

Also Read : All About GSTR3B
Also Check : GST Information by CBIC

Conclsuion:

Overall GST even if named one nation one tax is yet a evolving tax and hence yet to be grasped and followed by everyone. Hence consulting a professional for the same is very important.

At Consultaxx, we do all kinds of GST returns starting from Rs.800 per month. If interested, please contact us through our e-mail or our contact no. or by visiting our office.

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