GST

GST Returns who, when and how should it be filed

Since GST got rolling, we have been facing interesting questions on GST, in fact, some of them where hilarious, (comment below if you want me to share them on the next blog), well, on a serious note, 76% of the queries that we received was ‘How is filing of GST Returns actually done?’ This article is for you guys who want this answer real bad, someone who thinks time for googling and going through long PDFs is not his thing.


Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/ TCS) and a person granted Unique Identification Number. It is important to note that a taxpayer is NOT required to file all types of returns. In fact, taxpayers are required to file returns depending on the activities they undertake.


All the returns are to be filed online. Returns can be filed using any of the following methods:

  1. GSTN portal (www.gst.gov.in )
  2. Offline utilities provided by GSTN (GST Network)
  3. GST Suvidha Providers (GSPs) – If you are already using the services of ERP providers such as Tally, SAP, Oracle etc., there is a high likelihood that these ERP providers would provide inbuilt solutions in the existing ERP systems

Mandatory Documents that you will need to file is Goods and Services Tax Identification Number (GSTIN)


Monthly Returns:

GSTR-1

What: Monthly outward supplies of Goods or Services are to be filed. Required information:
  • Aggregate turnover of the taxpayer for the immediate preceding financial year and first quarter of the current financial year
  • Invoice-level information pertaining to the tax period should be reported for all supplies
  • Information related to exports out of India (optional)
  • Information related to Supplies to SEZ unit/ and SEZ developer (optional)
  • Information about shipping bill (optional)
  • Information relating to advances would be submitted only if the invoice has not been issued.
  • Summary of supplies effected against a particular HSN code
Who: All GST registered individuals and businesses
When: 10th of the month succeeding the relevant tax period
How: GSTR -1 form


GSTR-2

What: Monthly Statement of Inward supplies of Goods or Services. Required Information:
  • Invoice-level inward supply information, rate-wise, pertaining to the tax period reported by supplier in GSTR-1 (w.r.t autogenerated on GSTR-2A)
  • Inward supplies other than those attracting reverse charge
  • Inward supplies other those attracting reverse charge
  • Invoices added by recipient tax payer
  • Import of Goods/Capital Goods from outside India as well as supplied by an SEZ Unit
  • Bill of Entry information including six digits port code and seven digits bill of entry number of the recipient
  • TDS and TCS credit would be auto-populated if not raise an inquiry.
  • Information of advance paid pertaining to reverse charge supplies and the tax paid on it
  • Summary of supplies effected against a particular HSN code
Who: All GST registered individuals and businesse
When: 15th of the month succeeding the relevant tax period
How: GSTR -2 Form


GSTR-3

What: Monthly Return for a normal taxpayer is to be filed. GSTR 3 can be generated only when GSTR-1 and GSTR- 2 of the tax period have been filed. Required information:
  • Electronic liability register
  • Electronic cash ledger
  • Electronic credit ledger of taxpayer
  • Invoices, debit/credit notes, advances paid and adjustments made out of tax paid on advances earlier.
Who: All GST registered individuals and businesse
When: 20th of the month succeeding the relevant tax period
How: GSTR -3 Form


GSTR – 5

What: Monthly Return for a non-resident taxpayer. Required Information:
  • Details of import of goods, bill of entry wise and taxpayer has to specify the amount of ITC eligible on such import of goods.
  • Bill of Entry information including six digits port code and seven digits bill of entry number of recipient
  • Invoice-level information, rate-wise, pertaining to the tax period separately for goods and services.
Who: All Non Resident Tax Payer
When: 20th of the month succeeding the relevant tax period or within 7 days from the last date of the registration
How: GSTR -5 Form


GSTR – 6

What: Monthly Return for an Input Service Distributor (ISD) Required information:
  • Information will flow from GSTR- 2A
  • Mismatch liability between GSTR-1 and GSTR-6 will be added to ISD and further ISD taxpayer has to issue ISD credit note
Who: Input Service Distributor
When: 10th of the month and before 13th of the month succeeding the tax period.
How: GSTR – 6 Form


GSTR -7

What: Monthly Return for authorities deducting tax at source Required Information:
  • TDS
  • Liabilities
Who: Tax Deductor
When: 10th of the month succeeding the relevant tax period
How: GSTR -7 Form


GSTR -8

What: Monthly Statement for E-Commerce Operator depicting supplies effecting through it. An e-commerce operator can file GSTR- 8 only when full TCS liability has been discharged.

  • Tax Collected at source
  • Electronic cash ledger
  • Details with supplier’s GSTR-1 (which will be generally done automatically)
Who: E-Commerce Operato
When: 10th of the month succeeding the relevant tax period
How: GSTR -8 Form

 

Quarterly Filing:

GSTR – 4

What: Quarterly Return
Who: Taxable Person opting for Composition Levy
When: Composition Levy 18th of the month succeeding the quarter
How: GSTR -4

 

Annual Filing:

GSTR – 9

What: Annual return. Required Information:
  • Electronic liability register
  • Electronic cash ledger
  • Electronic credit ledger of taxpayer
Who: Registered Person other than an ISD, TDS/TCS Taxpayer, Casual Taxable Person and Non-resident Taxpayer
When: 31st December of succeeding year
How: GSTR -9 Form

GSTR -10

What: Final Return
Who: Taxable Person whose registration has been surrendered or cancelled
When: Within three months of the date of cancellation or date of order of cancellation, whichever is later.
How: GSTR -10 Form

Wazzeer is vouched by Entrepreneurs as the most reliable Legal and Accounting Partner. We would be super excited to help you. Let’s Connect! 🙂

 

 

 

 

 

Author


Avatar