The implementation of the Goods and Services Tax (GST) regime marks a substantial transformation of India’s indirect tax system. This change has streamlined the tax process, enhancing accessibility to compliance for businesses nationwide. A pivotal element of adhering to GST regulations is the filing of GST returns. This article will delve into the meaning of GST returns, the entities required to file them, the various types of GST returns, and the deadlines associated with their submission. Furthermore, we will explore the Composition Scheme, an alternative tailored for small businesses.
If you’re looking to simplify your GST return filing, continue reading to gain insights into what constitutes a GST return and its diverse categories.
What are GST Returns?
It is compulsory for all individuals, dealers, associations, and registered firms holding licenses to furnish details of their product and service sales, along with the associated tax charged and received. This information is to be provided through the filing of the GST Return. The GST Return serves as the foundation upon which tax authorities ascertain your tax liabilities.
A registered GST consumer is obligated to submit a return encompassing transactions, sales, GST production, and GST input credit. To complete their GST return, the registered customer needs to submit four forms, namely the sales return, sale/supplies return, monthly return, and annual return. For those who have opted for the composition system, quarterly returns must be diligently submitted.
Types Of GST Returns
The different GST return type include:
GSTR – 1
GSTR-1 serves as the outward supplies return, documenting comprehensive details of all goods and services provided. Essentially, it includes information such as invoices debit-credit notes related to sales transactions for a specific tax period. Every regular taxpayer and casual taxpayer registered under the GST framework must fulfill the obligation of filing GSTR-1.
The filing frequency for GST return type is outlined as follows:
- Monthly by the 11th of each month: Taxpayers falling under this category are required to file by the 11th of every month. This pertains to businesses meeting either of the following criteria: possessing an annual aggregate turnover exceeding Rs. 5 crore or not having opted for the QRMP scheme.2.
- Quarterly by the 13th of the month following each quarter: This applies exclusively to businesses that have opted for the QRMP scheme, necessitating quarterly filing by the 13th of the month succeeding each quarter.
GSTR 2
GSTR-2 serves as the return for inward supplies. The information furnished in this return must align with the details of outward supplies filed by the supplier in their GST returns types. It is the responsibility of the recipient to scrutinize, authenticate, adjust, or potentially remove any details in the received document (provided by the supplier) as required. The deadline for filing GST return type is on the 15th of each month.
GSTR 2B
Once more, GSTR-2B is a static return designed for viewing and is particularly relevant for the recipient or buyer of goods and services. This feature was introduced in August 2020 and comprises Input Tax Credit (ITC) data for a specific period, allowing for retrospective verification and utilization.
The Input Tax Credit details cover the period from the filing date of GSTR-1 for the previous month (M-1) until the filing date of GSTR-1 for the current month (M). This return becomes accessible by the 12th of every month, providing ample time before the filing of GSTR-3B, where the ITC can be claimed. In GSTR-2B, specific actions are delineated for each reported invoice, including reversal, ineligibility, subjects subject to reverse charge, and references to corresponding table numbers in GSTR-3B.
GSTR 3
GSTR-3, too, is a temporarily halted Income Tax return. It was a monthly summary return obligated to furnish concise details on all outward supplies, inward supplies, claimed input tax credits, and specifics of tax liability and payments.
The generation of this GST return type was automated based on the filed returns of GSTR-1 and GSTR-2. Previously, normal taxpayers registered under the GST regime were required to file this tax return. However, since 2017, the filing of this tax return has been suspended.
GSTR 3B
GSTR-3B is a monthly self-declaration that must be submitted, encompassing summarized details of outward supplies, claimed input tax credit, determined tax liability, and taxes remitted. All regular taxpayers registered under the GST returns types are obligated to file GSTR-3B. Prior to filing GSTR-3B for each tax period, it is crucial to reconcile sales and input tax credit details with GSTR-1 and GSTR-2B.
The reconciliation in types of return in GST is indispensable for identifying data disparities that could lead to potential GST notices or even the suspension of GST registration. The filing frequency of the GSTR 3B every month is the 20th of the following month.
GSTR 4
The GST quarterly return for composition suppliers, also known as GST 4, is an annual return that is required to be submitted within 18 days from the close of each quarter. Therefore, the deadlines for GSTR 4 fall on the 18th of April, July, October, and January. To file the quarterly return, the taxpayer can utilize FORM GSTR-4A, incorporating any necessary additions, corrections, or deletions as required.
GSTR 5
GSTR-5 is the yearly GST return type mandated for non-resident taxable individuals registered under the GST system. This specific GST return is applicable to non-resident taxable persons conducting business activities in India. It encompasses details about outward supplies, inward supplies, credit/debit notes, tax liabilities, and taxes paid. For this category, GST returns must be submitted on a monthly basis, with the deadline set for the 20th of each month.
GSTR 5A
This is a concise report for declaring the taxable supplies that are outward and associated tax liabilities by Online Information and Database Access or Retrieval Services (OIDAR) providers under the GST framework. The types of GST returns and due dates for submitting this GSTR is on 20th of each month.
GSTR 6
The Input Service Distributor (ISD) is required to submit this GSTR 6 every month. It encompasses details about the tax received, input tax credit, and distribution carried out by an ISD. Moreover, it incorporates information on all documents that is issued for distributing input credit and outlines the distribution methodology. The deadline for filing these types of return in GST is on 13th of each month.
GSTR 7
This particular GST return mandates the taxpayer to deduct TDS under the GST system. It encompasses details about the deducted TDS, the payable TDS liability, and any claimed TDS refund. The types of GST returns and due dates for filing GSTR is set on 10th of each month.
GSTR-8
This category of the GST returns is submitted by an e-commerce operator registered under GST, specifically those required to collect Tax at Source. This information which is furnished encompasses all transactions conducted through an e-commerce platform, along with the corresponding TCS collected. The types of GST returns and due dates for filing the tax return is scheduled for the 10th day of each month.
GSTR-9
The GSTR-9 is a mandatory filing for GST-registered taxpayers, according to the GST law, with the deadline set for the 31st of December each year. This document encompasses comprehensive details about all the inward supplies and outward supplies during the applicable financial year, which is categorized under different tax heads like SGST, CGST and IGST. Moreover, it also provides a summarized supply value for each HSN codes, with the specifics of paid and payable taxes.
GSTR-9 holds significance as it consolidates information from all quarterly and monthly GST returns (GSTR-2A, GSTR-1, GSTR-3B) filed throughout a specific financial year. Few exceptions exist when filing this GST return apply to taxpayers under the casual taxable persons, Composition scheme, input service distributors, individuals and non-resident taxable persons paying TDS under the CGST Act.
GSTR-9A
This is a category of GST return meant for composition taxpayers. This is a GST return that necessitates annual filing that has been temporarily suspended for the composition taxpayers. Also, it consolidates all the returns filed quarterly during that particular financial year.
With the introduction of GSTR-4, GSTR-9A has been suspended. Prior to this change, the obligation to file GSTR-9A for the composition tax payers got waived for the FY 2018-19 and FY 2017-18.
GSTR-9C
Every taxpayer who is registered under the GST returns must submit GSTR-9C. It serves as a reconciliation statement which is self-credited, aligning the accounts books with GSTR-9. Taxpayers with a turnover exceeding Rs 5 crore during a financial year are obligated to file the GST return. Lastly, the types of GST returns and due dates for filing this GST return is the 31st of December (each financial year).
It is important to note that each GSTIN necessitates the filing of another GSTR-9C form, allowing for the submission of multiple forms of GSTR-9C under a single PAN.
GSTR-10
Every tax payer whose registration gets surrendered or cancelled must file this GST return, commonly referred to as the final return. It is required to be submitted within 3 months from the cancellation date or the cancellation order.
GSTR- 11
This return is to be submitted by taxpayers who have been assigned a Unique Identification Number (UIN) for the purpose of obtaining a GST refund related to business transactions involving services and goods in India. The UIN is an identification assigned to the foreign embassies and diplomatic missions in India, granting them tax exemption and the ability to seek tax refunds. The GSTR-11 contains details about claimed refunds and inward supplies received.
Conclusion
The submission of the GST return is an obligatory requirement. This document encompasses information about the income, sales, purchases, and expenses of business entities. The specific type of GST return depends on the taxpayer’s registration category under GST, with a total of 15 prominent GST returns applicable to various taxpayers.
The deadline for filing GST returns is contingent upon the particular type of GST. The process of filing GST returns entails specific fundamental instructions that taxpayers must adhere to. Failure to file a GST return results in the imposition of penalties and applicable interest for the taxpayer.
FAQs on types of GST returns
1. How do I pay my GST return?
You have the option to remit your GST return payment via the www.gst.gov.in website or choose from a variety of alternative payment methods.
2. Is GST payment monthly or quarterly?
GSTR types payment are made monthly; however, individuals with a turnover of 5 crore INR in the previous year have the option to file their returns on a quarterly basis.
3. Can the taxpayer change the period of filing of returns?
Certainly, the taxpayer has the flexibility to modify the filing period once, but this adjustment can only be made when submitting the first return of the financial year.