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What is GST Return?
The GST return format is when a taxpayer registered under the Goods and Services Tax (GST) Act must file separately for each registration. The unique number of GST returns to be filed will also be based on the type of taxpayer, such as regular taxpayer, composition distributor, e-commerce operator, TDS deductor, non-resident taxpayer, ISD, etc. Usually, for each GST registration, a regular taxpayer has to file two returns per month (GSTR-1, GSTR-3B) and an annual return (GSTR-9/9C) separately.
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Who should file GST Returns?
- In general, all taxpayers are required, with certain exceptions, to file a return, such as taxpayers who have been registered as:
- ‘Casual taxable individuals’ or ‘Non-resident taxable individuals’ such as exhibitors
- Input service distributors should, however, be used in different States to distribute the input tax credit for services that are invoiced in one location (for instance- distribution of input tax credit about advertisement services invoiced in one State, however, is used in other States)
- A person is responsible for tax deduction at source. The Government did not implement the deduction of tax on the source-related provisions.
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What are the different types of GST Returns?
- GSTR-1 is GSTR-1 is the return provided for disclosing reports of all outward supplies of goods and services made or sales transactions made during the tax period and reporting the issuance of debit and credit notes. Any sales invoice changes made, including those relating to previous tax periods, must be recorded in the GSTR-1 return. All the regular taxpayers who are enrolled under GST must file GSTR-1. It shall be submitted every month, except in small taxpayers with up to Rs.1.5 crore turnover in the preceding financial year, who can submit a quarterly submission.
- GSTR-2A GSTR-2A is a return providing details of all inward deliveries of goods and services, i.e., transactions made during the tax period from licensed suppliers. Based upon data filed by the suppliers in their GSTR-1 return, the data is auto-populated. GSTR-2A is a return that is read-only, and no action can be taken.
- GSTR-2 The GSTR-2 is the return for reporting, within a tax year, the inward supplies of goods and services, i.e., sales made. The details are auto-populated by the GSTR-2A in the GSthe TR-2 return. The GSTR-2 return, unlike GSTR-2A, can be modified. All regular taxpayers registered under GST are expected to file GSTR-2, but their filing has been suspended since the inception of GST.
- GSTR-3 — GSTR-3, along with details of the tax obligation and taxes charged, is a monthly summary return for furnishing summarised details of all outward supplies made, inward supplies obtained, and input tax credit claimed. Based on the GSTR-1 and GSTR-2 returns filed, this return is auto-generated. All regular taxpayers registered under GST are expected to file GSTR-3, but their filing has been suspended until GST’s inception.
- GSTR-3B GSTR-3B is known as the monthly self-declaration to be filed to provide summarised information of all external supplies generated, asserted input tax credit, ascertained tax liability, and taxes paid. All regular taxpayers registered under GST must file GSTR-3B.
- CMP-08 / GSTR-4 GSTR-4 is the return to be submitted by taxpayers who have opted for GST under the Composition System. The return, which replaced the former GSTR-4, is CMP-08. The Composition Scheme is a scheme whereby taxpayers with a turnover of up to Rs.1.5 crores are entitled to opt-in and pay taxes on the reported turnover at a fixed rate. The return of CMP-08 is to be filed every quarter.
- GSTR-5 GSTR-5 is a kind of return to be filed by foreign taxpayers who are non-resident and are licensed under GST and perform business transactions in India. The return provides descriptions of all outward supplies produced, obtained inward supplies, credit/debit notes, tax liability, and taxes paid. For each month that the taxpayer is enrolled under GST in India, the GSTR-5 return must be filed monthly.
- GSTR-6– The monthly return to be filed by an Input Service Distributor is GSTR-6 (ISD). Information of the input tax credit earned and distributed by the ISD will be included. Information of all documents released for the distribution of input credit and distribution manner will also be included.
- GSTR-7 The GSTR-7 is known as a monthly return to be filed under GST by individuals who can deduct TDS (Tax Deducted at Source). GSTR 7 will include descriptions of the deducted TDS, the payable and charged TDS liability, and the claimed TDS refund, if any.
- GSTR-8 GSTR-8 is known as the monthly return to be filed by GST registered e-commerce operators expected to collect tax at source (TCS). Details of all supplies made via the e-commerce portal will be included in GSTR-8 and the TCS collected.
- GSTR-9 GSTR-9 is the annual return that taxpayers registered under GST are expected to submit. It will provide details of all external supplies made, inward supplies obtained under different tax heads during the relevant previous year, i.e., CGST, SGST & IGST, and HSN codes, along with payable and charged tax information. It is a consolidation for all the quarterly or monthly returns filed during that year (GSTR-1, GSTR-2A, GSTR-3B).
- GSTR-9A GSTR-9A is known as the annual return to be filed in a financial year by taxpayers who have enrolled under the Composition Scheme*. This is a consolidation of all the quarterly returns made during the financial year in question.
- GSTR-9C GSTR-9C is the reconciliation declaration submitted in the financial year by all taxpayers registered under GST whose turnover exceeds Rs.2 crore. The licensed person has to be audited by a Chartered/Cost Accountant for their account books. The reconciliation statement is between those audited taxpayer financial statements and the GSTR-9 annual return filed. GSTR-10 shall be submitted by a taxable person who has been canceled or surrendered as a registered person. This GST return is often referred to as a final return and must be sent within three months of the cancellation or cancellation order date, whichever is earlier.
- GSTR-11– GSTR-11 is known as the return to be filed by the person who has been given a Unique Identification Number (UIN) to search for a refund under GST for the goods and services purchased by them in India.
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Late Fees for not Filing Return on Time
- For not filing If you don’t file any GST return, then subsequent returns cannot be filed. For example, if the GSTR-2 return of August is not filed, then the next return GSTR-3 and subsequent September returns cannot be filed. Hence, late filing of GST return would have a cascading impact leading to hefty fines and penalties. The penalty levied is 10% of the due amount if you do not pay Tax or pay a lower amount than what is due (in case of genuine errors). The minimal penalty, however, is Rs.10,000.
