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What is GST Return?
Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.
Steps for filing GST Return
GST return can be filed in different forms depending upon the nature of transaction and registration.Return Forms that are applicable for Normal Tax payers and their due dates are:
- Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
- Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
- Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
- Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.
GST registration typically takes between 2-6 working days. You need to file your application with the department and sign it with your digital signature. GST Registration can be done through GSTefilings in Delhi NCR, Mumbai, Bengaluru, Chennai and other Indian cities.
GST return filing process
Types of returns under GST
There are multiple returns under the GST regime. The most common used return will be GSTR 1, 2, 3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis along with GSTR 9 on an annual basis. GSTR 4 is submitted by composition taxpayers on a quarterly basis.
|GSTR – 1||Outward sales by Business||Registered Normal Taxpayer||Monthly||10th of next month|
|GSTR – 2||Purchases made by Business||Registered Normal Taxpayer||Monthly||15th of next month|
|GSTR – 3||GST Monthly return along with the payment of tax||Registered Normal Taxpayer||Monthly||20th of next month|
|GSTR – 4||GST Quarterly return for Composition Taxpayers||Composition Taxpayer||Quarterly||18th of month next quarter|
|GSTR – 5||Periodic GST return for Non-Resident Foreign Taxpayer||Non-Resident Foreign Taxpayer||Monthly||20th of next month|
|GSTR – 6||Return for Input Service Distributor (ISD)||Input Service Distributor||Monthly||13th of next month|
|GSTR – 7||GST Return for TDS||Tax Deductor||Monthly||10th of next month|
|GSTR – 8||GST Return for E-commerce Operator||E-commerce Operator (Tax Collector)||Monthly||10th of next month|
|GSTR – 9||GST Annual Return||Registered Normal Taxpayer||Annually||31st Dec of next financial year|
Frequently Asked Questions
- Basic details like Business Name along with GSTIN, period for which the return is being filed etc.
- Details of invoices issued in the previous month and the corresponding taxes to be paid.
- Details of advances received against a supply which has to be made in future.
- Details of revision in relation to outward sales invoices pertaining to previous tax periods.
- Information about Input Tax Credit ledger, Cash ledger, and Liability ledger
- Details of payment of tax under various tax heads of CGST, SGST, and IGST
- Taxpayer will have the option of claiming a refund of excess payment or to carry forward the credit.
• The total value of consolidated supply made during the period of return
• Details of payment of tax in the return
• Declare invoice-level purchase information.
• It will be a detailed return and will capture details of all the income and expenditure of the taxpayer and will regroup them in accordance with the monthly returns.
• A major advantage of this return will be that it will provide the opportunity to correct any short reporting of activities undertaken.
• The due date for the return is 31st December following the end of the financial year for which it is filed. And the same has to be filed along with the audited copies of the Annual Accounts.