GST Return

GST Return

Ever since GST has been introduced in India, the taxation game has become more robust and easier to an extent for the businesses. Under this reform, all those registered dealers or businesses need to share their vital business information such as purchases and sales, tax collected, tax paid and other business related parameters on the government maintained Goods and Services Tax portal online and to keep an update and the process is carried out periodically by filing the GST returns online by using appropriate GST return forms.

It is mandatory for all the businesses whether they are manufacturers and suppliers to dealers and consumers, to file their tax returns with the GST department annually. Under this new GST law, the whole process of filing returns has been automated. It can be filed online using the tools authorized by the Goods and Service Tax Network (GSTN) that will populate the details on each GSTR forms automatically. Listed below are the steps for filing GST returns online:

Open the GST portal (www.gst.gov.in).

1. A GST identification number will be issued based on your state code and PAN number. It is 15 digits in length.
2. Upload invoices on the portal. An invoice reference number will be issued against each invoice.
3. After uploading the documents such as invoices, inward return, outward return and cumulative monthly return have to be filed online. If there are any errors, you have the option to correct it and refile the returns.
4. File the outward supply returns in GSTR-1 form through the information section at the GST Common Portal (GSTN) on or before 10th of the following month.
5. Details of outward supplies furnished by the supplier will be made available in GSTR-2A to the recipient.
6. Recipient has to verify and validate and even can modify the details of outward supplies, and also file details of credit or debit notes.
7. Recipient has to furnish the details of inward supplies of taxable goods and services in GSTR-2 form.
8. The supplier can either accept or reject the modifications of the details of inward supplies made available by the recipient in GSTR-1A.

Different Types of Returns applicable under the new GST Law:

GSTR-1: Registered taxable supplier should file details of outward supplies of taxable goods and services as effected. Due date is 10th of the subsequent month.

GSTR-2: Registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit. Due date is 15th of the subsequent month.

GSTR-3: Registered taxable person should file monthly return on the basis of finalization of details of outward supplies and inward supplies plus the payment of amount of tax. 20th of the subsequent month is its due date.

GSTR-4: Composition supplier should file quarterly return. Due by 18th of the month succeeding quarter.

GSTR-5: Return for non-resident taxable person. Due by 20th of the subsequent month.

GSTR-6: Return for input service distributor. Due date is 13th of the subsequent month.

GSTR-7: Return for authorities carrying out tax deduction at source. 10th of the subsequent month is its due date.

GSTR-8: E-commerce operator or tax collector should file details of supplies effected and the amount of tax collected. Due by 10th of the subsequent month.

GSTR-9: Registered taxable person should file annual return. Due by 31 December of the next fiscal year.

GSTR-10: Taxable person whose registration has been cancelled or surrendered should file final return. Should be filed within 3 months of date of cancellation or date of cancellation order, whichever is later.

GSTR-11: Person having UIN claiming refund should file details of inward supplies. Due by 28th of the month, following the month for which the statement was filed.

There are certain penalties for not filing the return on time and the defaulter will be liable to pay interest and a late fee.

1. Interest is as high as 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filing to the date of payment.
2. Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

Document Required

Documents Required for GST Return Filing

It is mandatory for all the companies under GST registration in India to file their GST return monthly, quarterly or annually depending on the nature of their business. GST return can be filed using different forms depending on the type of transaction and registration of the taxpayer. GST Return filing have no proper set of the documents. It requires mainly the sales invoice of taxable services or goods. So for the GST Return filing you have to follow some standard guidelines –

1. Prepare each invoice as per the GST Law.
2. Maintain records online or offline as bookkeeping.
3. Try to maintain records in your GST Filing software or else use our simplified excel sheets.

Here are basic details of return forms along with the documents associated with each form.

GSTR-1

GSTR-1 return form has to be filed by a registered taxable supplier with details of the outward supplies of goods and services. This form is filled by the supplier. The buyer has to validate the auto-populated purchase information on the form and make modifications if required. The form will contain the following details:

1. Business name, period for which the return is filed, Goods and Services Taxpayer Identification Number (GSTIN).
2. Invoices issued in the previous month and the corresponding taxes collected.
3. Advances received against a supply order that has to be delivered in the future.
4. Revision in outward sales invoices from the previous tax periods.
5. GSTR-1 has to be filed by 10th of the following month.

GSTR-2

GSTR-2 return form has to be filed by a registered taxable recipient with details of the inward supplies of goods and services. The form will contain the following details:

1. Business name, period for which the return is filed, Goods and Services Tax Identification Number (GSTIN).
2. Invoices issued in the previous month and the corresponding taxes collected.
3. Advances received against a supply order that has to be delivered in the future.
4. Revision in outward sales invoices from the previous tax periods.
5. GSTR-2 has to be filed by 15th of the following month.

GSTR-3

GSTR-3 return form has to be filed by a registered taxpayer with details that are automatically populated by from GSTR-1 and GSTR-2 returns forms. The taxpayer has to verify and make modifications, if any. GSTR-3 return form will contain the following details:

1. Details about Input Tax Credit, liability, and cash ledger.
2. Details of tax paid under CGST, SGST, and IGST.
3. Claim a refund of excess payment or request to carry forward the credit.

GSTR-3 has to be filed by 20th of the following month.

GSTR-4

GSTR-4 return form has to be filed by taxpayers who have opted for the Composition Scheme. Taxpayers with small business or a turnover of up to Rs.75 lakh can opt for the Composition Scheme wherein he or she have to pay tax at a fixed rate based on the type of business. Taxpayers under this scheme will not have input tax credit facility. GSTR-4 quarterly return form will contain the following details:

The total value of consolidated supply made during the period of return.

1. Details of tax paid.
2. Invoice-level purchase information.

GSTR-4 has to be filed by 18th of the following month.

GSTR-5

GSTR-5 return form has to be filed by all registered non-resident taxpayers. This form will contain the following:

1. Name and address of the taxpayer, GSTIN, and period of return.
2. Details of outward supplies and inward supplies.
3. Details of goods imported, any amendments in goods imported during the previous tax periods.
4. Import of services, amendments in import of services
5. Details of credit or debit notes, closing stock of goods, and refund claimed from cash ledger.

GSTR-5 has to be filed by 20th of the following month.

GSTR-6

GSTR-6 return form has to be filed by all taxpayers who are registered as an Input Service Distributor. This form will contain the following:

1. Name and address of the taxpayer, GSTIN, and period of return.
2. Details of input credit distributed.
3. Supplies received from registered persons.
4. The amount of input credit availed under the current tax period.
5. Details of inward supplies will be auto-populated from GSTR-1 and GSTR-5 return forms.
6. Details of the receiver of input credit corresponding to his or her GSTIN.
7. Details of credit or debit notes.
8. Input tax credit received, input tax credit reverted, and input tax credit distributed as SGST, CGST, and IGST.

GSTR-6 has to be filed by 13th of the following month.

GSTR-7

GSTR-7 return form has to be filed by all registered taxpayers who are required to deduct tax at source under the GST rule. This form will contain the following:

1. Name and address of the taxpayer, GSTIN, and period of return.
2. TDS details and amendments in invoice amount, TDS amount or contract details.
3. TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS.
4. Refund received from Electronic Cash Ledger will be auto-populated.

GSTR-7 has to be filed by 10th of the following month.

GSTR-8

GSTR-8 return form has to be filed by all e-Commerce operators who are required to collect tax at source under the GST rule. This form will contain details of supplies effected and the amount of tax collected under Sub-section (1) of Section 43C of Model GST Law. Other details include:

1. Name and address of the taxpayer, GSTIN, and period of return.
2. Details of supplies made to registered taxable person and amendments, if any.
3. Details of supplies made to unregistered persons.
4. Details of Tax Collected at Source.
5. TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS.

GSTR-8 has to be filed by 10th of the following month.

GSTR-9

GSTR-9 return form is filed by normal taxpayers with details of all income and expenditure for the year. This detail will be regrouped in accordance with the monthly returns. The taxpayer will have the opportunity to make modifications in the information provided if required. GSTR-9 has to be filed by 31st December of the following financial year along with the audited copies of the annual accounts.

GSTR-10

GSTR-10 return form has to be filed by any taxpayer who opts for cancellation of GST registration. This form will contain the following:

1. Application Reference Number (ARN).
2. Date of cancellation of GST registration.
3. Unique ID of cancellation order.
4. Date of cancellation order.
5. Details of closing stock including amount of tax payable on closing stock.

GSTR-10 final return form has to be filed within 3 months of the date of cancellation or date of cancellation order, whichever is later.

GSTR- 11

GSTR-11 return form has to be filed by everyone who has been issued a Unique Identity Number (UIN) and claims a refund of the taxes paid on inward supplies. This form will contain the following details:

1. Name of the government entity, UIN, and period of return.
2. All inward purchases from GST registered supplier will be auto-populated.
3. Based on the above mentioned details, the tax refund will be made. GSTR-11 form has to be filed on 28th of the month, following the month for which supply was received.