Who Should File GST Return. What are the Types of GST Returns and due date?
GST return is a document that contains all the details of sales, purchases, tax collected on sales and tax paid on purchases. GST returns must be filed online. Once you file GST returns, you will need to pay the resulting tax liability i.e money that you owe the government.
All registered individuals, traders, organizations, or companies has to furnish the details of sales and purchases of the goods and services plus the tax paid and collected. Such details are submitted by filing a GST Return and on the basis of which the tax authorities calculate tax liability.
There are a total of four forms for return to be filed by the individual taxpayers which includes purchases, return of supplies, monthly and annual returns.The filing of returns every quarter, on the other hand, is for taxpayers who have opted for the composition scheme.
Who should file GST return?
All the Registered Dealers are required to file GST Returns irrespective of the type of business or turnover or profitability during the return filing period. Under the GST Regime, even a dormant business that has obtained GST registration must file their GST return.
Two monthly returns and one annual return has to be filed by a regular business which amounts to 26 returns in a year. The number of GST filings varies for quarterly GSTR-1 filers which is 17 in a year. There are separate GST returns required to be filed in special cases, for instance, for composition dealers who have to carry out GST filings 5 times in a year.
Types of GST Returns and their Due Date
Taxpayers also need to understand and choose the right form before initiating the GST return filing procedure.There are quite a few types of GST filing which have their specific forms under the GST regime and each form has a different purpose and due date. Once you have gained information about all returns, you can choose the appropriate GST form .
Below is the list of all the returns to be filed as prescribed under the GST Law and their due dates.
GSTR 1 (Statement of Outward Supplies made)
It is furnished for providing the details of Outward supplies or sale transactions made and could be filed monthly/ quarterly(if opted under the QRMP scheme). Any amendments have to be recorded in the GSTR-1 like previous tax years and sales invoices.
The due date for filing GSTR-1 is as follows -
Monthly - 11th of every month (For eligible firms with turnover more than INR 1.5 crore .)
Quarterly - 13th of the month succeeding the quarter (If the firm has turnover less than INR 1.5 crore abd has opted for QRMP scheme.)
GSTR 2 (Statement of Inward supplies made) (Currently suspended)
It contains the return of inward supplies of goods and services made and was filed on the monthly basis.
GSTR - 2A (Read-only return)
Read only documents for the recipient, to verify the details uploaded by the seller in GSTR-1.
It contains the details of all inward supplies of goods and services i.e., purchases made from GST registered suppliers during a particular tax period.
No action can be taken in this because it is just a read-only return. But is referred by the buyers to claim an accurate ITC for every financial year, across multiple tax periods.
The return is filed on a monthly basis on or before 15th of every month.
GSTR 3 (Summarizing the details of inward and outward supplies.)(Currently suspended)
It is currently a suspended auto populated document based on the details filled in GSTR-1, GSTR-2 and tax liability of any preceding period. Filing of this return has been suspended since September 2017.
GSTR- 3B (Inward and Outward supply summary)
Registered taxpayers file this monthly self-declaration/return with details about all outwards supplies made, tax liability, input tax credit asserted, and payable amount of tax. This return is filed by all normal registered GST taxpayers. Details of ITC and sales details must be reconciled with GSTR-1 and GSTR-2B every tax period before filing GSTR-3B.
The due date for filing GSTR-3B is as follows -
Monthly - 20th of the every month from January 2021 onwards (For taxpayers having an aggregate turnover of more than Rs.5 crore in previous FY)
Quarterly - 22nd or 24th of the month next to the quarter (For taxpayers opted into the QRMP scheme.)
GSTR 4 (Quarterly return for composition traders.)
This return is filed Annually by registered taxpayers under the Composition Scheme running a small business or with an INR 75 lakh turnover. The rate for the tax paid is fixed on the nature of business and input tax credit facility is absent.
Before FY 2019-20, this return had to be filed on a quarterly basis. After that it is replaced by a simple challan in form CMP-08 which is filed by 18th of the month succeeding every quarter.
The due date is 30th April of the year following the relevant FY. From FY 2019-20 onwards, GSTR 9A Annual return has been replaced by this..
GSTR 5 (Monthly return for Non-Resident taxable people.)
This return is filed by non-resident foreign taxpayers by the 20th of each month.
It contains details of all outward & inward supplies, the period of return,credit or debit notes, cash ledger claim refunds, closing stock of goods, goods and services imported and any amendments in imports for preceding tax periods
GSTR 6 (Monthly return for Input Service Distributor)
It is a monthly input service distributor return which contains input tax credit information, acquired and distributed by the ISD.
The due date to file GSTR-6 is the 13th of every month.
GSTR 7 (Monthly Return for Tax Deductor.)
GSTR 7 is filed by registered taxpayers, who according to the GST ruling have to deduct tax at source. It consists of details of deducted TDS, TDS liability payable and paid and TDS refund claimed.
Frequency of filing return is and the due date is the 10th of every month.
GSTR 8 (Monthly return for E-Commerce Operators.)
It is a monthly return submitted by GST registered e-commerce operators needed to collect tax at source (TCS)
The return is filed on a monthly basis by the 10th of every month.
GSTR 9 (Annual GST return)
Annual return required to be filed by all registered GST taxpayers by 31st December of the year following the relevant financial year. (Exceptions - Composition taxpayers , ISD, casual taxpayer person, non-resident taxable person and person paying TDS under Section 51 of CGST act )
It is a merger of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that financial year.
GSTR 9A (Annual Return for Composition Scheme taxpayer)(Currently suspended)
From FY 2019-20 onwards, GSTR 9A Annual return has been replaced by GSTR 4.
GSTR 9B (To be filed by E-Commerce operator)
Is is an Annual return to be filed by E-Commerce operators by 31st December following the financial year end.
It contains all the deets received by e-commerce operators in monthly returns filed during the FY.
GSTR 9C (Reconciliation Statement)
Reconciliation statement filed by all taxpayers registered under GST having turnover more than Rs.2 crore in a FY.
A chartered accountant and cost accountant must audit the registered person’s books of account.
The due date for this is 31st December of the year following the relevant FY.
GSTR 10 (Final GST Return)
A person whose registration has been rescinded or surrendered must file GSTR-10 within three months of cancellation or cancellation order, whichever is earlier.
GSTR 11 (GST Return for UID holders)
GST Return for UID holders claiming a refund of the taxes paid on inward supplies .
The frequency of filing the return is monthly and the due date is 28th of the month after the month for which the statement is filed.