GST Return Filing
The goods and services tax law now governs most of the indirect tax system in India. Suppliers registered under this regime must meet the compliance requirement regularly. Depending on the turnover and activities, the requirements and the period of presentation of the declarations are prescribed by law. By filing the GST online, taxpayers learn about the Goods and Services Tax Network (GSTN) on the entry and exit of supplies, including the amount of taxes paid and collected. When registering taxable transactions with the Government, the taxpayer must also pay the amount of the tax collected from an external supplier of goods or services after the deduction of the Input Tax Credit (ITC).
What is the GST return?
GST Returns are forms that taxpayers must fill out, and there are 22 different types available. Among these, 11 are currently active, eight are for viewing purposes only, and three are suspended. The specific GST forms you need to file depend on your taxpayer type. There are seven types of taxpayers:
- Regular taxpayer: Standard businesses that must file regular GST returns.
- Composition taxable persons: Small businesses with simplified tax schemes.
- TDS deductors: Entities deducting tax at source.
- Non-resident taxpayer: Foreign businesses operating in India.
- Input Service Distributor: Businesses that distribute tax credits among various branches.
- Casual taxable persons: Individuals or businesses participating in occasional or seasonal transactions.
- E-commerce operators: Platforms facilitating online sales.
Additionally, GST Returns can be filed quarterly, monthly, or annually. This means you need to report your transactions and pay taxes accordingly at these intervals. Understanding these concepts is crucial for managing your tax obligations under the Goods and Services Tax system in India.
Who Must Submit GST Returns?
Under the GST scheme, any regular business has to file two monthly and one annual returns. This equates to 26 returns in one year. The beauty of the system is that one has to manually enter the details of a monthly return: GSTR-1. The other GSTR 3B return will be automatically completed by deriving GSTR-1 information submitted by you and your providers.
What are different types of GST Returns?
| Return Type | Description | Frequency |
|---|---|---|
| GSTR-1 | Details of external supplies of goods and / or services subject to affected taxes. | Monthly |
| GSTR-2 | Details of the internal supplies of taxable goods and / or services made claiming the entry tax credit | Monthly |
| GSTR-3 | Monthly statement based on completion of details of external and internal supplies along with tax payment. | Monthly |
| GSTR-3B | Simple declaration in which the summary of external supplies is declared together with the entry tax credit and the taxpayer affects the payment of taxes. | Monthly |
| CMP-08 | Declaration-cum-challan to make a tax payment by a registered taxpayer under the composition scheme under section 10 of the CGST Act (supplier of goods) and the CGST notification (Fee) no. 02/2019 dated March 7, 2020 (service provider). | Quarterly |
| GSTR-4 | Declaration for a taxpayer registered under the composition scheme under section 10 of the CGST Law (supplier of goods) and the CGST notification (Rate) no. 02/2019 dated March 7, 2020 (Service Provider). | Annually |
| GSTR-5 | Declaration for a non-resident foreign taxpayer. | Monthly |
| GSTR-6 | Return to an input services distributor to distribute the eligible input tax credit to your branches. | Monthly |
| GSTR-7 | Declaration for government authorities that deduct taxes at source (TDS). | Monthly |
| GSTR-8 | Details of the supplies made through electronic commerce operators and the amount of taxes collected at source by them. | Monthly |
| GSTR-9 | Annual return for a normal taxpayer. | Annually |
| GSTR-9A | The annual return must be filed by a taxpayer registered under the composition lien at any time during the year. | Annually |
| GSTR-9C | Certified reconciliation statement. | Annually |
| GSTR-10 | The final return must be filed by a taxpayer whose GST registration is canceled. | Once, when GST registration is cancelled or surrendered |
| GSTR-11 | Details of internal supplies to be provided by a person with a UIN and requesting a refund. | Monthly |
