GST Return Filing

  • GST return filing is completely an online process in India. GST filing is a very easy and quick process. However, it is necessary that returns are filed correctly and error-free to ensure that GST credit can be passed on to the next stage. All you need is GST website login credentials to get started. Once your GST registration is done, filing a GST return is mandatory. Non-filing of the same entails heavy penalties.
  • All registered persons under GST are required to file various returns. The main returns to be filed are GSTR-3B (which is a monthly summary) and GSTR 1 (details of outward supplies).
  • GSTR 3B is to be filed every month by the 20th. However, the government has recently introduced QRMP Scheme according to which if the turnover for a business for the previous year is up to 5 crores, you can pay your GST on a monthly basis and file your GSTR 3B quarterly.
  • Finally, an annual GST return GSTR 9 must be filed by all GST-registered entities on/before the 31st of December.
  • GSTR 4 is to be filed if you have opted for a composition scheme. The registered entities will be required to file GST returns even if the entity has not done any business during any period.
  • Additionally, there’s a yearly GSTR 9C to be filed, which is GST Annual Audit. It is a reconciliation statement that needs to be certified by a practicing Chartered Accountant.

Different Types Of GST Returns

Here is a look at the different types of GST returns. 1. GSTR-1 GSTR-1 has to be filed against all goods and services rendered by a company. This includes all the invoices raised as well as credit-debit notes against sales for a tax period. 2. GSTR-2A GSTR 2A is a view-only GST return for buying goods and services. It contains the details of all purchases made by the recipient in any month. All kinds of inward supplies to the recipient can be viewed as purchases made from other GST registered suppliers. 3. GSTR- 2B This is also a static, view-only GST return. It is important for buyers of goods and services. GSTR-2B is available every month from August 2020 and contains ITC data of any period when it is checked back. 4. GSTR- 3B GSTR 3B is a monthly self-declaration. It furnishes the summarised details of:
  • All outward supplies made
  • Input tax credit claimed
  • Tax liability
  • Taxes paid
5. GSTR-4 GSTR-4 is an annual return to be filed by composition taxable persons. It is to be filed by April 30th following the relevant financial year. This return replaced GSTR-9A. 6. GSTR-5 GSTR-5 is for those non-resident foreign taxpayers who carry out transactions in India. What do these returns entail? They contain details of the following:
  • Outward supplies made
  • Inward supplies received
  • Credit-debit notes
  • Tax liability
  • Taxes paid
7. GSTR-5A GSTR-5A summarises all the outward taxable supplies and tax payable by OIDAR, which stands for the Online Information and Database Access or Retrieval Services provider. You have to file this return by the 20th of every succeeding month. 8. GSTR-6 GSTR-6 must be filed by an Input Service Distributor (ISD) every month. Its composition details are:
  • Input tax credit distributed and received by ISD
  • All the details of all documents related to the input tax credit
The due date of the GSTR-6 is the 13th of every succeeding month. 9. GSTR-7 GSTR-7 is to be filed by the persons who are required to deduct the TDS under GST. TDS stands for “Tax deducted at source.” Here’s what the GSTR-7 entails:
  • Details of TDS deducted
  • TDS liability payable and paid
  • TDS refund if any
The due date of the GSTR-7 is the 10th of every succeeding month. 10. GSTR-8 This form is required to be filed by the e-commerce operators registered under GST. They are usually required to collect tax at the source. All the details of supplies made through the e-commerce platform and the TCS on the same are recorded. It is to be filed by the 10th of every succeeding month. 11. GSTR-9 This is an annual return to be filed by taxpayers who are registered under GST. It is due by December 31st for the year following the specific financial year. What does the GSTR-9 contain? It consists of the following:
  • Details of outward supplies made
  • Inward supplies received
  • Summary of supplies received under HSN code
  • Details of tax payable and paid
12. GSTR-9C It is a statement filed by all the taxpayers registered under GST whose turnover exceeds Rs. 2 crores in a financial year. This is a unique form in that it has to be certified by a Chartered Accountant or a Cost Management Accountant after a GST audit and looking over the GST-9. It is to be filed by December 31st of the year that follows the relevant financial year. However, as per the Union Budget 2021, the mandate for the GST audit by CAs and CMAs has been removed. 13. GSTR-10 The GSTR-10 form is to be filled by a person whose registration was surrendered or cancelled. It is also called a final return which needs to be filed within three months of the cancellation order or the date of cancellation, whichever comes first. 14. GSTR-11 GSTR-11 is for foreign diplomatic missions and embassies that do not pay tax in India but require a refund of taxes. It is filed by those persons who have been issued a Unique Identity Number (UIN) to get a refund for the goods and services incurred by them in India. These returns have details of the inward supplies received and refunds claimed. These were the different types of GST returns and who should file them.

Why TaxBizz India as your service provider for GST Returns Filing?

Choosing TaxBizz India as your service provider for GST Returns Filing ensures peace of mind and compliance with regulatory requirements. With a track record of accuracy and timeliness, our experienced team navigates the complexities of GST regulations adeptly, saving you time and resources while ensuring seamless filing processes. Trust in our expertise to handle your GST filings efficiently, allowing you to focus on your core business activities.

Documents Required for GST Returns

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