GST Return Filing

Overview of the GST Return Filing procedure in India:

GST Return Filing is a rudimentary report for all businesses recorded under the GST Act. It is used by tax authorities to determine the payable tax liability of businesses. In return, the taxpayer needs to provide all information regarding payment of taxes, exposure of tax liability, the enterprise’s activity details and other information if the authorities demand.

GST return filing in India is needed to be documented electronically. If done physically, it is treated as disconnected, and later the taxpayer or agency has to transfer it to the GSTIN entrance.

Failing to do GST filing or delaying the process will prompt heavy fines. If the time assigned by the government has not recorded GST return filings, the offender would need to pay the late charge and the original amount. The Late fee incorporates Rs. 100 per day per Act; therefore, it is Rs. 100 under CGST and Rs. 100 under SGS, which sums up to Rs. 200 every day.

Various Categories of GST Return Filing:

There are various categories of GST Return Filing as per the Act; let’s look at them one by one:-

• GSTR-1
• GSTR 1 reveals all details of the outward supplies of products, ventures, deals, and exchanges made during the tax period. It is also used for mentioning the debit and credit notes issued. GSTR 1 form is to be recorded by all regular taxpayers except for the small taxpayers with an annual turnover of up to Rs.1.5 crore in the past financial year. Frequency: Monthly
• GSTR-2 SUSPENDED
• Frequency: Monthly
• GSTR-2A
• The GSTR-2 returns all internal supplies of products and enterprises, just as purchases made using confirmed suppliers during an expense period are based on the information the providers document in their GSTR-1 returns. It is a read-only return, which means no modifications can be made. Frequency: Monthly
• GSTR-3 SUSPENDED
• Frequency: Monthly
• GSTR-3B
• GSTR-3B is to be self-affirmed and recorded every month. This gives gathered details of all outward stocks, input tax credit, tax account definition and the taxes paid. All taxpayers enrolled under the GST are enlisted under this category. Frequency: Monthly
• GSTR-4- (CMP-08)
• GSTR-4- (CMP-08) must be recorded by people who decide on the ‘Composition Scheme’ under GST. This return has replaced the earlier GSTR-4. Frequency: Quarterly
• GSTR-5
• It is the return to be recorded by non-inhabitant unfamiliar taxpayers under GST conveying business transactions in India. It gets all outward supplies made, inward stocks received, credit/debit notes, tax liability and taxes paid. Frequency: Monthly
• GSTR-6
• An Input Service Distributor (ISD) files this return every month. It will result in information tax reduction obtained by the ISD. Frequency: Monthly
• GSTR-7
• It is a monthly return that is recorded by taxpayers who want to deduct TDS (Tax deducted at source) under the GST 7 Section. It will give the information on the TDS deducted, the TDS risk payable, and the paid TDS amount after the TDS discount, if assumed. Frequency: Monthly
• GSTR-8
• Internet Business Administrators must document this monthly return by enrolling under the GST (TCS). It will contain details of all supplies made through the E-commerce platform and the TCS according to those supplies. Frequency: Monthly
• GSTR-9
• All taxpayers enrolled under the GST regime have to record this yearly return. It was decided in the 37th GST Council meeting that forms GSTR-9 will document this non-compulsory for organizations with turnover up to Rs.2 crore in financial years 17-18 and 18-19.

In addition, it will include subtleties of all other supplies made and in-stock items received. It is comprised of all the monthly or quarterly returns documented by GSTR-1, GSTR-2A, and GSTR-3B during a particular year. As well as taxpayers who have chosen the Composition Scheme, Casual Taxable Persons, Input Service Distributors, Non-resident Taxable Persons, and Persons paying TDS under section 51 of the CGST Act are required to pay TDS.

• GSTR-9A
• It is the yearly return to be reacted and documented by taxpayers enrolled under the ‘Composition Scheme’ in a budgetary year. Frequency: Quarterly
• GSTR-9C
• It is the return to be recorded by all the taxpayers under the GST regime who have a turnover surpassing Rs.2 crore in a financial year. Frequency: annual return
• GSTR-10
• If a taxable individual’s enrollment has been dropped, then he is to document GSTR 10 as per the GST regime. Rate: a quarter of a year from the date of request cancellation.
• GSTR-11

Those who have been assigned a Unique Identifying Number (UIN) must file GSTR-11 to receive a GST discount for the products and assistance they purchase in India. In order to get a duty discount, UIN is an appropriation made for foreign diplomatic embassies, not at risk of burden in India. Information about internal supplies received and discounts guaranteed will be included in GSTR-11.

Frequently Asked Questions