A registered person/business has to file a document or report that contains details about the income to the tax authorities every calendar month. This document or statement is known as GST Return. The GST Return should include purchases, sales, output GST on sales, and input tax credit. This return needs to be filled with the tax administrative authorities to pay the tax to the government. It is essential for every business registered under GST to file GST returns.
Different types of GST Returns
GSTR-1 (Return for Outward Supplies)
GSTR1 is a monthly return filed to submit the sales made by a business during the applicable tax period. Any companies with an annual turnover of lesser than 1.5 crores can file there return quarterly, but the firms with a yearly turnover of more than 1.5 crores should file there GSTR-1 on a monthly basis. The GSTR-1 return form requires various information such as -Company name, GSTIN, the period for which the return is filed, invoices, debit and credit notes, and other revised invoices for previous tax periods. The GSTR-1 has to be submitted by the 10th of the following month (for businesses who have more than 1.5 crores annual turnover) and 31st of the coming quarter (companies which have less than 1.5 crores yearly turnover)
GSTR-2 (Return for Inward Supplies)
GSTR-2 is a monthly return filed to submit the purchases made by the business, including those under reverse charge basis during the applicable tax period. The GSTR-2 has to be filed by the 15th of the following month. This tax return, for now, has been suspended by GST Council India.
GSTR-2A (Read-only Document)
It is an auto-generated document which consists of purchase-related tax returns. When GSTR-1 is filed, it automatically captures information in GSTR-2A. Its generally used for comparing and matching the data submitted by the seller and recipient.
GSTR-3B (Inward and Outward Supplies)
GSTR-3B is a monthly return that was introduced by the Central Board of Excise and Customs (CBEC) to help the small and medium enterprises to give a summarized return of inward and outward supplies. At first, GSTR-3B was only applicable for the first two months of the GST introduction, but now the government has increased the deadline to March 2020. Any business which is liable to file GSTR-1 and GSTR-2 has to submit GSTR-3B. It’s effortless to file this return as you can find the GSTR-3B form easily online on the GSTN portal. The taxpayers are in much relief by filing this return as they do not have to list the invoice details. They only have to report the total sales and purchase values of the business. Some of the taxpayers do not have to file GSTR-3B, and they are:
- Any suppliers of Online information and database access or retrieval services (OIDAR)
- Composition Dealers
- Non-resident taxable person
- Input Service Distributors
Under the GST ruling, the GSTR-3B report should be filed by the 20th of the succeeding month. A business should submit GSTR-3B even if there are no transactions for the month. The late fee for not filing GSTR-3B is 20 rupees per day for NIL returns and 50 rupees in other cases. The maximum penalty that one has to pay for this return is 10,000 rupees (5000 CGST+5000 SGST).
GSTR-4/CMP-08 is a quarterly return meant for Composition Scheme dealers. The GSTR-4/CMP-08 has to be filed by the 18th of the succeeding quarter. Please note that GSTR-4/CMP-04 cannot be edited once submitted on the GSTN portal, the taxpayer will have to revise that mistake in the next quarterly return. Also, if GSTR-4 is not filed for this quarter, then you cannot file the return for next quarter, either.
GSTR-5 (Return for Non-Resident Taxable resident)
GSTR-5 is a monthly return filed by a non-resident taxable person who is GST registered and carries out business transactions here in India. GSTR-5 comprises of all inward and outward supplies, tax liability, any fees or interest, taxes paid, etc. Due date to file GSTR-5 is every 20th of the following month.
GSTR-6 (Return for Input Service Distributor)
GSTR-6 is a monthly return filed by the Input Service Distributor. It contains all the details of the supplies from a registered seller and also input credit available for the current tax period. For filing GSTR-6, the annual turnover of the business should be more than 20 lakh rupees. Also, companies are required to mention internal transactions between head office and its branches. Take note that the last date to file GSTR-6 is on the 13th of the succeeding month.
GSTR-7 (Return for Taxpayers deducting TDS)
GSTR-7 is a monthly return filed by every taxable person who is required to deduct tax deducted at source (TDS) under GST. The input tax credit of the TDS deducted can be claimed by the deductee. At the same time, the deductee can utilize that for the payment of output tax liability.
Some of the entities that need to deduct TDS are:
- Government Agencies
- A department of Central or State Government
- Public Sector undertakings
- A society established by Central or State Government
GSTR-7 can be filed before the 10th of the following month, and if the taxpayer fails to do so, a penalty of 200 rupees per day is charged from the next day of the due date of filing return. Also, the interest of 18% p.a will be calculated by the taxpayer on the tax to be paid.
GSTR-8 (Return for E-commerce Operators collecting TCS)
GSTR-8 is a monthly return filed by e-commerce operators who are required to deduct tax collected at source (TCS).GSTR-8 comprises the details like supplies done through the e-commerce portal and TCS collected on these supplies. The due date for GSTR-8 is every 10th of the succeeding month.
GSTR-9 (Annual return for a normal registered taxpayer under GST)
GSTR-9 is an annual tax return that contains a summarized report of transactions done during the financial year. It consists of all the transactions like inward and outward sale/purchase done during the financial year. Casual taxpayers, Input Service Distribution, Non-resident taxable persons are not required to file GSTR-9. A penalty of 200 rupees per day is charged if GSTR-9 is not filed on time.
GSTR-9A (Annual return for Composition Scheme Dealers)
GSTR-9A is a return that has to be filed by Composition Scheme Dealers.GSTR-9A has to be filed before the closing of the financial year. If not done on time, a penalty of 200 rupees per day is charged and this penalty cannot exceed 0.25% of turnover in the state or union territory.
It is a type of annual return filed by a person whose turnover is above 2 crores. Basically, the person should get his accounts audited by a certified CA. This return should also be submitted before the end of the financial year.
GSTR-10 (Return For Registered Person Whose GST Registration Gets Cancelled)
GSTR-10 is also known as the final return where a return is required to be filed by a taxable person whose GST registration gets canceled or surrendered. This return should be filed 3 months from the date of the cancelation or order of cancelation. The main reason to file this return is to make sure the person pays any kind of outstanding liability.
GSTR-11 (Return For UIN Holders)
GSTR-11 is a return to be filed by a person who has been provided Unique Identification Number (UIN).UIN is a registration number given to embassies of foreign countries, any organization or institution notified under United Nations, etc. instead of GST number and these people are not responsible to pay GST under Indian territory. Any taxes collected from these people or organizations are refunded back to them. In order to claim a refund on the inward supplies, GSTR-11 should be filed by the 28th of the succeeding month.
In the next article: Read more on the definition of TDS and TCS.