Goods & Services Tax (GST) is a single tax applied to the goods supply and services from the manufacturer to the goods consumer. This is basically a tax applied on the value addition in each state. Hence, the consumer shall pay only the GST that is charged by the last supplier in the supply. Individuals who registered under the GST Act should furnish details of the sales & purchase of goods and services along with the tax collected and paid. GST returns filing can be done through online.

GST Return is a set of forms that are available for reporting in a pre-approved format. It makes provision of required details easier to the taxpayers in a complete disclosure. Each form is designed to ensure that a complete disclosure of every single transaction made between the sellers & buyers.

GST Return filing advantages:

  • Least number of compliances
  • Regulates unorganized sectors
  • Removes cascading tax
  • Simple online procedure under GST
  • Distinct treatment of E-commerce
  • Higher level initiation for registration
  • Composition scheme for SMEs

GST return filing types:

GSTR-1

A registered taxable supplier shall file the form with the outward supplies of goods and services details. An auto-populated purchase detail in the form should be validated by the buyer and he can make any modifications based on the requirement. GSTR must be filed by 10th of every following month.

GSTR-2

A registered taxable recipient shall file the form with the inward supplies of goods and services details. GSTR2 must be filed by 15th of every following month.

GSTR-3

A register taxpayer shall file the form GSTR-3 with details that are populated automatically from GSTR1 and GSTR2 returns forms. The taxpayer should verify and make any modifications based on the requirement. GSTR3 must be filed by 20th of every following month.

 

GSTR-4

Taxpayers who have chosen the Composition Scheme shall file the GSTR4 form. Taxpayers can choose Composition Scheme if their turnover is up to INR 75 lakhs and they should pay tax at a standard rate on the bases of business type. Input Tax Credit Facility is not availed to the taxpayers who are under Composition Scheme. GSTR4 must be filed by 18th of every following month.

GSTR-5

All registered non-resident taxpayers should pay GSTR5. GSTR5 should be filed by 20th of the following month.

GSTR-6

All the taxpayers who are registered as an “Input Service Distributor” shall file GSTR6. GSTR6 should be filed by 13th of the following month.

GSTR-7

Registered taxpayers who require deducting the tax at source under the GST rule have to file GSTR7. GSTR7 should be filed by 10th of the following month.

GSTR-8

All E-commerce operators who required collecting tax at source under the GST rule shall file the GSRT8 form. The form contains the details of supplies effected & tax amount collected under Sub-Section (1) of Section 43C of Model GST Law. GSTR8 should be filed by 10th of the following month.

GSTR-9

Normal taxpayers have to fill this form along with all income and expenses details for the year. The whole detail is regrouped with the monthly returns. The taxpayer has the opportunity to do modifications in the provided information based on the requirement. GSTR9 should be filed by 31st of the following financial year along with the annual accounts of the audited copies.

GSTR-10

Any taxpayer who chooses the cancellation of GST registration should file GSTR10. This final return form should be filed within three months of the cancellation date (OR) date of cancellation order, whichever is later

GSTR- 11

Persons’ who are issued with Unique Identity Number, shall file the GSTR-11 and through inward supplies, they can claim a refund of the taxes paid. The GSTR11 form has to be filled on 28th of the month following the month on which the supply was received.

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