Every person registered under the Goods and Services tax act is required to file GST returns electronically. The returns should include details of outward supply, input supply, Input tax credit taken, Details of credit notes, debit notes, HSN code, details of invoices raised and other details pertaining to supply. GST returns are simple but detailed forms. It is very important to file GST returns with accuracy to avoid extra tax liabilities, GST notices and litigations. Filling GST returns is mandatory for every person having GST registration. When a registered person holding a GST number has not started a business or has Nil turnover is still required to file GST returns every month. We, Nitin Bhatia & Associates, a firm of chartered accountants in Gurgaon, can help you not only with the filing of your GST returns but also with the accurate reporting of all your reportable transactions.
At Present the registered person has to file the following GST Returns
Form GSTR-1
GSTR-1 is used to report the outward supplies. The return includes the details of invoices, debit notes, credit notes and revised invoices raised in relation to outward supply. The GSTR-1 is filed electronically and there is no provision for the manual filing of returns.
The Due date and frequency of GSTR-1 are as follows:
Where aggregate annual turnover is more than Rs.5 crore or the person has not opted for QRMP scheme: GSTR-1 shall be filed monthly by the 11th of every month
Where the QRMP scheme is opted by the person: GSTR-1 shall be filed quarterly.
The details provided in the GSTR-1 shall be made available electronically to the recipient of goods for matching purposes which can be used for reconciliation and filing of GSTR-3B and GSTR-9.
Form GSTR-2A
GSTR-2A is a dynamic form and it keeps getting updated on the updation of Form GSTR-1. There is no due date or cut-off date for GSTR-2A. GSTR-2A is a GST form but it is not filed on the portal. GSTR-2A is for the convenience of the purchaser of goods to check whether the input tax credit is being reflected.
Form GSTR-2B
GSTR-2A is a static form. GSTR 2B is a Goods and Services Tax (GST) return. It is an auto-generated summary of a taxpayer’s purchases made during a specific tax period which is used to reconcile the taxpayer’s tax liability with the input tax credit claimed by them. GSTR 2B is generated on the GST portal and made available to taxpayers monthly. The GSTR 2B cut-off date is the 13th of the previous month, which means that input tax credit will be obtained on the day following the cut-off date. You can access it by logging into the GST portal and selecting the “Returns” tab. After the login, the GST taxpayer can view and download his GSTR 2B return for the relevant tax month.
Form GSTR 3B
GSTR 3B is a type of GST return which is filed online on the GST portal. It is a self-declared summary of a taxpayer’s tax liability for a particular tax period and is used to pay the tax due for that particular month. All taxpayers, regardless of whether they have any transactions to report for the tax period, must file GSTR 3B.
Taxpayers must log into the GST portal and go to the “Returns” section in order to submit GSTR 3B. The next step is for them to choose the effective tax period and fill out the form with their tax liability information. In order to avoid late fees, interest and penalties, taxpayers must file GSTR 3B within the due dates.
The Due date and frequency of filing GSTR-3B are as follows:
Where aggregate annual turnover is more than Rs.5 crore or the person has not opted to the QRMP scheme:- GSTR-3B shall be filed monthly by the 20th of every month
Where the QRMP scheme is opted by the person:- GSTR-3B shall be filed quarterly by the 22nd for Category X states and the 24th for Category Y states.
Form GSTR 4
GSTR 4 is a type of GST return which is filed online by taxpayers who have taken GST registration under the GST Composition Scheme. The GST Composition Scheme allows small businesses to pay a fixed rate of tax on their supplies, rather than the standard GST rates.
The due date for filing GSTR 4 is generally due on the 18th of every month following the tax period. Taxpayers should check the GST portal for the most up-to-date information
Form GSTR 5
GSTR 5 is a GST return which is filed in India by non-resident foreign taxpayers. A non-resident taxable person is a person who has GST registration and makes taxable supplies of goods or services in India but does not have a permanent establishment in India.
The due date for filing GSTR 5 is generally due on the 20th of every month following the tax period.
Form GSTR 6
GSTR 6 is a GST return which is filed by taxpayers who have GST registration and are registered as Input Service Distributors (ISDs). An ISD is a person who distributes the credit of central tax, state tax, integrated tax, or Union Territory tax paid on input services to the recipient of the services.
The due date for filing GSTR 6 is generally due on the 13th of every month following the tax period.
Form GSTR 7
GSTR 7 is a GST return which can be filed in India by taxpayers who have GST registration and are required to deduct tax at source (TDS). Taxpayers who are required to deduct TDS include government departments, local authorities, governmental agencies and other notified persons that make payments to suppliers.
The due date for filing GSTR 7 is the 10th of every month following the tax period.
Form GSTR 8
GSTR 8 is a type of GST return which is filed in India by taxpayers who have GST registration and are registered under the E-Commerce Operators scheme. The e-Commerce Operators scheme is a scheme that applies to businesses that operate an e-commerce platform and facilitate the supply of goods or services by registered taxpayers.
The due date for filing GSTR 8 is the 10th of every month following the tax period. although
Form GSTR 9
GSTR 9 is an annual GST return which is filed in India by regular taxpayers having GST registration. GSTR 9 is an annual return that summarizes a taxpayer’s GST liability for the financial year. It consists of two parts: Part A, which includes details of the taxpayer’s supplies and tax paid, and Part B, which includes a reconciliation of the taxpayer’s tax liability with the input tax credit claimed.
The due date for filing GSTR 9 is 31st December of the year following the relevant financial year.
Form GSTR 9C
GSTR 9C is a reconciliation statement which is filed in India by regular taxpayers who have GST registration and are required to get their accounts audited. GSTR 9C is a reconciliation statement that compares the GST liability of a taxpayer as declared in their annual return (GSTR 9) with their audited financial statements.
The due date for filing GSTR 9C is due on 31st December of the year following the financial year.
Form GSTR 10
GSTR 10 is a final return that is filed in India by taxpayers who have applied for cancellation of their GST registration. A taxpayer may apply for cancellation of their GST registration if they are no longer carrying out any taxable supplies, or if they are closing their business.
The due date for filing GSTR 10 is within three months of the date of cancellation of GST registration. It is important to note that the cancellation of GST registration is not effective until GSTR 10 has been filed and the tax due has been paid.
How to file GST returns:
Log into the GST portal using your username and password.
Navigate to the “Returns” section and select the relevant tax period and return type (e.g. GSTR 1, GSTR 3B, etc.).
Enter your tax liability information in the form, including the total value of your taxable supplies, the applicable tax rate, and the tax payable.
Declare any input tax credit that you are eligible to claim.
Pay the taxes, fees or interest due by the due date.
Preview and submit the return.
You can file the GST returns using the Aadhar OTP or Digital signature certificate.
It is important to note that the steps and information required for filing a GST return may vary depending on the type of return being filed.
