Introduction to GST Returns
GST returns refer to an official document that contains details about sales, income sources, and purchases/expenses to be filed by a GST-registered taxpayer with the Indian tax administrative authorities. Later, the taxation authorities use the respective document to calculate the total tax liability.
However, filing GST returns for a business owner or a dealer is not an easy task. It involves analysing the right category to file returns and following the specific rules, like quarterly filing returns, annual filing returns, and similar others. Our blog post will highlight a few of the essential aspects of simplifying the process of GST return filing for the current financial year-end.
Overview of a GST-registered dealer and GSTIN
Every GST-registered taxpayer/dealer must possess a valid GST number, or GSTIN. Also, a GST dealer should file GST returns for the following:
- Sales and purchases
- GST output on sales
- Input tax credit or GST paid on made purchases
Also read: How to Register for GST and Obtain Your GSTIN Number?
Applicants of GST Returns
According to the latest GST regime, every regular business that has a turnover exceeding Rs. 5 crore as a yearly aggregate turnover should file a single annual return and two monthly returns. Accordingly, business owners with a turnover of more than Rs. 5 crore should file 25 GST returns in a year.
Taxpayers who have a maximum turnover of Rs 5 crore may file GST returns according to the QRMP scheme. Accordingly, there are 9 GSTR filings in a year, which include 4 separate GSTR-3b and GSTR-1 returns with an annual GST return. However, QRMP filers must pay their tax monthly even though they file their returns quarterly.
Categories of GST Returns as per the Latest GST Taxation Rule in India
Here, you will get details related to GST returns in tabulated form according to the latest GST rule in India-
| GST Return Forms | Candidates for the GST Return | Contents of the GST Return | Due Dates for Filing GST Returns |
| GSTR1 for a turnover of up to 1.5 crores | Every registered taxable supplier | Details related to the outward supply of any taxable goods or services | 13th of the month, after a quarter |
| GSTR1 for a turnover exceeding 1.5 crores | For registered suppliers, dealers, and taxpayers with a turnover of more than 1.5 crores | Details related to the outward supply of any taxable goods or services | 11th of the upcoming succeeding month |
| GSTR 1 FF Quarterly Filing based on QRMP Scheme | Taxpayers categorized under QRMP scheme | According to the QRMP Compliance | 13th of every subsequent month |
| GSTR-2 | Registered taxable recipient | Details related to every inward supply of taxable goods/services to claim the input tax credit | 15th of every subsequent month |
| GSTR 2B | An auto-populated form to identify any mismatch in the input tax credit and to match them in the future | ||
| GSTR-3B | A monthly return by the registered taxable individual based on its finalization | Summarized details of both inward and outward supplies with the payment of a tax amount | 20th of every subsequent month |
| GSTR-3B | Payable for every taxpayer under the compliance of GSTR-3B | Consists of two subcategories, which are turnover up to 5 crores and turnover exceeding 5 crores | 20th of every subsequent month and 22nd of the month’s next quarter |
| GSTR-4 | Composition supplier | Annual GST return to deposit payment | 30th April of every year |
| GSTR-8 | Tax collectors or E-commerce operators | Details about the affected supplies and the collected tax amount | 10th of every subsequent month |
| GSTR-9 | Registered regular taxpayers | Annual return | 31st December of the upcoming fiscal year |
| GSTR-9C | Regularly registered taxpayers | Turnover exceeding 5 crores | 31st December of the upcoming fiscal year |
| GSTR 10 | Taxable person | Whose registration is surrendered or canceled | Within 3 months of the cancellation date or cancellation of the order date (whichever is later) |
| GSTR 11 | A person who has UIN | Details related to inward supplies | 28th of the month after the month of filing the statement |
Also Read: A Comprehensive Guide to the Types of GST Returns in India
Essential Points to Consider to Make Your GST Return Filing Simple
- GSTR-1 consists of an outward GST supply return, which individuals must update by the 11th of every following month on the GST Common Portal.
- The registered supplier is not bound to accept modifications related to inward supplies’ details provided by the recipient under GSTR-1A.
- The supplier must furnish and provide every minute detail related to outward supplies to its recipient according to GSTR-2A.
- The recipient should verify, validate, and modify outward supply elements after he files the details related to debit and credit notes.
- The recipient must furnish details about inward supplies of taxable goods/services in the latest GSTR-2 form.
Steps Involved in GSR Return Filing for the Financial Year-End
Every taxpayer must file their GST returns for the year via a software application developed by the Goods and Service Tax Network. The steps to follow are as follows-
- Visit the official website of GST.
- Get your GST Identification Number abbreviated as GSTIN of 15 digits according to your PAN details and the state code.
- Upload the compulsory GST invoices on the GST website. The website will allot invoice reference numbers against each of your shared invoices.
- Once you upload each of your invoices, outward and inward returns with cumulative monthly returns, you should check to identify any error and file the GST returns.
Also Read: GST Annual Return Filing For Registered Regular Taxpayers
Conclusion
Overall, GST has simplified the process of filing tax returns. It has integrated buyers’ and sellers’ details about goods and services. GST Council and the Indian Finance Ministry have developed the GSTN mechanism to report the details of invoices, dates, buyers, sellers, and diverse locations duly.
Accordingly, GST works as a smooth platform for its registered taxpayers to interlink with other involved parties. Only, taxpayers should be aware of the diverse aspects of GST annual, monthly, and quarterly return filings to file their returns with ease.
Frequently Asked Questions
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What implies the due date of a GST return?
The due date of any GST return depends on its type and the filing frequency.
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Should I file my GST quarterly or monthly?
Whether you should file your GST returns quarterly or monthly depends on your turnover (up to or exceeding 5 crores) and your taxpayer category.
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What refers to the GSTR-9 tax return according to the GST laws?
GSTR-9 refers to the annual tax return, which is a compulsory return to file by every GST-registered taxpayer. The tax return remains due by 31st December of every year followed by the relevant financial year according to the latest GST law.
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What will happen if I fail to file my GST tax returns timely?
If you fail to file your GST returns within the mentioned time limits, the tax authorities will impose a late fee on you. Also, you become bound to pay 18% interest per annum on your outstanding tax amount.
