Complete guide to GST Returns in India
Through the GST portal run by the Government of India, firms registered under the GST are required to submit returns monthly, quarterly, and annually, depending on the type of business. Along with the tax collected and paid, they must provide the specifics of the sales and purchases of products and services.
Introducing a comprehensive income tax system like the GST in India will guarantee the openness and simplicity of taxpayer services, including registration, returns, and compliance. The four forms—return for supplies, return for purchases, monthly returns, and yearly returns—will be used by individual taxpayers to file their GST returns. Small taxpayers that choose a composition plan must provide quarterly reports. Every return will be filed online.
What is GST Return?
Important information about sales, income, expenses and purchases that a taxpayer must submit to the tax administration authorities is contained in the GST return. The tax authorities compute the taxpayer's net tax liability using the information given. A registered dealer must report their purchases, output GST, sales, and input tax credit when submitting their GST return.
Who should file GST Return?
Regular enterprises with annual aggregate sales of more than Rs. 5 crores must file monthly and yearly returns under the GST regime. This equates to 25 returns annually.
The QRMP plan allows taxpayers with a revenue of up to Rs. 5 crores to file returns. QRMP filers must submit nine GSTR files each year, including four GSTR-1 and three GSTR-3B forms and an annual return. It should be noted that even if QRMP filers submit their returns quarterly, they must pay tax monthly.
Additionally, in certain circumstances, such as those involving composition dealers, where five GSTR filings are required annually, separate statements or returns must be filed (four statements and challans in CMP-08 and one return in GSTR-4).
What are the different types of GST Returns?
| GST Form |
Description |
Date of Filing GST |
|
GSTR-1
|
When a registered taxpayer under GST undertakes returns of outward supplies.
|
The due date is the 11th of the following month. Previously, the due date for GST return filing was the 10th of the following month.
|
|
GSTR-2
|
Returns inward supplies of goods and services per the recipient's requests.
|
15th of next month.
|
|
GSTR-3
|
Filing of inward and outward monthly GST returns for suppliers of goods and services.
|
20th of next month.
|
|
GSTR-3B
|
Returns of outgoing supplies and input tax credits are disclosed, and the taxpayer's tax payment is affected.
|
Previously it was the 20th of the following month for all taxpayers. Now it's from January 2020 onwards.
|
|
GSTR-4
|
Following Section 10 of the CGST Act (Supplier of Goods) and CGST (Rate) Notification No. 02/2019, taxpayers registered under the composition scheme must file their GST returns.
|
The due date is the 30th of the month, succeeding a financial year.
|
|
GSTR-5
|
Return for a foreign taxpayer who is not a resident.
|
20th of next month.
|
|
GSTR-6
|
The monthly returns that an input service distributor submits. It contains all the details of the invoices that an ISD has issued and for which credit has been granted.
|
13th of next month.
|
|
GSTR-7
|
The deductors obligated to deduct TDS under GST must submit a monthly report.
|
10th of next month.
|
|
GSTR-8
|
Returns for an electronic commerce business operator are required to deduct GST Tax Collected at the Source.
|
10th of next month.
|
|
GSTR-9
|
Annual return for a regular taxpayer.
|
31st December of next financial year.
|
|
GSTR-9A
|
The registered taxpayer for the composition levy must submit an annual return at any time during the year.
|
31st December of next financial year.
|
|
GSTR-9C
|
Certified reconciliation statement
|
31st December of next financial year.
|
|
GSTR-10
|
A final return must be submitted to guarantee that the taxpayer pays off any remaining liabilities.
|
To be filed within three months of cancellation of the order.
|
|
GSTR-11
|
Those requesting a refund and providing inward supplies must have a UIN.
|
28th of the month following the month for a statement was filed.
|
How to file GSTR Returns online?
All taxpayers, including manufacturers, suppliers, dealers, and consumers, must file their tax returns with the GST department each year. The process of filing tax returns has been automated under the new GST system. Using the software or apps made available by the Goods and Service Tax Network (GSTN), GST returns can be submitted online with the information on each GSTR form automatically filled in. The steps for submitting a GST return online are:
Step 1: Go to the GST website.
Step 2: Your state code and PAN number will be required to generate a 15-digit GST identification number.
Step 3: Upload invoices using the software or the GST portal. For each invoice, a reference number will be provided.
Step 4: Outgoing returns, incoming returns, and cumulative monthly returns must all be filed online after invoices have been uploaded. You have the option of fixing any problems and resubmitting the returns.
Step 5: On or before the 10th of the following month, submit the GSTR-1 outward supply returns through the GST Common Portal (GSTN) information section.
Step 6: The recipient will get information in GSTR-2A regarding the external supplies provided by the supplier.
Step 7: The recipient must confirm, authenticate, and change the information regarding outgoing supplies and file the specifics of any credit or debit notes.
Step 8: The recipient must fill out the GSTR-2 form with details on any inward supplies of taxable goods and services.
Step 9: The supplier can accept or reject any changes to the GSTR-1A information the recipient provides regarding inward supply.
How to Download GSTR Returns?
The steps listed below can be used to get the GST returns from the official GST portal quickly:
Step 1: Go to https://www.gst.gov.in./ to access the GST portal.
Step 2: Select the 'Services' tab from the top menu by clicking on it.
Step 3: Select the "Returns Dashboard" link under the "Returns" menu.
Step 4: On the following page, choose the fiscal year and the timeframe for filing returns from the corresponding drop-down boxes.
Step 5: Before choosing the GTR you want to download, click the "Search" tab.
Step 6: Select the 'Prepare Offline' button next to the GSTR you've chosen.
Step 7: Select the "Generate File" link under "Download."
Step 8: The request for file generation typically takes 20 minutes or less.
Step 9: A download link will be generated once your file is ready. Select the "Click Here" option to view your GST Returns and download the ZIP file.
How to file Returns with GSTRN?
The Goods and Service Tax Network (GSTN) stores data of all GST-registered suppliers and customers to facilitate a quick and easy transaction. The information is then merged and kept for future use. The excel workbook, freely available on the common GST platform, can be downloaded by business entities. The template can be used to compile all the required information offline efficiently. The file needs to be finished and uploaded to the GST portal.
What is the Penalty for not filing the Return on time?
You will be responsible for paying interest and a late fee if your GST returns are not filed within the allotted time frames.
18% interest is applied annually. The amount of unpaid tax that needs to be paid must be calculated by the taxpayer. From the day after filing to the day of payment, there will be a grace period.
The cost of late fees is Rs. 100 per Act per day. As a result, it will cost Rs. 100 under CGST and Rs. 100 under SGST. The total will be Rs. 200 daily, with Rs. 5,000. Please note that the maximum amount of late fees has been amended as of the month/quarter ending in June 2021.
Other articles related to GST Returns
Guide to GSTR-1
Procedure to file GSTR-1
Guide to GSTR-1A
Guide to GSTR-2
Procedure to file GSTR-2
Guide to GSTR-2A
Guide to GSTR-3
Guide to GSTR-3B
Guide to GSTR-4
Guide to GSTR-9
Guide to GSTR Nil Return