Pre 1st July 2017, a manufacturer, trader, retailer, or any other business was filing returns in respect of various compliances – Excise, VAT, Service Tax, Sales Tax, Income Tax, etc. with separate returns for each of them. A continuous process of filing returns – monthly, quarterly, half-yearly, and yearly existed and businesses were kept occupied throughout the year by filing one or the other return.
The basic features of the GST return mechanism include electronic filing of GST returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from GST returns of the supplier to that of the recipient, invoice-level information matching, and auto-reversal of Input Tax Credit in case of mismatch was also an intended feature. The return mechanism is designed to assist the taxpayer to file returns and avail ITC smoothly.
Filing of GST Returns
Online filing of GST returns is a relatively new phenomenon for Indian businesses and there are three ways to file a GST return:
Do it all by yourself and file it at the GST portal, which might be a bit confusing and may lead to incorrect disclosure of information resulting in a direct hit on the GST compliance rating.Offline utilities are provided by GSTN.Bring on board a GST Suvidha provider / Application Service Provider [ASP] and use its automated GST solution, which would complete an accurate return filing in just a few clicks.Types of GST Return
GSTR-1: a return form filed by every regular taxpayer. The form contains detailed information on invoices, revised invoices, debit, and credit notes from sales of products and services.
GSTR-2: Provides all the information a taxpayer submits (from both taxpayers who have registered and not registered) and data about debit and credit notes.
GSTR-2A: A view-only document that gets automatically filled when a business registers for GSTR-1 and helps the buyer verify data submitted by the seller. The buyer or the recipient can accept, reject, keep, or modify the pending invoices depending on the details submitted by the agent.
GSTR-3: Includes data from both the GSTR-1 and GSTR-2 forms, as well as other liabilities from past tax years.
GSTR-3B: A return form that enables taxpayers to pay their tax liabilities on schedule.
A monthly list of orders and distribution reports are filed separately by sellers and vendors.
CMP-08: Any taxpayer who has opted in for the GST Composition Scheme must file this form.
GSTR-4: Under the composition scheme, this form is used to file quarterly returns for taxpayers who make more than 1.50 crores. They must pay a set rate of tax and file a quarterly return
GSTR-5: Includes information about purchases and sales, the tax charged or payable, interest or fees paid, and any other amounts due under the GST Act. The return is filed by a non-resident taxable person.
GSTR-6: It lists the invoices that the ISD has provided as well as the credit that has been paid. Also, the form summarises the total amount of input tax credit that is required for delivery.
GSTR-7: Includes information on TDS liabilities, interest, and fees charged or payable, as well as tax deducted at source and TDS refunds (if any). It is a return for government authorities.
GSTR-7A: An automatically produced form gets generated once the deductor provides details in Form GSTR-7 and they are accepted by the deductee.
GSTR-8: The form provides information about the goods and services offered by e-commerce sites, as well as the tax received from vendors.
GSTR-9: Casual taxable individual, Inbound tax credit person who has to pay tax under section 51 or 52, and non-resident assessee information are all included.
GSTR-9A: The form includes information on tax refunds, taxes collected, late fees, inbound and outbound materials, and input tax credits used or changed.
GSTR-9B: Annual return for e-commerce sites that are allowed by section 52 to collect tax at source.
GSTR-9C: When a registered taxpayer has their accounts audited, they must file a reconciliation document. This is the 9C form
GSTR-10: The primary goal of this return is to ensure that the taxpayer has paid off all unpaid tax debts. The liability is higher:
Output tax on finished products, semi-finished goods, capital goods, or plant and machinery. Input tax on the products listed previously. Three months from the date of registration getting canceled, or Date of order of cancellation.GSTR-11: Users who have been assigned a UIN should fill out this form. The UIN is provided to the registered individual for them to receive GST refunds on purchases of goods and services.
Organizations that can get UIN are
A consulate or embassy of foreign countries Multilateral Financial Institutions and Organizations are notified in the United Nations (Privileges and Immunities) Act, 1947.Specialized agencies of the United Nations OrganizationsAny other class of user or person as may be specified by the Commissioner
GST Due Dates
Sl. No.
Return Forms
Who Files
Frequency
Due Date
1.
GSTR-1
Regular taxpayers
Monthly
11th May with effect from October 2018 until September 2020.
Quarterly (If opted under the Quarterly scheme)
13th of the month following the quarter.
2.
GSTR-3B
Regular taxpayers
Monthly
20th May from January 2021 onward
Quarterly
22nd or 24th of the month after the quarter (3 months)
3.
CMP-08
Composition taxable person
Quarterly
18th of the month following the quarter
4.
GSTR-4
Registered taxpayers who have signed up for the composition scheme
Annually
30th of the month succeeding a financial year
5.
GSTR-5
Non-resident assessee
Monthly
20th May
6.
GSTR-6
Input Service Distributors (ISD)
Monthly
13th May
7.
GSTR-7
Government authorities
Monthly
10th May
8.
GSTR-8
E-commerce operators collecting TCS
Monthly
10th of the next morning
9.
GSTR-9
Registered taxpayers
Annually
31st December of next financial year
10.
GSTR-9C
A registered person having a total turnover of more than 2 crores during a financial year
Annually
31st December of next financial year
11.
GSTR-10
Registered taxpayer
If the GST registration is nullified or surrendered
Within three months of the cancellation date
12.
GSTR-11
The person allocated a UIN
Monthly
28th of the month after the month when the statement is filed.
What is GSTIN?
Every business will be assigned a unique identification number called the GSTIN number, against which all of your GST returns would be filed. The GST returns can be filed online, using the services of a GSP [GST Suvidha Provider], who will accurately consolidate all your invoices, prepare your application for GST to return filing, and get your return registered at GSTN.
The Bottom Line
If you need any assistance or consultation in filing the GST returns, the deft team at Masters India is here to help you. AutoTax from Masters India, a GST Suvidha Provider is a fully automated GST Software, which along with other functionalities also ensures that you always file GST returns timely and accurately.
0
Sign in to leave a comment.