GST Return – What is GST Return? Who Should File, Due Dates & Types of GST Return

27 Dec, 2021 admin
GST Return – What is GST Return? Who Should File, Due Dates & Types of GST Return

Every business owner, registered under the GST system, is required to file GST Returns online on the GST portal. In this article, we help you understand the importance of filing GST returns and explain why your business should file it.

What is GST Returns?

It is a document that holds the details like Sales, Purchases, Output GST (tax collected on sales), and GST Input Tax Credit (tax paid on purchases). The tax administrative authorities calculate the next tax liability based on this information.

Who Should File It?

All regular businesses that have an annual turnover of more than Rs 5 crore are required to file about 26 returns in a year that consist of two monthly returns and one annual return. For quarterly GSTR-1 filers under the QRMP scheme, the annual GST Return Filing number is 9, including the GSTR-3B and annual return.

Under the QRMP scheme, regular businesses that have an annual turnover of less than Rs 5 crore can file GSTR-3B on a quarterly basis and pay tax monthly. Special cases such as composition dealers need to pay separate returns. Their annual GST Return Filing number is 5.

GST Returns Types and Due Dates

  • GSTR 1

It’s the return of sales required to be filed by regular taxpayers. No tax is paid through this return. It’s just meant to report sales transactions made and debit notes and credit notes issued during a tax period. GST Filing for GSTR 1 is done monthly or quarterly.

The taxpayers whose previous year’s turnover was more than Rs 1.5 crore or current year’s turnover is estimated to be more than Rs 1.5 crore are required to file GSTR 1 monthly. Whereas, GST Filing of GSTR 1 by the taxpayer’s whose previous year’s turnover was Rs 1.5 crore or less or the current year’s turnover is estimated to be Rs 1.5 crore can be done monthly or quarterly.

Due date: 11th of the next month for monthly taxpayers and 13th of the month succeeding the quarter for taxpayers under QRMP scheme

  • GSTR 2

GSTR 2 has been suspended since the implementation of GST. It’s the monthly return of purchase by regular taxpayers.

Due date: 15th of the next month

  • GSTR 2A

It’s a purchase-related tax return that contains details of inward supplies of goods and services. It’s a read-only return. The data is auto-populated based on data filed by the suppliers in their GSTR 1 return. GSTR 2a Reconciliation is very important. It’s important to carry out GSTR 2a Reconciliation because it:

  1. helps to claim ITC for any invoice raised in the previous years.
  2. prevents duplication of data.
  3. can reconcile different GST returns and validate data.

GST Reconciliation can be performed using GST return filing software. A GST return filing software is a very useful tool that can simplify this task.

  • GSTR 3

It has been suspended since the implementation of GST. It contains details of inward supplies received, outward supplies made, ITC claimed, tax liability, tax paid, and returns filed. It’s filed monthly by regular taxpayers.

Due date: 20th of the next month

  • GSTR 3B

All regular taxpayers file it under GST. It contains a summary of all taxes paid, tax liability ascertained, outward supplies made, and input tax credit claimed. It’s filed either under the QRMP scheme or on a monthly basis.

Due Date: If the previous year’s annual turnover exceeds Rs 5 crore, 20th of next month. If the previous year’s annual turnover is less than Rs 5 crore, 22nd or 24th of the next month or quarter depending upon the state/union territory.

Following registered taxpayers are not required to file GSTR 1/2/3/3B:

  1. ISD
  2. Non-Resident Taxable Person
  3. Composition Dealer
  4. People Deducting TDS
  5. ECO collecting TCS
  6. Supplier of OIDAR services
  • GSTR 4

Taxpayers under the Composition Scheme file GSTR 4. Under the Composition Scheme, taxpayers who have a turnover of Rs 1.5 crore or less can opt into and pay taxes at a fixed rate on the turnover declared. GSTR 4 is filed on an annual basis. CMP-08 has replaced GSTR 4. CMP-08 return is filed quarterly.

Due date: 30th of the month succeeding a financial year

  • GSTR 5

It’s to be filed monthly by non-resident foreign taxpayers. It contains the details of inward supplies received, outward supplies made, tax liability, taxes paid, and credit/debit notes.

Due date: 20th of the next month

  • GSTR 6

It’s the return for the ISD. It has the details of ITC received and distributed by the ISD. It also contains the details of all the documents issued for the distribution of input credit and the manner of distribution.

Due date: 13th of the next month

  • GSTR 7

It’s filed by people liable for deducting TDS. GSTR 7 contains details of TDS deducted, TDS claimed, if any, and the TDS liability payable.

Due date: 10th of the next month

  • GSTR 8

It’s filed by ECO, who are liable to collect TCS (tax at source). It contains the details of all supplies made through the e-commerce platform and the TCS collected on them.

Due date: 10th of the next month

  • GSTR 9

It’s filed annually by regular taxpayers. It’s a consolidation of GSTR 1, GSTR 2A, and GSTR 3B filed during that year. GSTR 9 contains the details of all inward supplies received, outward supplies made during the previous year under CGST, SGST, IGST, and HSN Codes, alongside the details of taxes payable and paid.

Due date: 31st December of next financial year

  • GSTR 9A

It’s the annual return filed by taxpayers registered under the composition scheme. GSTR 9 is now suspended.

Due date: 31st December of next financial year, only up to FY 2018–19

  • GSTR 9C

It’s a reconciliation statement filed annually by taxpayers whose annual turnover exceeds Rs 5 crore.

Due date: 31st December of next financial year

  • GSTR 10

It’s filed by a taxpayer whose GST registration is canceled.

Due Date: Within three months of the date of cancellation or date of cancellation order, whichever is later

  • GSTR 11

It’s filed by UIN holders claiming a refund for goods and services purchased in India. It contains details of inward supply received and refund claimed.

Due date: 28th of the month following the month for which statement is filed

Conclusion

Filing GSTR can be a difficult job. Hence, use tools like GST Software, GST Platform, and MIS Report Generation that provide various GST Services. These GST services can make GSTR filing hassle-free. WeP Solutions is a GST filing software solution to help your business file GST. WeP has 20 years of experience in digital transformation solutions and is a certified GST Suvidha Provider. Request a demo today.

Whatsapp chat