GST Returns, its types, who needs to file – What you need to know?

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GST Returns, its types, who needs to file – What you need to know?

This article from the GST blog talks about the GST returns, what to file and the late fee charged.

What is GST Return?

A GST return is a document that contains details of income, which every taxpayer is required to file with the tax administrative authorities. This is used to calculate an individual’s tax liability. Under the GST, a registered taxpayer has to file GST returns that include:-

  • A) Purchases
  • B) Sales
  • C) Output GST (on sales)
  • D) ITC (Input Tax Credit), i.e., the GST paid on purchases

Also to file GST returns one requires the GST compliant invoice for sales and purchase.

Who needs to file GST returns?

As per the new GST reform, a business needs to file three monthly returns and an annual return. So this means that an individual has to file as many as 37 returns in total in a year. The best thing is that only the returns for GSTR-1 have to be entered manually by the individual; the other two returns, i.e., GSTR-2 & GSTR-3 will get auto-populated as it derives the information from the GSTR-1 filed by an individual. In case one is a composition dealer, one is required to file separate returns that we would talk about later.

Types of GST returns

Return Form ParticularsFrequencyDue Date
GSTR-1This form contains the details of outward supplies of all the taxable goods and services effectedMonthly10th of next month
GSTR-2This form contains the details of the inward supplies of all the taxable goods and Services effected by claiming the ITC (Input tax credit)Monthly15th of next month
GSTR-3This form contains the monthly returns based on the basis of details on outward supplies and inward supplies along with the payment of amount of taxMonthly20th of Next month
GSTR-9This form is to file for a registered person other than an input service distributor, TDS/TCS taxpayer, casual taxable person and non-resident taxpayer. (Annual Return)Annually31st December of next FY
GSTR-3BThis form is to file the provisional returns from the month of July to December 2017Monthly20th of Next month

Who needs to file GST returns?

Return Form ParticularsFrequencyDue Date
GSTR-4This is the return for compounding taxable individualQuarterly18th of the month just succeeding the immediate quarter.
GSTR-9AThis is an annual return formMonthly31st December of the next FY

Returns filed by specific registered dealers

Return Form ParticularsFrequencyDue Date
GSTR-5This is the returns provision for Non-Resident foreign taxable personMonthly20th of the next month succeding the tax period or within 7 days after the expiry of registration, whichever is earlier
GSTR-6Returns for Input Service DistributorMonthly13th of the next month
GSTR-7Return for authorities deducting tax at source (TDS)Monthly10th of the next month
GSTR-8This form is for the supplies done through the E-commerce operatorMonthly10th of the next month
GSTR-10Final ReturnOnly once:- when the registration is canceled or surrenderedWithin 3 months of the date of cancellation or date of order of cancellation, whichever is later
GSTR-11Details of inward supplies to be submitted by an individual having a UIN and is also claiming refundMonthly28th of the month following the month for which statement is filed

Late Fee

If the GST returns are not filed within the time frame, then one is liable to pay an interest and a late fee. Interest that would get accrued is 18% and is calculated on the amount of outstanding tax to be paid by the taxpayer. Also, the late fee charged would be ₹ 100 for CGST and ₹ 100 for SGST, i.e., a total penalty of ₹ 200 per day. This fine has a maximum cap of ₹ 5,000.There is no late fee charged on IGST.

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