What is GST Return?
All individuals who have registered under the GST Act are required to submit online returns regularly with information about their sales and purchases, as well as the tax that was collected and paid on them. Payment of the required taxes must be made before filing the return; otherwise, it will be deemed invalid.
How to File GST Return?
A GST return may be submitted in a variety of formats, based on the type of transaction and registration. The following return forms are relevant for regular taxpayers, along with the dates they are due:
- Monthly Outward Supply Details, in FORM GSTR-1, by the tenth of the next month.
- Monthly Inward Supply Details in FORM GSTR-2 by the 15th of the next month.
- Monthly Return Filing: By the 20th of the next month, you must file your return and pay your taxes in FORM GSTR-3.
- Filing of the GST Annual Return in Form GSTR-9 by December 31st of the following fiscal year.
GST - Return Fees
| Number of Invoice | Fees |
|---|---|
| NIL/ Upto 10 Invoices | ₹500 |
| 10-25 Invoices | ₹ 750 |
| 25-50 Invoices | ₹ 1,000 |
| Above 50 Invoices |
Who should file GST Returns?
Every organization with a GST registration must submit a GST Return. Even if there have been no purchase-sales operations within the return period, an NIL return still needs to be filed.
Tenure of Filing GST Return
Different time frames have been set for various types of transactions and registrations. Regular taxpayers, foreign non-residents, input service providers, tax deductors, and e-commerce operators are required to file a monthly return; composition taxpayers, on the other hand, must file a quarterly return.
What is GSTR-1 Return?
Information on the taxpayer’s sales and out-of-country supply of goods and services will be included in the GSTR-1 return. The following data will be recorded on this return form:
- Fundamental information such as the business name and GSTIN, the time frame for which the return is being filed, etc.
- Information about the bills that were sent out last month and the associated taxes that need to be paid.
- Information on improvements obtained in relation to future supplies that must be made.
- Information on revisions made to sales invoices that were sent out for earlier tax periods.
What is GSTR-2 Return?
Information on the taxpayer’s purchases of goods and services, or inward supplies, will be included in the GSTR-2 return. A buyer’s GSTR-2 is prefilled using the GSTR-1 that his supplier filed. All you need to do is check the prefilled data and make any necessary changes. For instance, if business B is the seller of the products, it would have submitted its GSTR-1 and listed you as the buyer.
The identical details will now appear as purchases on your GSTR-2, which you must verify. Thus, the information on auto-populated purchases will be included in GSTR-2.
What is GSTR-3B Return?
It is possible to think of GSTR-3 as a merged form of GSTR-1 and GSTR-2. Similar to GSTR-2, GSTR-3 is prefilled for a taxpayer using information from GSTR-1 and GSTR-2. All you need to do is check the prefilled data and make any necessary changes. The information below will be included in the GSTR-3 return:
- Details regarding the liability, cash, and input tax credit ledgers
- Information on tax payments made under several CGST, SGST, and IGST tax heads
- The taxpayer will be able to either carry forward the credit or request a refund of any overpayment.
What is GST Quarterly Return? (GSTR-4)
A taxpayer may choose to use the composition plan if their annual revenue is up to Rs. 75 lakh. If that were the case, he would have to pay taxes at a set rate based on the kind of business he was in (suppliers pay 1%, manufacturers pay 2%, and restaurant service providers pay 5%). Nevertheless, there would be no facility for input tax credits. If a taxpayer chooses the composition plan, they must file GSTR-4, a simplified quarterly return. He merely needs to supply the information listed below:
- The entire amount of consolidated supplies made during the return period
- Information about the taxes paid in the return
- Declare purchase details down to the invoice level.
What is GST Annual Return? (GSTR-9)
Under GST, every regular taxpayer would have to file an annual return. This is meant to give full transparency regarding the taxpayer’s activities.
- It will be a comprehensive return that gathers all of the taxpayer’s income and expenses and arranges them in line with the monthly reports.
- One significant benefit of this return is that it will offer the chance to rectify any incomplete reporting of activities performed.
- The return must be submitted by December 31st, the day after the fiscal year in which it is filed. Additionally, the audited copies of the annual accounts must be filed with the same.