All You Need to Know About GST Return in India
GST is going to be rolled out on July 1 and the various businesses and individuals are preparing themselves for the big day. However, since the time details pertaining to GST return have been rolled out, there is a lot of confusion which is going around GST return. This blog will try to address all your concerns pertaining to the return filing in the new tax regime.
- What is a return?
A return is considered to be a document which a taxpayer needs to file as per the law. As per the GST compliance, a normal taxpayer will have to provide with 37 returns in total. This number is a result of three kinds of monthly returns, which comes out to be 36, and one annual return. Likewise, the government has laid down different kinds of returns for different taxpayers.
- Who needs to file GST return?
Complete GST return needs to be filed by every entity who is registered under it. In the case where no purchase or sales activity has taken place, a nil return needs to be filed by the entity.
- How frequently do the returns need to be filed?
The frequency of a return is dependent on the kind of registration and nature of transactions. The returns are segregated in all kinds of time frames, namely monthly, quarterly and yearly. Entities like regular and casual tax payers need to file for monthly returns while compounding tax payers need to file quarterly returns.
- What will happen if one fails to comply with the mentioned dates and does not file return on time?
The government will be initially lenient pertaining to GST compliance but there would be no scope for defaulters. If the returns aren’t filed within the mentioned time span, then the taxpayer will be penalised with a late fee of INR 100 for each day.
- Are there different return forms for CGST, IGST and SGST?
There are no separate forms for CGST, IGST and SGST. The same form needs to filled for all of them.
- Can an entity pay the taxes which are due after filing the return?
The taxes which are due need to be paid before filing the return for that particular time period. If someone fails to do this, then the return will be considered as invalid.
- Can the return be revised?
One can certainly revise the return.
- What are the different kinds of returns and who needs to file them?
There are a total of eleven returns which need to be filed under the GST regime. A brief of each one of them is mentioned below.
|Return Form||What to file?||By Whom?||By When?|
|GSTR-1||Details of outward supplies of taxable goods and/or services effected||Registered Taxable Supplier||10th of the next month|
|GSTR-2||Details of inward supplies of taxable goods and/or services effected claiming input tax credit.||Registered Taxable Recipient||15th of the next month|
|GSTR-3||Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.||Registered Taxable Person||20th of the next month|
|GSTR-4||Quarterly return for compounding taxable person.||Composition Supplier||18th of the month succeeding quarter|
|GSTR-5||Return for Non-Resident foreign taxable person||Non-Resident Taxable Person||20th of the next month|
|GSTR-6||Return for Input Service Distributor||Input Service Distributor||13th of the next month|
|GSTR-7||Return for authorities deducting tax at source.||Tax Deductor||10th of the next month|
|GSTR-8||Details of supplies effected through e-commerce operator and the amount of tax collected||E-commerce Operator/Tax Collector||10th of the next month|
|GSTR-9||Annual Return||Registered Taxable Person||31st December of next financial year|
|GSTR-10||Final Return||Taxable person whose registration has been surrendered or cancelled.||Within three months of the date of cancellation or date of cancellation order, whichever is later.|
|GSTR-11||Details of inward supplies to be furnished by a person having UIN||Person having UIN and claiming refund||28th of the month following the month for which statement is filed|
Aforementioned GST returns need to filed digitally by means of a common portal devised by the Goods and Services Tax Network (GSTN). The main objective of GSTN is to provide with a framework of IT infrastructure and services which is required for implementing the new tax regime.