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GST return
With changed tax regime, there has been a significant change in the return form that needs to be filed under the GST tax regime. Following are the list of returns along with the due dates:
|
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 |
All these returns are required to be filed digitally online through a common portal to be provided by GSTN, non-government, private limited company promoted by the central and state governments with the specific mandate to build the IT infrastructure and the services required for implementing Goods and Services Tax (GST).
The draft formats of the above mentioned GST returns have been released by CBEC. However, the same may be modified according to changes taking place in the GST Act and rules. Non compliance with the filing of the above mentioned return by due dates may entail heavy penalties.
Procedure:
Payment by the client for the services and signing of the Engagement letter.
Obtaining data from the client and reviewing the same for filing the return.
Preparing the return basis the information given.
E-Filing the return on the GST portal.
FAQ’s:
1. What is the purpose of the returns?
– Reporting the information to the tax authorities;
– Compliance with tax laws;
– Matching of information provided by different tax payers and identify the tax evaders;
– For processing of data at the macro level.
2. Who all needs to file the returns?
– Every person registered under GST will have to file returns in some form or other. A registered person will have to file returns either monthly (normal supplier) or quarterly basis (Supplier opting for composition scheme).
3. Is the scanned copy of invoices to be uploaded along with GSTR-1?
– No scanned copy of invoices is to be uploaded. Only certain prescribed fields of information from invoices need to be uploaded.
4. Is the scanned copy of invoices to be uploaded along with GSTR-1?
– No scanned copy of invoices is to be uploaded. Only certain prescribed fields of information from invoices need to be uploaded.
5. Do tax payers under the composition scheme also need to file GSTR-1 and GSTR-2?
– No. Composition tax payers do not need to file any statement of outward or inward supplies. They have to file a quarterly return in Form GSTR-4 by the 18th of the month after the end of the quarter. Since they are not eligible for any input tax credit, there is no relevance of GSTR-2 for them and since the credit of tax paid under Composition Levy is not eligible, there is no relevance of GSTR-1 for them.
6. Can returns once filed be revised later?
– Instead of revising the return already submitted, the system will allow changing the details of those transactions (invoices or debit/credit notes) that are required to be amended. They can be amended in any of the future GSTR- 1 or 2 in the tables specifically provided for the purposes of amending previously declared detail.
7. Whether the returns will be E-filed or will be filed in the hard copy?
– GST returns shall be E-filed on the GST common portal.
8. Whether any late fee/ interest/ penalties will be levied on delay in filing of returns?
– Filing of Returns beyond due date: Rs 100 per day subject to maximum of Rs 5,000;
– Filing of Annual Return beyond due date: Rs. 100 for every day during which such failure continues subject to a maximum of an amount calculated at 0.25% of his turnover in a state.