GST Return Filing

GST Return Filing

Standard Plan 1

Standard Plan 2

Standard Plan 3

Standard Plan 4

Standard Plan 5

Standard Plan 6

Standard Plan 7

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Annual Return

Note down the Required Documents

✍ Sales & Purchase bill list in Excel Template
✍ Prepare each and every invoice as per the GST law.

GST Return Filing

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that includes:

  • Purchases
  • Sales
  • Output GST (on sale)
  • Input Tax Credit (GST paid on purchase)

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing on-line returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.

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1. Who has to file GST Return?

Every entity registered under GST will have to file a GST Return. A Nil return has to be filed even if no purchase-sales activities have been carried out during the return period.

2. What is the frequency of filing GST Return?

Depending on the type of registration and transactions different periods have been specified. Monthly Return has to be filed by Regular taxpayers, Foreign Non-Residents, Input Service Distributor, Tax Deductors and E-commerce Operators whereas Composition taxpayers will have to file a quarterly return. There is also an additional Annual GST Return apart from this.

3. Do we need to file different return forms for CGST, SGST and IGST?

No, the return forms are common for CGST, SGST, and IGST. A separate column is available for each of them in the same form and will be filled depending on Intra-state or Inter-state supply.

4. Can I pay taxes after filing Return?

No, taxes due have to be paid before filing the return for that period otherwise the return will be invalid.

5. Can the return of GST be revised?

No, the GST return cannot be revised. Any changes in details can however be made in the amendment section of the Return Form of next period.

6. What is GSTR-1 Return?

GSTR-1 return will include details of the outward supplies or sales of goods and/or services by the taxpayer. This return form would capture the following information: • Basic details like Business Name along with GSTIN, period for which the return is being filed etc. • Details of invoices issued in the previous month and the corresponding taxes to be paid. • Details of advances received against a supply which has to be made in future. • Details of revision in relation to outward sales invoices pertaining to previous tax periods.

7. What is GSTR-2 Return?

GSTR-2 return will include details of the inward supplies or purchases of goods and/or services by the taxpayer. GSTR-2 is prefilled for a buyer based on the GSTR-1 filed by his supplier. You just have to validate this prefilled information and make modifications if required. For example, if you are buying goods from company B, then the company B would have filed its GSTR-1 and included your name as the buyer. Now the same information will be reflected in your GSTR-2 as purchases which you need to validate. GSTR-2 will thus include the details of auto-populated purchases.

8. What is GSTR-3 Return?

One can say that GSTR 3 is a combined version of GSTR 1 and GSTR 2. As in the case of GSTR-2, GSTR-3 is also prefilled for a taxpayer based on the GSTR-1 and GSTR-2. You just have to validate this prefilled information and make modifications if required. GSTR-3 return will include the following details: • Information about Input Tax Credit ledger, Cash ledger, and Liability ledger • Details of payment of tax under various tax heads of CGST, SGST, and IGST • Taxpayer will have the option of claiming a refund of excess payment or to carry forward the credit.

9. What is GSTR-4 Return (Quarterly GST Return)?

A small taxpayer with a turnover of up to ₹ 1.50 Crores has the option to opt for the composition scheme. In such a case he would be required to pay taxes at a fixed rate depending on the type of his business (1% for Manufacturer & Trader of Goods, 5% for restaurants not serving alcohol and 6% for Other service providers). Although no input tax credit facility would be available. A taxpayer opting for the composition scheme would be required to file a simplified quarterly return that is GSTR-4. He is required to provide only the following details: • The total value of consolidated supply made during the period of return • Details of payment of tax in the return • Declare invoice-level purchase information.

10. What is GSTR-9 Return (Annual GST Return)?

All the normal taxpayers would be required to submit annual return under GST. This is intended to provide complete visibility about the activities of the taxpayer. • It will be a detailed return and will capture details of all the income and expenditure of the taxpayer and will regroup them in accordance with the monthly returns. • A major advantage of this return will be that it will provide the opportunity to correct any short reporting of activities undertaken. • The due date for the return is 31st December following the end of the financial year for which it is filed. And the same has to be filed along with the audited copies of the Annual Accounts.