The country is currently going through a taxation reconstruction phase which is Goods and Service Tax (GST), the largest indirect taxation reform of the country since 1947. GST is a single tax levied on the supply of goods and services from the manufacturer to the end consumer. It has replaced all the major indirect taxes such as Value Added Tax (VAT), Excise Duty, Service Tax, Central Sales Tax (CST), Custom Duty etc. This step towards making India ‘One Nation One Market’ will make the economy of the country more transparent, systematic and organized.
- 1 What are GST Returns
- 2 Eligibility to Get Registered Under GST
- 3 Different Types of GST Returns
- 3.1 GST returns to be Filed by ‘Normal Tax Payer’ / ‘Casual Tax Payer’
- 3.2 GST returns to be Filed by Composition Tax Payers
- 3.3 GST Returns to be filed by Foreign Non-Resident Taxpayer
- 3.4 GST Returns to be filed by an Input Service Distributor
- 3.5 GST Returns to be filed by a Tax Deduction
- 3.6 GST Returns to be filed by an E-Commerce Portal
- 4 How to File GST Returns Online?Follow the below steps to file GST Returns online
What are GST Returns
Goods and Service Tax (GST) returns are the documents which contains all the information of income filed by the taxpayers with the tax administrative authorities. Every person who has registered themselves on the GST portal is supposed to share their business information by filing GST returns online. Business information that includes:
- Tax paid
- Tax collected
- Output GST (On sales)
- Input Tax Credit (GST paid on purchase)
Eligibility to Get Registered Under GST
Below is the list of some of the eligibility criteria who are required to register themselves under GST:
- Any business with a turnover of Rs. 20 lakhs in a financial year (1st April to end of March). For north eastern or hilly states, the turnover has to be more than Rs. 10 lakhs.
- Any business person who is registered under earlier law of Value Added Tax (VAT), Excise Duty, Service Tax etc. are required to register under GST.
- Anyone who drives inter – state supply of goods
- Casual taxable person
- Non-Resident taxable person
- Agents of a supplier
- Input Service Distributor
- E – Commerce Distributor or Aggregator
- Person who supplies via e-commerce aggregator
Different Types of GST Returns
GST returns to be Filed by ‘Normal Tax Payer’ / ‘Casual Tax Payer’
Normal Tax Payer / Casual Tax Payer – A Casual or a Normal Taxable person are those who supply goods and services in a territory where GST is applicable but does not have any fixed place of business.
- GSTR 1 – GSTR 1 contains information of all the outward supplies i.e. sales. Any registered dealer is supposed to pay a monthly return i.e. GSTR 1. “The GSTR 1 filed by a registered dealer is used by the government to auto populate GSTR 3 for the dealer”.
Note the following registered person is exempted from filing GSTR 1:
(a) Input Service Distributor
(b) Composition Dealer
(c) Non – resident taxable person
(d) Taxpayer liable to collect Tax Collected at Source (TCS)
(e) Taxpayer liable to deduct Tax Deducted at Source (TDS)
- GSTR 1A – GSTR 1A contains the details of auto drafted supplies of goods or services.
- GSTR 2 – Under GSTR 2, registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit. Due date of filing GSTR 2 is 15th of the subsequent month.
- GSTR 3 – Under GSTR 3, the monthly return has to be paid on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Due date of filing GSTR 3 is 20th of the subsequent month.
- GSTR 9 – Under GSTR the return has to be paid annually. Due date of filing GSTR 9 is 31st December of next financial year.
- GSTR 3B – GSTR 3B is a simple return that businesses need to file in the first two months of GST (July and August, 2017).
GST returns to be Filed by Composition Tax Payers
In composition scheme under GST, a taxpayer is required to file summarized returns on a quarterly basis, instead of three monthly returns.
- GSTR 4 – Taxpayers with small business or a turnover of up to Rs.75 lakh can opt for the Composition Scheme. Taxpayers under composition scheme will not have input tax credit facility. Due date of filing GSTR 4 is 18th of the subsequent month.
- GSTR 9A – GSTR 9A is an annual return form for composition taxpayers. Due date of filing GSTR 9A is 31st December of next financial year.
GST Returns to be filed by Foreign Non-Resident Taxpayer
Non – resident taxable person is someone who does not have a fixed place of business in India. However, he occasionally sells goods and services in a territory of India where GST applies.
- GSTR 5 – This form contains details of imports, outward supplies, input tax credits and other related information. Due date of filing GSTR 5 is 20th of the subsequent month.
GST Returns to be filed by an Input Service Distributor
- GSTR 6 – GSTR 6 is generated when the Input Service Distributor confirms the details mentioned in GSTR 6A. Due date of filing GSTR 6 is 13th of the subsequent month.
- GSTR 6A – The details in GSTR 6A are auto-populated by the information provided by the inward suppliers. The due date of filing GSTR 6A is 10th of the subsequent month.
GST Returns to be filed by a Tax Deduction
- GSTR 7 – GSTR 7 contains the details of tax deductions made during the month. Due date of filing GSTR 7 is 10th of the subsequent month.
- GSTR 7A – GSTR 7A contains the details of the total tax deducted and amount paid in a month. Due date of filing GSTR 7A is 10th of the subsequent month.
GST Returns to be filed by an E-Commerce Portal
- GSTR 8 – This form contains the data of goods supplied by E-commerce portals as well as the amount of tax collected. The due date of filing GSTR 8 is 10th of the subsequent month.
How to File GST Returns Online?Follow the below steps to file GST Returns online
- Visit the GST official site https://www.gst.gov.in
- One will receive a 15 – digit identification number based on their State Code and PAN Number.
- Upload invoices such as outward return, inward return and cumulative monthly return. Note: [An invoice reference number will be issued against each invoice].
- In case of any error, one will have the option to correct it refile the return.