What is Return Under GST?
What is Return Under GST?:- Every registered GST person paying GST is required to furnish an electronic return every month or Quarterly on GST Portal.
A “GST Return” is a document that showcases the Total Turnover (Sales and Purchase, Tax Etc) of a registered taxpayer. The Goods and Service Tax to be paid by a registered dealer depends upon the income declared by such a person in the tax return filed with the GST authorities. Under the initial GST Return demanded the GST Payer to disclose the following details:
- Sales: – Outward Supplies
- GST On Output
- Purchases: Inward Supplies
- GST on Input (Input Tax Credit)
- Other Particulars Detail (As May be Prescribed in the Document)
Note: – GST Return Form GSTR 2 and Form GSTR 3 have been suspended for the time being.
GSTR-1:- It is the return to be filed by all registered taxpayers for sales /outward supplies. It contains the Tax Invoices and Debit Note-Credit notes raised on the sales transactions for a tax period (Monthly and Quartey).
GSTR-2A:- It is a view only dynamic, It is relevant for the recipient (buyer) of goods and services. It contains all details of purchase / inward supplies of goods and services made from GST registered suppliers during a tax period. Form GSTR-2A data is auto- drafted based on data filed by the corresponding suppliers in their GSTR-1 returns.
GSTR-2B for the recipient (buyer) of goods and services. The return has giving sufficient time before filing GSTR-3B, where the ITC is declared. It is a static in view only.:
GSTR-3B:- It is a monthly summarised detail of all outward supplies /sales made, input tax credit claimed, tax liability ascertained and taxes paid. It is to be filed by all normal taxpayers registered under GST Law. The sales / outward supplies and input tax credit details must be reconciled with GSTR-1 and 2B every tax period before filing GSTR-3B. It reconciliation is crucial to identify mis-matches in data, that may lead to GST notices in future or suspension of GST registration.
GSTR-4: The Composition Scheme was introduced under GST Law in order to reduce the compliance burden on small GST payers. Every registered GST payer opting for Composition Scheme is required to file return in GSTR-4.
Return to be filed on a quarterly basis. A simple challan in form CMP-08 filed by succeeding every quarter replaced it. In composition scheme, it is a system in which taxpayers dealing with goods and having a turnover up to Rupees 1.5 crores can opt into and pay taxes (GST) at a fixed rate on the turnover declared.
GSTR-5:- It is Return to be filed by non-resident foreign taxpayers, who are registered under GST Law and carry out business transactions in India. The return contains details of all sales / outward supplies made, purchase/inward supplies received, credit-debit notes, tax liability and taxes paid.
GSTR-6:- It is Monthly return to be filed by an Input Service Distributor (ISD). It contains all details of input tax credit received and distributed by the ISD. It will further contain details of all documents
issued for the distribution of input Tax credit and the manner of distribution.
GSTR-6A :- It is Return GSTR 6A is an Auto drafted. This form is based on the details furnished by the suppliers of an ISD in form GSTR-1. This Return form contains details pertaining to the supplies against which credit is received for distribution. It also includes details pertaining to the debit and credit notes received during the current tax period.
GSTR-7:- It is Monthly return to be filed by persons required to deduct TDS (Tax Deducted At Source) under GST. This return will contain details of TDS deducted under GST, the TDS liability payable and paid and TDS refund claimed if.
GSTR-7A is an auto-generated form on Portal. The form gets generated once the deductor update all details in Form GSTR-7. If the details furnished by the deductor of TDS are accepted by the deductee, then a TDS certificate is made available to the deductee electronically.
GSTR-8:- It is Monthly return to be filed by e-commerce operators registered under the GST who are required to collect tax at source (TCS). It contains details of all supplies made through the e-commerce platform, and the collect tax at source (TCS) collected on the same.
GSTR-9 :-Annual return form GSTR- 9to be filed by taxpayers registered under GST Law. It contains the details of all outward supplies/sales made, inward supplies/purchase received during the relevant financial year under different tax heads that is CGST, SGST & IGST and a summary value of supplies reported under with HSN code, along with details of taxes payable and paid. It is a consolidation of all the monthly or quarterly GST Returns filed during that financial year. Form GSTR-9 is required to be filed by all taxpayers registered under GST Law.
Note:- Form GSTR-9 filing for Registered Person with turnover up to Rupees 2 crore made optional for FY 2017-18, FY 2018-19 and FY 2019-20
GSTR 9B:- Every electronic commerce operator required to collect tax at source (TCS) under section 52 of GST Act shall furnish annual statement in FORM GSTR-9B. Form GSTR-9B is the summary of details filed in Form GSTR-8 by taxpayers registered as E-commerce operators in the monthly returns filed during the financial year Under GST.
GSTR-9C:- This GST Return Reconciliation statement to be filed by all taxpayers registered under GST Law whose turnover exceeds Rupees 2 crore in a financial year for F.Y 2017-18. Documents are required to be enclosed a copy of the audited financial statements as per Section 35(5) and copy of the audit report where the audit of the entity is carried out by another person under a statute other than the GST Law.
Note: – The limit is enhanced to Rupees 5 crore for the Form GSTR-9C of FY 2018-19 as per the CBIC notification dated 23rd March 2020
GSTR-10:- This Return Filed by a GST taxable person whose registration has been cancelled or surrendered. This GST return is also called a final return and has to be filed within three months from the date of cancellation. (either voluntarily or because of a government order)
GSTR-11:-This Return to be filed by persons who have been issued a Unique Identity Number (UIN) in order to get a refund under GST Law for the goods and services purchased by them in India. Form GSTR-11 will contain details of inward supplies received and refund claimed.
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