GST is a self-evaluated tax collection framework. The accommodation and handling of return is an essential connection between the citizen and government. This archive drills down the notable parts of the procedure identified with documenting of Returns under GST.
Features of GST Returns:
• Filing of profits would just be through online mode. Office of offline generation and planning of returns will likewise be accessible. The returns arranged in the offline mode should be uploaded.
• There will be only one e-return for CGST, SGST, IGST and Additional Tax.
• An enrolled Tax Payer should document GST Return at GST Common Portal either independently or through his approved agent;
• There would be no update of Returns. Changes to be done in next Returns. Who needs to record Return in GST administration
• Every enrolled merchant is required to record return for the tax period. A Return should be recorded regardless of the possibility that there is no business action (i.e. Nil Return) amid the period of return;
• Government entities/PSUs , and so forth not managing in GST supplies or people only managing in exempted/Nil evaluated/non –GST products or administrations would neither be required to acquire enrolment nor required to record returns under the GST law.
• However, State tax specialists may allocate Departmental ID to such government offices/PSUs/different people and will request that the providers cite this ID in the supply invoices for all in-State buys being made to them.
Types of Returns to be filed:
• Normal/Regular citizens (counting casual taxpayers) would need to document
o GSTR-1 (points of interest of outward supplies)
o GSTR-2 (points of interest of internal supplies) and
o GSTR-3 (month to month Return) for every registration.
o GSTR-9 (Annual return)
• Normal/Regular taxpayers with various enrolments (for business verticals) inside a State would need to document GSTR-1, GSTR-2, GSTR-3 and GSTR-9 (Annual return) for each of the registrations independently.
• A separate reconciliation statement, appropriately certified by a Chartered Accountant, should be recorded by those citizens who are required to get their records reviewed under sec 44AB of Income Tax Act 1961.
• Compounding taxpayers would need to record a quarterly return called GSTR-4. Citizens generally qualified for the compounding scheme can pick against the compounding and record month to month returns and along these lines make their provisions qualified for ITC in hands of the buyers. A compounding taxpayer will likewise document a basic Annual return (GSTR-9)
• Casual/Non – Resident Taxpayers (other than non-natives) would need to document GSTR-1, GSTR-2 and GSTR-3 returns for the period for which they have acquired enrolment. The enrolment of Casual/Non –Resident citizens will be done in the same way from that of Normal/Regular citizens.
• Non-Resident Taxpayers (non-natives) would be required to record GSTR-5 return for the period for which they have acquired enlistment inside a time of seven days after the date of expiry registration. In the event that enrolment period is for over one month, month to month return(s) would be documented and from that point return for residual period would be recorded inside a time of seven days as expressed before. For these citizens the enrolment arrangement to be utilized will be the same as that for UN Bodies/Embassies.
Chart of different types of Returns and their due dates:
|Return||For||To be filed by|
|GSTR 1||Outward supplies made by taxpayer (other than compounding taxpayer and ISD)||10th of the next month|
|GSTR 2||Inward supplies received by a taxpayer (other than a compounding taxpayer and ISD)||15th of the next month|
|GSTR 3||Monthly return (other than compounding taxpayer and ISD)||20th of the next month|
|GSTR 4||Quarterly return for Compounding Taxpayer||18th of the month next to quarter|
|GSTR 5||Periodic return by Non-Resident Foreign Taxpayer||Last day of registration|
|GSTR 6||Return for Input Service Distributor (ISD)||15th of the next month|
|GSTR 7||Return for Tax Deducted at Source||10th of the next month|
|GSTR 8||Annual Return||By 31st December of next FY|
|ITC Ledger of taxpayer||Continuous|
|Cash Ledger of taxpayer||Continuous|
|Tax ledger of taxpayer||Continuous|
This was a general discussion on the features of filing GST returns under the new regime, and the different types of returns. In the next article, we’ll discuss the detailed procedure of filing GST returns.