The proposed GSTR regime shall provide for the monthly filing of business transactions through a set of eight forms depending upon the categories of transactions.
The numbers of forms are:
|Return/Ledger||For||To be filed by|
|GSTR 1||Outward supplies made by tax payer(other than compounding tax payer and ISD)||10th of the next month|
|GSTR 2||Inward supplies made by tax payer(other than compounding tax payer and ISD)||15th of the next month|
|GSTR 3||Monthly return(other than compounding tax payer and ISD)||20th of the next month|
|GSTR 4||Quarterly return for compounding tax payer||18th of the month next to quarter|
|GSTR 5||Periodic return by non-resident foreign tax payer||Last day of registration|
|GSTR 6||Return for input service distributor||15th of 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|
The key elements of each of the forms are as given below:
GSTR1: Regular taxpayers (including casual taxpayer) have to file this form. This would consist of the details of outward supplies for each registration. In case of taxpayers with more than one registration within any state, GSTR1 has to be filed separately for each of them. In the case of non-resident taxpayers, GSTR 1 has to be filed for the time period for which registration have been obtained by them. This will be done in the same way as that of a casual tax payer. The return form contains the following information:
- Basic particulars of the taxpayer.
- Time period of the return being filed
- Gross turnover of the taxpayer during the previous financial year. This information has to be submitted by the taxpayers only in the first year and in the subsequent years will be automatically filled in.
- Final invoice-level supply details regarding the tax period which has to be separate for goods and services.
- Particulars relating to advance received against a supply to be made in future has to be submitted in conformity with the GST law.
- Details regarding the taxes already paid on advance receipts for which invoices issued in the current tax period has to be submitted.
- A different table for providing details about revision in relation to outward supply invoices concerning previous tax periods.
- A distinct table for any modifications or correcting errors in the previously submitted returns.
GSTR2: The GSTR2 form also has to be filled by tax payers both resident and non-resident in the same way as the GSTR1. All the information contained in the GSTR1 will be auto populated in the GSTR2 form. The details of inwards supplies would be auto-populated in the Input Tax Credit (ITC) ledger on submission of return. GST law should provide that ITC with respect to capital goods will be allowed over a period of 2 years in equal installments. Further, GST law should make proper provisions for getting the advantage of ITC in the event that inputs are received in one lot or in multiple lots. A separate table for providing particulars concerning the ITC received onan invoice on which partial credit has been availed of previously is present. Another table for ISD credit and TDS credit received by the taxpayer is also existent in this form.
GSTR3: The GSTR3 form has to be filled by both regular resident and non-resident taxpayers in the same way as that of GSTR1 and GSTR2. The form would contain the aggregate outward and inward supply information which will be automatically filled up via GSTR-1 and GSTR-2. Information regarding ITC ledger, cash ledger and liability ledger would be updated on any activity by the taxpayer in relation to these. Details about the payment of tax under CGST, SGST, IGST and Additional tax separately has to be populated from the debit entry in credit/cash ledger. The GST law may have provisions for categorically maintaining the account for CGST, SGST, IGST, additional tax long with other minor heads for interest, penalty, fee etc. Taxpayer may opt to claim the refund of excess payment via the return for which concerned field will be given in the return form. Details regarding the ITC balance (CGST, SGST and IGST) at the end of the taxable period will be auto-populated in the ITC ledger despite the mode of filing of return. The return would also consist of a field for the taxpayer to either claim the refund or to carry forward the ITC balance (CGST, SGST and IGST). There may be provisions stating that the refund will be processed quarterly. The GSTR3 form will be auto-populated through GSTR- 1 (of suppliers), GSTR-2, ISD return, TDS return of deducting party, ITC ledger, cash ledger and tax liability ledger.
GSTR4: Compounding taxpayers would have to file a quarterly return called GSTR4. Taxpayers otherwise eligible for the compounding scheme can opt against the compounding and file monthly returns and thereby make their supplies eligible for ITC in hands of the purchasers. The cutoff date for filing GSTR 4 would be the 18th day of the first month of the succeeding quarter.
GSTR5: Non- Resident Taxpayers (foreigners) would be required to file GSTR-5 return for the time period for which registration has been obtained within seven days immediately after the date of expiry of registration. In case the period of registration extends to more than one month, monthly returns would be have to be filed and soon after, the return for remaining period has to be filed within a period of seven days as mentioned earlier. For them, the registration format will be the similar to that for UN bodies. It contains the details of both inward and outward supplies including tax penalties, fees and interest similar to the GSTR4. The difference lies at the HSN details at 8digit level, input tax credit availed and declaration of closing stock of goods.
GSTR6: The ISD is required to file return within 15 days after the end of the month. This form will contain details of ISD and the recipient. The GST registration number has to be mentioned. There is a table requiring information on supplier invoices which forms the base of ITC. These details will be auto populated but can also be entered manually. The invoice details with document number and date has to be entered. The amount of CGST, IGST and SGST credit as applicable has to be mentioned.
GSTR7: The taxes deducted at source at certain percentages have to be filed here. The purchasers cutting TDS will be required to file this return. It is similar to income tax form 26Q/24Q. The invoice number and TDS certificate with dates of both have to be entered.
GSTR8: The annual return will be compulsory for all tax payers. It would be a summary of monthly reports filed during the year. The returns have to conform to the audited financial statement of the taxpayer. The purpose of this form is to provide a comprehensive view of the activities of the tax payer.