GST Returns – Types and Due Date

A GST return can be said to be a document that a taxpayer is required to file as per the law with the tax administrative authorities. As per the rules framed under the GST, the normal taxpayer is required to file a total number of 3 monthly GST returns a yearly return. Different types of tax payer have to file a different type of monthly return.

The GST Return is to be mandatorily filed as the non-filing of the same may lead to penalties and interest and the disallowance of input tax credit.

Types of return and the date of filling the same are given as under:

Type of Form Description of the Form Person liable to file Time limit of filling
GSTR-1 Details of outward supplies of taxable goods and services affected. Registered Taxable Supplier 10th of the next month
GSTR-2 Details of inward supplies of taxable goods and services affected claiming input tax credit. Registered Taxable Recipient 15th of the next month
GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax. Registered Taxable Person 20th of the next month
GSTR-4 Quarterly return for compounding taxable person. Composition supplier 18th of the month succeeding quarter.
GSTR-5 Return for a Non-Resident foreign taxable person. Non-Resident taxable person 20th of the next month
GSTR-6 Return for input service distributor. Input Service Distributer 13th of the next month
GSTR-7 Return for authorities deducting tax at source. Tax Deductor. 10th of the next month
GSTR-8 Details of supplies effected through E-Commerce operator and the amount of tax collected. E-Commerce/ Tax Collector. 10th of the next month
GSTR-9 Annual Return Registered Taxable Person 31st December of next Financial year.
GSTR-10 Final Return Taxable person whose registration has been surrendered or canceled. Within 3 months of the date of cancellation or date of cancellation order, whichever is later
GSTR-11 Details of inward supplies to be furnished by a person having UIN. Person having UIN and claiming a refund. 28th of the month following the month for which statement is filed.

 

A brief description of the GST Returns:

Returns to be filed by the Normal Tax Payer:

GSTR-1

The following information is required to be submitted for filing this return:

  1. GSTIN of the taxable person.
  2. Name of the taxpayer.
  3. The period for which the return is filed.
  4. Gross turnover in last financial year.
  5. Taxable outward supplies.
  6. Debit note or Credit note details.
  7. Exempted or Nil Rated and Non- GST Supplies.
  8. Tax liability arises out of advance receipt.
  9. Tax paid.The following information is required to be submitted for filing this return:

GSTR-2

  1. GSTIN of the taxable person.
  2. Name of the taxpayer.
  3. The period for which the return is filed.
  4. Details of the inward supplies.
  5. Import of goods in the current period and earlier period.
  6. Services received from the person outside India.
  7. Credit received from Input Service Distributor.
  8. Input Tax Credit Reversal.
  9. Tax Paid.The following information is required to be submitted for filing this return:

GSTR-3

  1. GSTIN of the taxable person.
  2. Name of the taxpayer.
  3. Address of the person.
  4. The period for which the return is filed.
  5. Total Turnover.
  6. Details of outward Supplies.
  7. Details of Inward Supplies.
  8. Details of Tax Liability for the period.
  9. Details of the TDS for the period.It is an annual return, it is nothing but the accumulation of all the 12 months GSTR-3 returns. It will include the information regarding the tax paid during the year.

Returns filed by the Composition Tax Payer

GSTR-4

  • GSTR-4A: Details regarding the inward supplies as mentioned in GSTR-1 is contained in this form.
  • GSTR-4: It is a quarterly return, in this form the taxpayer has to submit detailed information on his outward supplies. It also contains the details of tax payment and tax already paid.
  • GSTR-9: It is the annual return for the composition tax payer. It includes the details of the all the quarterly returns filed by the taxpayer during the year.

Returns to be filed by an Input Service Distributor:

  • GSTR-5: Any nonresident individual has to compulsorily file this form. This form contains the details regarding the outward supplies, imports made, tax paid and input tax credit availed. This return has to be filed within 20th of the next month and in case if the registration is given up then, in that case, it is to be filed within 7 days of such surrender or the expiry.

Returns to be filed by Foreign Non-Resident Taxpayer

  • GSTR-6A: It is a monthly return. This return is filed only when the supplier has filed the Return GSTR-1. This return contains the details regarding the inward supplies made to the Input Service Distributor.
  • GSTR 6: It is a monthly filing. Once the details of the ISD is confirmed then only this form can be generated.

Returns to be filed by the Tax Deductor:

  • GSTR-7: It is a monthly return. Details of the tax deducted during the month are to be furnished here.

Return to be filed by an E-Commerce Portal:

  • GSTR-8: This return is to be filed by the supplier of E-commerce goods or service. The return shall contain the details of the supplies made by the supplier.

GSTR 3B Return:

  • Tax authority to reduce the burden of tax payers has introduced a form called as Form 3B. This form is a type of self-declaration return. This form is introduced for the month of July and August. This form is required to be filed by every registered tax payer except Tax payer who is paying under the Composition scheme. For each GSTIN separate return shall be filed.

GST – Composition Scheme Threshold Limit Changes

After the 16th GST Council meeting held on Sunday, 11th June 2017 Finance Minister Mr. Arun Jaitly announced a further reduction in tax rates for 66 items, as well as an increase in the threshold limit for the composition scheme, which was earlier 50 lakh and is now increased to 75 lakh rupees. It means that any taxpayer with an aggregate turnover up to 75 lakh can apply for the scheme. This move is to include more small and medium sized businesses and traders under the composition scheme’s umbrella and to extend its benefits to a wider base of SMEs.
However, it is yet to be decided if there will be any change in the threshold limit for suppliers based in special category states. Any decision regarding this will be made at the next council meeting.
In today’s economy, where initiatives like ‘Made in India’ are introduced, there is a rapid increase in small and medium-sized enterprises. The government is providing many safeguards and subsidies on its parts to such SMEs to help them face market competition and stand on par with imports.
What is a composition scheme in GST?
The composition scheme provision provided under the GST laws is a relief granted to small businesses and taxpayers. Taxpayers registered under it are taxed at lower rates and are required to comply with lesser compliances as compared to normal taxpayers.
Section 10 of the Central Goods and Services Act, 2017 provided that every taxpayer with aggregate turnover less than fifty lakh rupees were eligible to apply for registration under the composition scheme. The act also provided that such threshold limit of 50 lakh rupees can further be increased up to 1 Crore rupees by the government at the recommendation of the council.
Positive Response to the Change
This decision to increase the threshold limit is widely appreciated by the general public and public officials alike. West Bengal Finance Minister Amit Misra had told reporters that “This is a big decision in favor of traders. It’s a people-centric decision, will benefit the common people. The biggest win is for SMEs today. The biggest development for small and medium enterprises (SMEs) and small businesses that contribute on a large scale to the GDP and job sector of the country,”
In the statement issued by the Finance Minister, he stated that the reason for such changes was the feedback and input they received from key industry players. This signifies a significant dialogue channel created by the ministry, which is a significant requirement for any government. Thus the government’s decision is highly praised, as now more taxpayers are included under its ambit, and can avail the benefits of lesser compliance requirements and reduced the financial burden as the tax rates are very low under the scheme.