Goods and Services Tax (GST) is a form of indirect tax on the supply of goods and services from July 1st, 2017. It is a value-added tax levied on most goods and services sold for domestic consumption. It eliminates the cascading effects of taxes. There are 4 types of GST levied namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST). The rate of taxes levied under each may differ.
Types of GST Returns
GSTR-1 is a monthly return to be furnished for reporting all the outward supplies of goods and services made during the month by a registered supplier. In other words, to report all the sales transactions made during the month and should also report the debit and credit notes issued. It is to be filed monthly; except for small taxpayers whose turnover is less than 1.5 Crores in the previous financial year can file the same on a quarterly basis.
Every registered taxpayer under GST should file GSTR-1 each month. If there is any changes made to previous period invoices then that amended invoices can also be included in the current month.
The standard due date for filing GSTR-1 is 10th day of the succeeding month for which the return is to be filed. However, it may be extended by the commissioner beyond the 10th day for any class of persons. Then such a reason for extension should be mentioned.
GSTR-2 is a monthly return to be furnished for reporting all the inward supplies of goods and services made during the month by a registered supplier. In other words, to report all the purchase transactions made during the month. The details in GSTR-2 will be auto-populated from GSTR-2A. But the information in GSTR-2 can be edited.
Every registered taxpayer under GST should file GSTR-2 each month with the details regarding all the inward purchases as well as debit and credit notes issued.
The process of making changes and filing GSTR-2 is to be made between 11th to 15th of the succeeding month for which the return is to be filed.
GSTR-2A contains details of all inward supplies of goods and services i.e. purchases made from the registered Suppliers. It is an auto-populated return and the information is auto-populated based on the return filed by their supplier in GSTR-1.
It is a read-only document and cannot be edited. Thus the recipient can make modifications only in the GSTR-2 and this can be done between 11th to 15th of the succeeding month.
GSTR-3B is a summary return to be furnished with the details of all inward supplies received; outward supplies made and Input tax credit claimed and the details of tax liabilities and tax paid.
It the self-declaration return showing the summary of all the purchases and sales and the GST Tax liabilities after setting off the Input Tax Credit if any. This form cannot be revised. Both the supplier and recipient file GSTR-3B separately.
This return should be filed even if the tax liability is Nil. It should be file by 20th of the succeeding month for which the return is filed. In case of no transaction during a particular period then NIL Return should be filed.
GSTR-4 is a quarterly return for the taxpayers who have opted for Composition Scheme. Now GSTR-4 is replaced by CMP-08. Under Composition Scheme, the taxpayers whose turnover is less than 1.5 Crores can opt into this scheme and file a quarterly return.
The due date for filing GSTR-4 is 18th of every month following the quarter for which such a return needs to be filed.
GSTR-5 is a return to be submitted by Non-resident taxpayers registered under GST act for carrying business transactions within India. This return should contain all details of inward supplies, Outward supplies, Credit and debit note issued and tax paid.
The due date of GSTR-5 is earlier of:
- within 20 days after the end of the calendar month or within
- 7 days after the last date of validity of the registration.
GSTR-6 is return to be filed by the Input Service Distributor (ISD). This return should be filed every month showing the details of Input Tax Credit received and distributed by the ISD. These details are visible to the recipient in part B of form GSTR 2A.
This return is to be filed before the 13th of the succeeding month for which the tax is to be paid.
GSTR-6A is an auto-populated and read-only return. It auto-populates the information based on the details furnished by the supplies of an ISD in form GSTR-1.
GSTR-7 is a monthly return to be filed by taxpayers who are required to deduct TDS. It will contain details like TDS deducted, TDS liability payable and paid and TDS refund claimed.
GSTR-7 is required to be filed by the deductor within 10 days after the end of the month in which the deduction was made.
GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST who are required to collect tax at source (TCS). This return reflects details of the supplies made through an e-commerce portal and the amount of tax collected from suppliers of goods and services.
The last date to file GSTR 8 is the 10th day of the month succeeding the month for which TCS is to be collected.
GSTR-9 is an Annual Return to be submitted by all the registered taxpayers electronically. It is to be filed by everyone except Input Service Distributor, Composition scheme dealers, Casual taxable persons and Non-resident Taxable person.
GSTR-9 contains all the details of outward supplies made, inward supplies received during the relevant previous year under different heads of GST like CGST, SGST, and IGST along with the tax payable and paid.
GSTR-9 return needs to be furnished on or before the 31st day of December following the end of such financial year.
GSTR-9A is an annual return like GSTR-9 to be file by the taxpayers who have opted for Composition Scheme. It is a consolidation of all quarterly returns filed during the year.
The due date to file GSTR 9A is on or before December 31 succeeding the close of a particular financial year for which the return needs to be filed.
Note: GSTR-9A filing for Composition taxpayers has been waived off for FY 2017-18 and FY 2018-19 as per the decision taken in the 27th GST Council meeting.
GSTR-9b is an annual return to be filed by the electronic commerce operators who are required to collect tax at source.
The e-commerce taxpayers are required to file GSTR-9B on or before 31st December following the close of the financial year.
GSTR-9C is an annual return to be filed by the taxpayers whose turnover exceeds 2 Crores in a financial year. The person having an aggregate turnover of 2 Crores is required to get his accounts audited by a Chartered Accountant or Cost Accountant.
GSTR 9C is a reconciliation statement reconciling value of supplies declared in annual return with the audited annual accounts.
The due date for filing GSTR-9C is on or before 31st December of the year subsequent to the relevant FY under audit.
GSTR-10 is to be filed by a taxable person whose registered has been canceled or surrendered. This return is also called a final return and has to be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.
GSTR-11 is a return to be furnished by a person who has been allotted a Unique Identification Number (UIN). UIN is issued so that the registered person obtaining the same can claim refunds for GST paid on goods and services purchased by them in India.
Penalty for Late Filing of Returns
GST return filing is mandatory even though there is no transaction in a particular period a NIL return is to be filed. If a taxpayer fails to furnish the details of outward supplies made then a fine of Rs.200 is to be charged for each day of default (i.e. Rs.100 for CGST and Rs.100 for SGST) till it reaches to the maximum amount of Rs.5000. But there are no late fees for IGST.
Note: A person cannot file a return if he did not file the previous month/Quarter’s return. The late filing fee of the GSTR-1 is populated in the liability ledger of GSTR-3B filed immediately after such delay.
Interest for Late Filing of Returns
The interest for late filing is 18% per annum. It is calculated on the outstanding tax payable amount. The interest is calculated from the day succeeding the due date for filing the GST return until the date of payment of tax by the taxpayer.