GST Return – What is GST Return? Who Should File, Due Dates & Types of GST Returns

In India, Every Businesses registered under GST must file their GST returns with a frequency that aligns with their GST return form – Monthly, Quarterly, and Annual Return yearly. This requirement might seem daunting, but with the online assistance of GST professionals from DisyTax, navigating through the necessary processes can be straightforward. Taxpayers must adhere to the notified deadlines for their GST submissions.

Streamline your GST Return filing process and maintain compliance effortlessly with DisyTax

File GST returns with DisyTax now and keep your business ahead with ease!

What is GST Return?

A GST return is a document containing details of all Income/Sales and Expenses/Purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.

Under GST, a registered dealer has to file GST returns that broadly include:

·        Purchases

·        Sales

·        Output GST (On sales)

·        Input tax credit (GST paid on purchases)

Who Should File GST Returns?

GST returns must be filed by every business or individual who registered under the GST regime. This obligation applies to entities whose annual aggregate turnover surpasses the notified threshold, which is set by the GST authorities and may differ for various classifications of taxpayers, such as Regular taxpayers and those opting for the composition scheme.

How Many Returns are there under GST?

Within the Goods and Services Tax (GST) system, 13 returns cater to different facets of a taxpayer’s financial dealings. It’s important to recognize that not all taxpayers must file every type of return; the specific returns that need to be filed depend on the taxpayer’s category and the particulars of their GST registration.

Below is a glance of the 13 GST returns:

• GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
• GSTR-3B:  Summary return of outward supplies and input tax credit claimed, along with payment of tax by the taxpayer.
• GSTR-4: Return for a taxpayer registered under the composition scheme under Section 10 of the CGST Act.
• GSTR-5: Return to be filed by a non-resident taxable person conducting taxable transactions in India.
• GSTR-5A: For providers of online information and database access or retrieval services.
• GSTR-6: Return for an input service distributor to distribute the eligible input tax credit to its branches.
• GSTR-7: For entities required to deduct TDS under GST.
• GSTR-8: Return to be filed by e-commerce operators containing details of supplies effected and the amount of tax collected at source by them.
• GSTR-9: An annual comprehensive return summarizing all periodical filings over the fiscal year.
• GSTR-10: The final return upon cancellation or surrender of GST registration.
• GSTR-11: For those with a Unique Identity Number, claiming refunds on their purchases.
• CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
• ITC-04: For manufacturers to declare details about goods dispatched to and received from a job worker.

Additionally, there are return-related statements for input tax credits:

• GSTR-2A (dynamic): Offers a real-time perspective of inward supplies as suppliers report in GSTR1.
• GSTR-2B (static): Provides a fixed snapshot of inward supplies based on the suppliers’ filings.

For small taxpayers enrolled in the Quarterly Return Monthly Payment (QRMP) scheme, the Invoice Furnishing Facility (IFF) permits the declaration of B2B sales during the first two months of a quarter. Nonetheless, these taxpayers are obligated to remit taxes monthly using Form PMT-06.

GSTR-1 (Return for Outward Supplies)

GSTR-1 is a monthly/quarterly return that summarises all sales (outward supplies) of a taxpayer. You must make sure that a valid GSTIN is filled while entering sales invoice details.This encompasses all sales-related invoices and adjustment notes for the given tax period. Every regular taxpayer under GST, including those classified as casual taxable persons, is obligated to file GSTR-1.

Submission Deadlines

• Monthly: Due on the 11th of the subsequent month for businesses whose yearly turnover exceeds Rs. 5 crore or for those not enrolled in the QRMP scheme.
• Quarterly: Due on the 13th of the month after the quarter’s end for businesses participating in the QRMP scheme.
  
  

GSTR-2A (Dynamic Read-Only Return)

GSTR-2A is a purchase-related tax return automatically generated for every business registered under the Goods and Services Tax (GST). It is a statement that captures details of all your purchases for a particular month.

GSTR-2A is an automatic return generated for a taxpayer from the seller’s/counterparty’s GSTR-1, GSTR-5, GSTR-6, GSTR-7, and GSTR-8.

GSTR-2B (Static Read-Only Return)

Introduced in August 2020, GSTR-2B is a new static month-wise auto-drafted statement for regular taxpayers (whether or not opted into the QRMP scheme).

The statement will clearly show document-wise details of ITC eligibility. ITC information will be covered from the filing date of GSTR-1 for the preceding month (M-1) up to the filing date of GSTR-1 for the current month.

It supports purchasers in matching their ITC claims for each tax period, advising on necessary actions for each listed invoice, including any need for reversals, ineligibility, or application of the reverse charge.

GSTR-2 (Deferred Return)

GSTR-2, an editable return, is presently deferred and was meant for registered purchasers to declare their inward supply of goods and services for a tax period. Initially planned to be auto-filled from GSTR-2A, its filing has been on hold since September 2017.

GSTR-3 (Deferred Return)

GSTR-3, a suspended monthly summary return for regular taxpayers, compiled concise figures of both outward and inward supplies, input tax credits, tax liabilities, and tax payments. It was automatically generated from GSTR-1 and GSTR-2 filings but has been deferred since September 2017.

GSTR-3B (Consolidated Return)

GSTR-3B is the summary return that taxpayers must file regularly to show details of sales, ITC claims, tax liability, refunds, etc recorded on their GSTIN. Before submitting GSTR-3B, it is critical to reconcile sales and ITC details with GSTR-1 and GSTR-2B records.

Submission Deadlines

• Monthly: Due by the 20th of the month following the reporting month for taxpayers with an annual turnover above Rs. 5 crore.
• Quarterly: Due by the 22nd of the month following the quarter for ‘X’ category states and by the 24th for ‘Y’ category states for taxpayers with a turnover of up to Rs. 5 crore in the QRMP scheme.
  
  
  GSTR-4 (Return for Composition Scheme Taxpayers)

GSTR-4 is the Annual Return for those under the Composition Scheme. Due Date of GSTR-4 is April 30th of the subsequent financial year. Until the FY 2018-19, the return was filed every quarter which got replaced by CMP-08.

Under the Composition Scheme, businesses with turnover up to Rs. 1.5 crores may pay tax at a predetermined rate on their turnover. Service providers with a turnover of up to Rs. 50 lakh can opt for a similar benefit.

GSTR-5 (Return for Non-Resident Foreign Taxpayers)

GSTR-5, required by non-resident foreign taxpayers engaged in business in India, provide details of their outward and inward transactions, adjustments, tax liabilities, and payments.

As per the GST Act, the due date to file GSTR-5 is every 13th of next month.

GSTR-5A (Return for OIDAR Service Providers)

GSTR-5A is the monthly summary for providers of Online Information and Database Access or Retrieval Services, due by the 20th of every succeeding month.

GSTR-6 (Return for Input Service Distributors)

GSTR 6 is a monthly return that has to be filed by an Input Service Distributor. It contains details of ITC received by an Input Service Distributor and distribution of ITC.

GSTR 6 contains details of all the documents issued for distribution of Input Tax Credit and the manner of distribution of credit and tax invoice on which credit is received. GSTR 6 has to be filed by every ISD even if it is a nil return.

The due date for filing of GSTR 6 as per GST Act is 13th of next month.

GSTR-7 (TDS Return)

GSTR-7 is a monthly return filed by individuals who deduct tax at source or TDS under the Goods and Services Tax (GST). Every GST registered individual who deducts TDS under GST must file in Form GSTR-7 by the 10th of next month. The form contains details of TDS deducted, TDS payable, TDS refund, etc.

GSTR-8 (Return for E-commerce Operators)

GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST. GSTR-8 contains the details of supplies effected through e-commerce platform and amount of TCS collected on such supplies.

GSTR-8 filing for a month is due on 10th of the following month.

GSTR-9 (Annual Return)

GSTR-9 is an annual GST return return filed by 31st December of the year following the particular financial year. GSTR-9 return contains sales, purchases and GST charged and paid on the same during the financial year. Registered taxpayers under GST must file GSTR-9 if their annual turnover limit exceeds Rs. 2 crores.

Due dates for various types of GST returns

Penalty for Late Filing of GST Returns

If you submit GST returns late, you could face penalties and interest charges. Businesses should submit their respective GST return on or before due date to avoid these costs. Here’s what you need to know about late GST returns:

• Filing Returns is Required: Every registered taxpayer has to file GST returns regularly, even if there’s no business activity.
• Delays Lead to More Delays: If you miss a filing deadline, you can’t file for the next period until you’ve filed for the previous one. This can lead to a pile-up of late returns.
• Penalties for Late Filing: If you file GSTR-1 late, for example, you’ll get a penalty that shows up when you file GSTR-3B.
• Interest on Late Tax Payments: If you owe taxes and pay late, you’ll be charged 18% interest per year on the amount you owe, starting from the day after the due date until you pay
• Late Filing Fees: The law sets the late filing fee at Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
• Annual Return Late Fees: For yearly returns like GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in your state or UT unless the government provides relief or changes the fees.
  
  
  

How do you file the GST returns?

DisyTax is a leading business service platform in India; we offer end-to-end GST services. We have helped thousands of business owners to get GST registration, as well as file GST returns.

Outsource GST Compliance to DisyTax

Outsource your GST compliance to DisyTax to ease your compliance burden and focus your efforts on growing your business

When GST return filing is outsourced to DisyTax, a dedicated GST advisor is assigned to the business.

This dedicated advisor would reach out to you every month and collect the necessary information, prepare the GST returns, and help in filing the GST returns.

Benefits of choosing DisyTax for the GST returns

• Dedicated GST Advisor

A relationship manager with experience in the sector that you operate in will guide you through the process of GST registration and filing. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.

• Reminder to file GST returns

Our platform ensures that you get timely reminders well in advance of the deadline beyond which penalty will be applicable. In addition to this, your GST advisor will remind you periodically so that no deadlines are missed.

• Monthly GST Status reports

Monthly reports detailing the status of GST return filing, including GSTR- 3B and the way forward, will be shared with the clients by the GST advisors.

Documents Required For GST Return Filing

• Tax Invoice of Sales
• Purchase Invoices
• Bank Statement
• Amended Invoices
• Credit Notes
• Debit Notes
• Accounting Data
  
  

Frequenty Asked Questions (FAQs)

What is GST Return?

A GST Return is a mandatory legal document that all GST-registered businesses must submit. It comprises detailed information about a business’s income and expenses. This document is essential for tax authorities to calculate the taxpayer’s net tax liability.

Who Should File GST Returns?

GST Returns must be filed by any business or individual registered under GST in India. This requirement is particularly applicable to those whose annual turnover exceeds a certain threshold set by the tax authorities.

How Many Returns are there under GST?

The GST framework includes 13 different types of returns, catering to various aspects of a taxpayer’s financial transactions. However, not every taxpayer is required to file all these returns; it depends on their business category and GST registration details.

What is GSTR-1?

GSTR-1 is a monthly or quarterly return for reporting details of a business’s outward supplies, i.e., sales. For businesses with an annual turnover above Rs. 5 crore, it is filed monthly by the 11th of the subsequent month. For others, it’s filed quarterly by the 13th of the month following the quarter.

What is GSTR-3B?

GSTR-3B is a monthly summary return that consolidates information on outward supplies, input tax credit claims, and tax payments. It’s due by the 20th of the following month for businesses with an annual turnover above Rs. 5 crore.

What is GSTR-4?

GSTR-4 is filed annually by taxpayers enrolled under the Composition Scheme. This return summarizes the turnover and corresponding tax for the year and is due by April 30th of the subsequent financial year.

What is GSTR-5?

GSTR-5 is a monthly return filed by non-resident foreign taxpayers who conduct taxable transactions in India. It includes details of both outward and inward supplies and is due by the 20th of each month.

What is the Penalty for Late Filing of GST Returns?

Late filing of GST Returns attracts penalties and interest. The late filing fee is Rs. 100 per day per act (CGST and SGST), capped at Rs. 5,000. Additionally, late tax payments incur an 18% per annum interest charge.

How to File GST Returns?

GST Returns can be filed online through platforms like DisyTax

What is the Composition Scheme in GST?

The Composition Scheme is for small taxpayers, allowing them to pay GST at a fixed rate on their turnover instead of the standard rate.

What is GSTR-2A and GSTR-2B?

GSTR-2A and GSTR-2B are read-only returns that provide details of inward supplies. GSTR-2A is dynamic and updates real-time, while GSTR-2B offers a fixed monthly snapshot.

What Happens if I Miss Filing a GST Return?

Missing a GST return filing deadline leads to penalties and can prevent filing subsequent returns until the missed ones are submitted. File GST returns easily through DisyTax.

What is GSTR-9?

GSTR-9 is an annual return summarizing all periodic GST filings for the year. It must be filed by December 31st of the following financial year.

What is GSTR-6?

GSTR-6 is a monthly return filed by Input Service Distributors, detailing the input tax credits received and distributed.

Who Can Opt for the Quarterly Return Monthly Payment (QRMP) Scheme?

The QRMP scheme is available to small taxpayers, allowing them to file quarterly returns while making monthly tax payments.

What is the Due Date for GSTR-7?

GSTR-7, which is the return for entities required to deduct TDS under GST, must be filed by the 10th of the month following the tax period.

How will the service be delivered?

You will have a dedicated GST Accountant assigned to your business. Each month, the Accountant will collect all the information and file your GST returns.

How will the information or documents be collected?

You can send us the information through email in any platform or upload the information. We also accept soft copy of invoices and purchase data.

What returns will be filed?

We will file GSTR-3B return and GSTR-1 return for regular taxpayers registered under GST. For composition dealers, we will assist in filing GSTR-4 return.