Goods and Service Tax (GST) has evolved over the past few years. Depending on the type of business, all registered enterprises must file monthly or quarterly GST filings, as well as an annual return. As a result, all businesses must ensure timely compliance to avoid incurring interest or a late fee. A GST return is a document that a registered taxpayer (every GSTIN) is expected to file with the tax authorities, providing data of every income, sales, costs, purchases, and so on. This is used by tax authorities to calculate net tax liability.
What are the types of GST returns, the forms and due dates?
GSTR-1: This return is filed by a taxable supplier who is registered. They should keep track of all taxable items and services that they send out. It must be filed monthly, and the deadline is the 11th of the following month.
GSTR-2: A registered taxable recipient should file this. Inward supplies of taxable goods and services for which an input tax credit is claimed are filed. It’s done once a month, on the 15th of the next month.
GSTR-3: A registered taxable person must file this monthly report after finalising the details of outward and inward supplies, as well as paying the tax due. It must be submitted by the 20th of the next month.
GSTR-4: This quarterly return is filed by composition suppliers, and it’s due on the 18th of the month after the quarter.
GSTR-5: For non-resident taxable persons, this is a monthly return that must be filed on the 20th of the following month.
GSTR-6: It’s an input service distributor’s return. It’s due monthly on the 13th of the next month.
GSTR-7: This form is used by authorities who deduct taxes at source. It’s monthly and is due on the 10th of the following month.
GSTR-8: E-commerce operators or tax collectors must file monthly information of supplies made and tax collected. It is due on the 10th of the next month.
GSTR-9: On December 31 of the next fiscal year, a registered taxable person must file this annual return.
GSTR-10: A taxable person whose GST registration has been cancelled or surrendered must file this return once following the cancellation or surrender of the GST registration. It must be filed within three months of the cancellation date, or the date of the cancellation order, whichever is later.
GSTR-11: A person with a UIN who is demanding a refund is required to file monthly information of inward supplies. It must be completed no later than the 28th of the month following the month in which the statement was filed.
How to File GST Returns Online?
— Click here to visit the GST portal.
— Based on your state code and PAN number, a 15-digit GST identity number will be provided.
— You can upload invoices to the GST portal. An invoice reference number will be provided to each invoice.
— After submitting invoices, you must complete an outward return, an inward return, and a cumulative monthly return online.
— On or before the 10th of the next month, file outbound supply returns in GSTR-1 form using the information section of the GST Common Portal (GSTN).
— The recipient will be able to see the details of the supplier’s outward supplies in GSTR-2A.
— The recipient must verify, authenticate, and alter the specifics of outgoing supplies, as well as provide credit or debit note information.
— In GSTR-2 form, the recipient must include details of inward supplies of taxable goods and services.
— The supplier has the option of accepting or rejecting the recipient’s GSTR-1A adjustments to the specifics of inward shipments.