A Brief Guide to GST Returns
On the morning of July 1, 2017, there were talks all around the country about the new tax reform called GST. This was one of the most awaited and the biggest tax laws in the history of India. The aim for introducing GST was that it would play a major role in the development of the country. It can give growth of the economy of the nation by bringing together the state economies. You know that GST is a multi-stage indirect tax which is levied on the sale of goods and services.
About GST Returns:
To get the full advantage of GST, you must register yourself on the GST Portal. If you have already registered your business on GST portal, you have to file monthly, quarterly, or annual GST Returns based on what type of business you own. Returns are the documents containing details of income of a business that a taxpayer needs to file with the tax administrative authorities. This is important as the tax authorities need them to calculate the tax liability. If you are a registered dealer, you have to file GST Returns which includes the purchases, sales, output GST (on sales) and input tax credit for a particular period of time. For filing GST Returns one needs to submit GST compliant sales and purchase invoices. There are several online services from where you can generate your GST compliant invoices.
GST Returns filing by Normal Taxpayers:
There are several GST returns which is to filed by the normal taxpayers such as,
GSTR-1: In this type, the taxpayer has to record all the outward supplies of goods and services in detail. 10th of the next month is the deadline for filing return.
GSTR-2A: It is generally available after the 10th of the next month for the validation of the information by the recipient.
GSTR-2: This is for all inward supplies of goods and services by the recipients. 15th of the next month is the last due date for this.
GSTR-1A: After filing GSTR-2, this form must auto-populate by the 15th of the next month.
GSTR-3: It has all the information of inward and outward supplies. This will automatically generate by 20th of the next month.
GSTR-9: It is the annual return that one needs to file by 31st December of the coming financial year. It is generally a collection of all the GSTR-3 filing throughout the year.
Foreign Non-Resident Taxpayers filing GST returns:
GSTR-5: It includes all the details of the outward supplies, imports, tax paid, available input tax and remaining stock. The last date for this is 20th of the next month.
To be filed by the Input Service Distributors:
GSTR-6: It generates after the confirmation by ISD and correction of the details. The last date for filling this return is 13th of the next month.
Tax Deductors-filing GST returns:
GSTR-7: All the details concerning the tax deductions are made in this form. Last date for this is 10th of the next month.
E-Commerce Portals-filing GST returns:
GSTR-8: All the details of supply and the amount of tax collection by the e-commerce portals are written. Due date is 10th of the next month.