GST is a destination-based tax system, which came into effect in India on July 1, 2017. It has been implemented to replace multiple indirect taxes like VAT, service tax, etc. GST is levied on the supply of goods and services across India. In this article, we will discuss GST returns, who should file them, their due dates, and the different types of GST returns available.
A GST return is a document containing details of income that a taxpayer needs to file with the tax authorities. It is a document that contains details of all sales, purchases, taxes collected and paid, input tax credit claimed and other details related to GST. A GST return is used to calculate the tax liability of a taxpayer and also to claim input tax credit.
All taxpayers registered under GST must file GST returns. Even if a taxpayer has not made any transactions during a particular period, they must file a nil return. It is mandatory for all taxpayers to file GST returns, regardless of their turnover. However, certain taxpayers are exempt from filing GST returns. These include:
The due dates for filing GST returns depend on the type of taxpayer, the type of return, and the turnover of the taxpayer. The due dates for filing GST returns are as follows:
Type of Taxpayer Type of Return Due Date Regular taxpayerGSTR-111th of the following month Regular taxpayerGSTR-3B20th of the following month Regular taxpayerGSTR-418th of the month following the quarter Regular taxpayerGSTR-931st December of the following financial year Composition taxpayerGSTR-418th of the month following the quarter
There are several types of GST returns that a taxpayer may be required to file. These include:
GSTR-1 is a monthly or quarterly return that needs to be filed by regular taxpayers. It contains details of all outward supplies of goods or services made by the taxpayer during the period for which the return is being filed. The details include the invoice number, date, value of the supply, and tax collected on the supply.
GSTR-2A is an auto-populated return that is generated based on the information provided in the GSTR-1 return filed by the supplier of goods or services. It contains details of all inward supplies of goods or services received by the taxpayer during the period for which the return is being filed.
GSTR-3B is a monthly return that needs to be filed by regular taxpayers. It is a summary return that contains details of all outward and inward supplies made during the period for which the return is being filed. It also contains details of the tax liability and tax paid by the taxpayer.
GSTR-4 is a quarterly return that needs to be filed by composition taxpayers. It contains details of all outward supplies made during the period for which the return is being filed. It also contains details of the tax paid by the taxpayer.
GST-9 is an annual return that needs to be filed by all taxpayers registered under GST. It contains details of all outward and inward supplies made during the financial year for which the return is being filed. It also contains details of the tax liability and tax paid by the taxpayer.
GST returns are an essential part of the GST system. All taxpayers registered under GST must file GST returns, regardless of their turnover. The due dates for filing GST returns depend on the type of taxpayer, the type of return, and the turnover of the taxpayer. It is important to file GST returns on time to avoid penalties and interest.
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