GST RETURNS

Introduction:

GST, as you all know, is Goods & Service Tax. From July 2017, it has been implemented in India and is to be followed by every business person registered under the act. It is an indirect tax and should be applied and filed by businessmen only on th purchase and sales they make.

Essential Features of GST:

• GST return filing and payment is a fully online process, and every it includes punching of sales, purchase, credit notes, debit notes transactions, and involves paying of tax, return filling, claiming an input tax credit, and much more.
• The underlying motive is to able a taxpayer to file all his returns showing all sale purchases and related transactions of a business.
• A GST registered taxpayer needs to file monthly, however annual returns. 
• Every GST payer has to file different returns designated to his category of registration in GST.
• GST council to make the process simple has categorized business as having turnover below 1.5crores, above 1.5crores and above 5crores, and accordingly made less compliance for fewer turnover taxpayers.
• Officially, returns can be filed using any of the following methods:

1. GSTN portal (gst.gov.in).
2. Offline utilizes provided by GSTN.

The following table lists the various types of returns under GST Law:

Return	Description	Who Files?	S t a n d a r d Date for filing
GSTR1*	Statement of Outward supplies of Goods or Services	Normal Registered Person	10th of the next month
GSTR2*	Statement of Inward supplies of Goods or services	Normal Registered person	15th of the next month
GSTR3*	Return for a normal taxpayer	Normal Registered Person	20th of the next month
GSTR3B	S i m p l e M o n t h l y Return for the period Jul 2017 to March 2018	Normal Registered Person	20th of the next month
GSTR-4	Quarterly Return	Taxable Person opting for Composition Levy	18th of the month succeeding the quarter
GSTR-5	Monthly return for a non-resident taxpayer	Non-resident taxpayer	20th of the month succeeding tax period & within 7 days after expiry of registration
GSTR5A	Monthly return for a person supplying OIDAR services from a place outside India to a non-taxable online recipient	Supplier of OIDAR Services	20th of the next month
GSTR-6	Monthly return for an Input Service Distributor (ISD)	Input Service Distributor	13th of the next month
GSTR-7	Monthly return for authorities deducting tax at source	Tax Deductor	10th of the next month
GSTR-8	M o n t h l y statement for E-Commerce Operator depicting supplies effecting through it	E-Commerce Operator	10th of the next month
GSTR-9	Annual Return	R e g i s t e r e d Person other than an ISD, T D S / T C S Taxpayer, casual taxable person and Non-resident taxpayer	31st December of next Financial Year
GSTR9A	S i m p l i f i e d Annual Return under Composition Scheme	Taxable Person opting for Composition Levy	31st December of next Financial Year
GSTR10	Final Return	Taxable person whose registration has been surrendered or cancelled	Within three months of the date of cancellation or date of order of cancellation, whichever is later.
GSTR11	Details of inward supplies to be furnished by a person having UIN	Persons who have been issued a Unique Identity Number(UIN)	28th of the next month

Calendar for Return filing:-

The due dates for filing various GST returns may vary from the Standard dates mentioned in the table above. Various notifications are issued from time to time in this regard and as per the notifications issued on 29/12/2017.

Return	Category of Taxpayer	Time Period	Due Date
GSTR3B	All taxpayers to file along with payment of tax Quarterly basis	Every month till March 2018	20th of the succeeding month
GSTR-1	Taxpayers with annual aggregate turnover up to Rs 1.5 Crore to file on	J u l y – S e p 2017	10th Jan 2018
		O c t – D e c 2017	15th Feb 2018
		J a n – M a r 2018	30th April 2018
	Taxpayers with annual aggregate turnover of more than Rs 1.5 Crore to file on Monthly basis	J u l y – O c t 2017	10th Jan 2018
		1st November 2017	10th Jan 2018
		1st December 2017	10th Feb 2018
		1st January 2018	10th Mar 2018
		1st February 2018	10th April 2018
		1st March 2018	10th May 2018
GSTR-4	Taxpayers who have opted for Composition scheme to file every quarter	Jul-Sep 2017	24th Dec 2017
GSTR-5	Non Resident Taxable Person to file every month	Jul-Dec 2017	31st Jan 2018
GSTR5A	Taxpayers supplying OIDAR services from a place outside India to a non-taxable online recipient	Jul-Dec 2017	31st Jan 2018
GSTR-6	Input Service Distributor	1st July 2017	31st Dec 2017

Due Dates for Filing of Return in GST:

Sr.No	Return Form	Due Date
1	GSTR-1	10th of Next Month
2	GSTR-2	After the 10th but before 15th of Next Month
3	GSTR-3	20th of Next Month
4	GSTR-4	18th from end of the Quarter
5	GSTR-5	20th from end of the month or within 7 days after the last day of validity of registration whichever is earlier
6	GSTR-6	13th of Next Month
7	GSTR-7	10th of Next Month
8	GSTR-8	10th of Next Month
9	GSTR-9	31st December of Next Financial Year
10	GSTR-9A	31st December of Next Financial Year

Details of GST Return Forms:

This information shows the details of all GST return forms & details of returns which are required to be filed under the GST Law:

 Who is required to furnish the return?

GSTR 1: A registered person shall be required to submit details of outward supplies other than the following registered person

1. Input Service Distributor
2. Non-Resident Taxable Person
3. A person paying tax under section 10, i.e., person opting for Composition Levy
4. A person required to deduct tax at source i.e.person paying tax under section 51
5. A person required to collect tax at source i.e.person paying tax under section 52

GSTR 2: A registered person shall be required to submit details of Inward supplies other than the following registered persons:

1. Input service distributor
2. Non-Resident Taxable person
3. A person paying tax under section 10, i.e., person opting for Composition Levy
4. A person required to deduct tax at source, i.e., a person is paying tax under section 51.
5. A person required to collect tax at source, i.e., a person paying tax under section 52

GSTR 3: A registered person shall be required to submit a return in form GSTR-3, barring the following registered persons:

1. Input service distributor
2. Non-Resident Taxable person
3. A person paying tax under section 10, i.e., person opting for Composition Levy
4. A person required to deduct tax at source, i.e., a person is paying tax under section 51.  
5. A person required to collect tax at source, i.e., a person paying tax under section 52

GSTR 4: Registered person paying tax under section 10, i.e., a person paying composition levy in lieu of tax

GSTR 5: Registered Non-Resident Taxable person

GSTR 6: Taxable person registered as Input Service Distributor

GSTR 7: The registered person required to deduct tax under section 51

GSTR 9/9A: A registered person shall be required to submit Annual return other than the following registered person

1. Input Service Distributor
2. Non-Resident Taxable person
3. A person required to deduct tax at source, i.e., a person paying tax under section 51
4. A person required to collect tax at source, i.e., a person paying

Late Filing Fees:-

• The GST Act mandates filing returns. 
• In cases where there are no transactions for a particular period, taxpayers will still need to file a nil GST return. 
• Returns cannot be revised. 
• According to the GST Act, late fees of Rs. 50 per day per return will be levied on companies in cases of late filing returns with data
• Rs. 100 per day of delay in normal cases
• Rs. 20 per day of delay for taxpayers having nil tax liability for the month

Conclsuion:

Overall GST even if named one nation one tax is yet a evolving tax and hence yet to be grasped and followed by everyone. Hence consulting a professional for the same is very important.

At Consultaxx, we do all kinds of GST returns starting from Rs.800 per month. If interested, please contact us through our e-mail or our contact no. or by visiting our office.