by Goods and Services Tax (GST) is a tax levied on the supply of goods and services in India. GST has replaced multiple indirect taxes like excise duty, VAT, and service tax with a single tax. GST returns are periodic statements that need to be filed by taxpayers registered under GST. These returns provide details of the transactions made during the period and the tax liability thereon. There are various types of GST returns that need to be filed depending on the type of taxpayer and the nature of the transaction.
There are several types of GST returns that need to be filed by different categories of taxpayers. The frequency and the due date of filing of each return vary depending on the category of the taxpayer. It is essential for taxpayers to understand the types of returns that they need to file and comply with the due dates to avoid penalties and interest.
The government has also introduced several measures to simplify the filing of returns under GST. The introduction of the GSTN portal has made it easier for taxpayers to file their returns online. The government has also provided for the composition scheme, which allows small taxpayers to pay tax at a fixed rate based on their turnover without the need to maintain detailed records.
GSTR-1
GSTR-1 is a monthly or quarterly return that needs to be filed by every registered taxpayer. It contains details of all outward supplies made during the period. Outward supplies refer to sales made by the taxpayer to other taxpayers or to end consumers. The details that need to be furnished in GSTR-1 include the name and GSTIN of the recipient, the HSN code of the goods or services supplied, the taxable value, the tax rate, and the amount of tax payable. GSTR-1 needs to be filed by the 10th of the following month in case of monthly filing and by the 13th of the following month in case of quarterly filing.
GSTR-2
GSTR-2 is a monthly return that needs to be filed by every registered taxpayer. It contains details of all inward supplies received during the period. Inward supplies refer to purchases made by the taxpayer from other taxpayers or from unregistered dealers. The details that need to be furnished in GSTR-2 include the name and GSTIN of the supplier, the HSN code of the goods or services supplied, the taxable value, the tax rate, and the amount of tax payable. GSTR-2 needs to be filed by the 15th of the following month.
However, GSTR-2 has been suspended for the time being and taxpayers need not file this return. Instead, the details of inward supplies will be auto-populated in GSTR-2A based on the details furnished by the suppliers in GSTR-1.
GSTR-3
GSTR-3 is a monthly return that needs to be filed by every registered taxpayer. It contains details of the tax liability and the input tax credit (ITC) availed during the period. The tax liability is the amount of tax payable on the outward supplies made during the period. The ITC is the amount of tax paid on the inward supplies that can be claimed as a credit against the tax liability. The details that need to be furnished in GSTR-3 include the tax liability, the ITC availed, the amount of tax paid, and the balance tax payable. GSTR-3 needs to be filed by the 20th of the following month.
However, GSTR-3 has also been suspended for the time being and taxpayers need not file this return. Instead, they need to file GSTR-3B.
GSTR-3B
GSTR-3B is a monthly return that needs to be filed by every registered taxpayer. It contains a summary of the tax liability and the ITC availed during the period. The details that need to be furnished in GSTR-3B include the total outward supplies, the total ITC availed, the tax liability, the amount of tax paid, and the balance tax payable. GSTR-3B needs to be filed by the 20th of the following month.
GSTR-3B was introduced as a temporary measure during the initial implementation of GST to simplify the filing process. However, it has been continued even after the suspension of GSTR-3.
GSTR-4
GSTR -4 is a quarterly return that needs to be filed by taxpayers who have opted for the Composition Scheme. The Composition Scheme is a scheme that allows small taxpayers to pay tax at a fixed rate based on their turnover without the need to maintain detailed records. The details that need to be furnished in GSTR-4 include the turnover, the tax payable, and the amount of tax paid. GSTR-4 needs to be filed by the 18th of the month following the end of the quarter.
GSTR-5
GSTR-5 is a monthly return that needs to be filed by foreign taxpayers who are registered under GST. Foreign taxpayers are those who do not have a place of business in India but supply goods or services to India. The details that need to be furnished in GSTR-5 include the details of inward and outward supplies made during the period, the tax liability, the ITC availed, and the tax paid. GSTR-5 needs to be filed by the 20th of the following month.
GSTR-6
GSTR-6 is a monthly return that needs to be filed by input service distributors (ISDs). ISDs are those taxpayers who receive invoices for input services and distribute the ITC to other units of the same business. The details that need to be furnished in GSTR-6 include the details of inward supplies received during the period, the amount of ITC available, the ITC distributed, and the balance ITC available for distribution. GSTR-6 needs to be filed by the 13th of the following month.
GSTR-7
GSTR-7 is a monthly return that needs to be filed by taxpayers who are required to deduct tax at source (TDS) under GST. TDS is a mechanism to collect tax at the source of income. The details that need to be furnished in GSTR-7 include the details of the TDS deducted, the TDS paid, and the balance TDS payable. GSTR-7 needs to be filed by the 10th of the following month.
GSTR-8
GSTR-8 is a monthly return that needs to be filed by taxpayers who are required to collect tax at source (TCS) under GST. TCS is a mechanism to collect tax at the time of supply of goods or services. The details that need to be furnished in GSTR-8 include the details of the TCS collected, the TCS paid, and the balance TCS payable. GSTR-8 needs to be filed by the 10th of the following month.
GSTR-9
GSTR-9 is an annual return that needs to be filed by every registered taxpayer. It contains details of all outward and inward supplies made during the financial year. The details that need to be furnished in GSTR-9 include the turnover, the tax liability, the ITC availed, and the tax paid. GSTR-9 needs to be filed by the 31st of December of the following financial year.
GSTR-9A
GSTR-9A is an annual return that needs to be filed by taxpayers who have opted for the Composition Scheme. The details that need to be furnished in GSTR-9A are similar to those in GSTR-9. GSTR-9A needs to be filed by the 31st of December of the following financial year.
GSTR-9C
GSTR-9C is an annual return that needs to be filed by taxpayers whose turnover exceeds Rs. 2 crores during the financial year. It is a reconciliation statement that needs to be certified by a chartered accountant or a cost accountant. The details that need to be furnished in G STR-9C include the reconciliation of the turnover and tax paid as per the financial statements and the GST returns filed during the year. It also includes the certification of the auditor on the correctness and completeness of the information furnished in GSTR-9C. GSTR-9C needs to be filed along with GSTR-9 by the 31st of December of the following financial year.
