After the introduction of GST in India from 1 st July, 2017, every registered taxpayer is required to file GST return in order to avoid levy on hefty penalty and fines. In this blog we will explain every aspect of GST returns including the meaning of GST returns, their type and procedure to file GST returns.
‘One Nation One Tax’ is the basic motive behind the introduction of GST regime in India. With the introduction of GST in India, the Government of India has made an attempt to streamline the taxation system of the country. Under the GST regime, the detailed information regarding the transactions is required to be submitted by the registered taxpayers. Moreover, under the new regime more stringent compliances are prescribed to avoid tax evasion. To ensure that the taxpayers are compliant with the regulations made the provision of hefty penalty and fines are also made by the Government.
To promote the ease of doing business in India the Ministry of Finance has developed a widespread IT system facilitating the recording of invoices and data of taxpayers at one place.
Further, under the GST regime, the taxpayers can easily obtain GST Registration, file returns and upload invoices on the online portal of Goods And Service tax.
What is GST return?
GST return is a document containing the details of sales and purchase undertaken by taxable person. Every specified person is required to file GST return with the department before the specified due date. the concept of GST returns has been crafted to make sure that all the transactions match with each other and there is no transaction left unnoticed.
There are multiple types of GST returns depending upon the category of taxpayer that is required to be filed by the registered taxpayer. Let us take a brief look at them.
For the normal taxpayers:
GSTR-1:- this return shall be submitted to provide the details of outward supplies of taxable goods or services affected during the previous month. The return should be filed by 10 th of succeeding month.
GSTR-2A:- it will be auto generated, and made available on 11 th of the succeeding month for the recipients to see and validate the information therein. The recipients are empowered o make any modification or amendment based on their books of accounts from 11 th to 15 th of succeeding month.
GSTR-2:- this return is the culmination of all inward supply of goods and services as approved by the recipients of the services. This form is required to be filed by 15 th of the next month. The details of GSTR-2A will be auto-populated into it.
GSTR-1A:- after filing GSTR-2 on the 15 th of the subsequent month, the details in the GSTR-1A will be auto generated. It will contain the details of all the modifications made. The supplier shall have the choice to accept or reject the changes made by the recipient. If the supplier accept the changes then GSTR-1 will stand revised.
GSTR-3:- Through this return the details of all outward as well as inward supply of goods and services as filed in GSTR-1 and GSTR-2 are furnished. The tax liability and input tax credit availability will be determined by GSTN after considering the details of both the months.
GSTR-3A:- through this return, a notice will be given to the person who fails to furnish the return within due dates. It will be generated after the 15 days from the default.
GSTR-9:- every registered taxpayer is required to file GSTR-9 by 31 st December of the succeeding month. It is a sum up of all 12 monthly GSTR-3 filed by the taxpayer and will contain the details of tax paid during the year along with the details of import and export.
GST ITC-1:– after the details filed under GSTR-3 are fully accepted, then final input tax credit shall be communicated through form GST ITC-1. The details of ITC-1 should be confirmed in due time to avail the credit for that month. If the same is not done in due time, then it will disallow the credit of the month and will be computed as a tax liability for the month instead.
GST returns to be filed by composite taxpayers:
GSTR-4A:- every taxpayer who is registered under he composition scheme is liable to file a quarterly return in GSTR-4A. it will contain the details of inward supplies as reported by suppliers in GSTR-1.
GSTR-4:- through auto generated details of GSTR-4A, the taxpayer can furnish all his outward supplies here. It will also contain the details of tax payable. It is required to be filed on quarterly basis and 18 th of the subsequent month.
GSTR-9A:- every composite taxpayer is required to file annual return by 31 st December of the subsequent fiscal year. It will contain the consolidated details of the quarterly returns filed along with the details of tax paid.
GST return to be filed by non- resident taxpayer:
GSTR-5:- every non resident taxpayer is required to file GSTR-5 containing the particulars of outward supplies, imports, tax paid, input tax availed and remaining stock. The due date for filing GSTR-5 is 20 th of the subsequent month or if the registration is given up, then within the 7 days within the expiry of registration.
Procedure to file GST return:
For filing the GST returns you can simply visit the official site of GST, login to your account, and simply upload the details of your invoices. If you are facing any kind of problems in filing your GST return you can easily get it filed by our BIAT Consultant. One important thing to be noted here that it is very important to take utmost care while filing the return and file correct returns.