GST Return

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What is GST Return?

GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).


Who should file GST Returns?

All business owners and dealers who have registered under the GST system must file GST returns according to the nature of their business or transactions.


What are the different types of GST Returns?

GSTR1:
Tax return for outward supplies made (contains the details of interstate as well as intrastate B2B and B2C sales including purchases under reverse charge and inter state stock transfers made during the tax period).


GSTR2:
Monthly return for inward supplies received (contains tax payer info, period of return and final invoice-level purchase information related to the tax period, listed separately for goods and services).

GSTR2A:
An auto drafted tax return for purchases and inward supplies made by a taxpayer that is automatically compiled by the GSTN based on the information present within the GSTR-1 of his/her suppliers.

GSTR2B:
GSTR 2B is an auto-drafted document that will act as an Input Tax Credit (ITC) statement for taxpayers. The GST Council states that GSTR 2B will help in cutting down the time taken to file returns, minimise errors, ease reconciliation and simplify compliance.

GSTR3A:
Tax notice issued by the tax authority to a defaulter who has failed to file monthly GST returns on time.

GSTR3B:
Consolidated monthly tax return (contains The taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, and additional tax (+1% tax), details about your ITC, cash, and liability ledgers, details of other payments such as interests, penalties, and fees).If having sales then late fees is per day Rs25 CGST & Rs25 SGST & IGST Rs50 and if having nil return then per day Rs10 CGST & Rs10 SGST & Rs20 IGST.

CMP08:
Its used to reveal the features or review of self-assessed tax which is due for a presented quarter by taxpayers who are registered as composition taxable bodies or taxpayers who have opted for composition levy. Taxpayers who each have registered as composition taxable persons within Form GST REG-01.

GSTR4:
Quarterly return for compounding vendors (It contains the total value of supply made during the period covered by the return, along with the details of the tax paid at the compounding rate (not more than 1% of aggregate turnover) for the period along with invoice-wise details for inward supplies if they are either imports or purchased from normal taxpayers).

GSTR4A:
Quarterly purchase-related tax return for composition dealers. It’s automatically generated by the GSTN portal based on the information furnished in the GSTR-1, GSTR-5, and GSTR-7 of your suppliers.

GSTR5:
Variable return for Non-resident foreign taxpayers (It contains the details of the taxpayer, period of return and invoice details of all goods and services sold and purchased (this also includes imports) by the tax payer on Indian soil for the registered period/month).

GSTR5A:
All the service providers Non- Residents Online Information and Database Access or Retrieval (OIDAR) are required to file Form GSTR 5A. This return is mandatory even for the business who have Nil return in the taxation period. As per the act, non-resident OIDAR service providers have to file Form GSTR 5A monthly. The due date for filing GSTR 5A is within 20th day of the succeeding month.

GSTR6:
Monthly return for ISDs (This return contains the details of the taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, invoice-level supply details from the GSTR-1 of counter-parties, invoice details, including the GSTIN of the taxpayer receiving the credit, separate ISD ledger containing the opening ITC balance for the period, credit for ITC services received, debit for ITC reversed or distributed, and closing balance).

GSTR7:
Monthly return for TDS transactions (This return contains the taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, supplier’s GSTIN, invoices against which the tax has been deducted (categorized under the major tax heads - SGST, CGST, and IGST), and details of any other payments such as interests and penalties).

GSTR8:
Monthly return for ecommerce operators (It contains the taxpayer’s basic information (name, GSTIN, etc), the period to which the return pertains, details of supplies made to customers through the e-commerce portal by both registered taxable persons and unregistered persons, customers’ basic information (whether or not they are registered taxpayers), the amount of tax collected at source, tax payable, and tax paid).

GSTR9:
Annual consolidated tax return (It contains the taxpayer’s income and expenditure in detail. These are then regrouped according to the monthly returns filed by the tax payer).

GSTR9A:
Annual composition return form that has to be filed by every taxpayer who is enrolled in the composition scheme.

GSTR9B:
Annual return form that has to be filed by ecommerce operators who collect tax at the source.

GSTR9C:
Audit form that needs to be filed by every taxpayer who is liable to get their annual reports audited when their aggregate turnover exceeds Rs. 2 crores in a financial year.

GSTR10:
Final GST return before cancelling GST registration (This final return is to be filed when terminating business activities permanently/cancelling GST registration. It will contain the details of all supplies, liabilities, tax collected, tax payable, etc).

GSTR11:
Variable tax return for taxpayers with UIN (It contains the details of purchases made by foreign embassies and diplomatic missions for self consumption during a particular month).


GST AMNESTY SCHEME:

The GST Amnesty Scheme has been introduced once again by the government to provide relief to taxpayers who missed filing GSTR-3B for the previous tax periods. In this article, get complete details of the applicability, benefit, and working of this scheme. Last date is 31 Aug 21.

The taxpayers will get a concession in the late fee payable under the GST Amnesty Scheme. The maximum late fee is restricted to Rs.1,000 per return (i.e. Rs.500 under CGST and 500 under SGST) for GSTR-3B with any tax liability other than a nil GSTR-3B filing.

On the other hand, the maximum late fee payable for a nil GSTR-3B is fixed at Rs.500 per return (i.e. Rs.250 each under CGST and SGST). In other words, the late fee payable for such a return will be lower of the following two amounts. These are the total late fees as calculated under the Act for every day of delay and the maximum late fee as mentioned above.

For instance, suppose XYZ & Co hasn’t filed GSTR-3B of January 2021 due by 20th February 2021 but now wants to file on 2nd August 2021. A late fee as per the Act would have been Rs. 8,150 for 163 days of delay at Rs.50 per day of delay for GSTR-3B with tax liability. But maximum late fee under the scheme is restricted to Rs.1,000 for the return of GSTR-3B for January 2021. So, XYZ & Co is liable to pay a late fee of Rs.1,000 for filing such a return, the tax liability and the applicable interest under the Act.