GST Return

GST Return

GST is the single indirect tax that is levied on the supply of goods and services between different entities. GST returns are the tax return forms that are required to be filed by these entities with the Income Tax authorities of India.

Goods and Services Tax is a single indirect tax levied on the supply of goods and services from the manufacturer to the consumer. Input tax credits paid at each stage will be made available in the following stage of value addition. GST is basically a tax levied on value addition at each stage. Therefore, the consumer has to pay only the GST charged by the last dealer or supplier in the supply chain.

All individuals registered under the GST Act has to furnish the details of the sales and purchases of goods and services along with the tax collected and paid. This can be done by filing online returns. GST Returns are the Goods and Services Tax Return forms that taxpayers of all types have to file with the income tax authorities of India under the new GST rules.

Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for composition scheme will have to file quarterly returns. All filing of returns will be done online.

Different Types of Returns applicable under the new GST Law

Return form	Who should file the return and what should be filed?	Due date for filing returns
GSTR-1	Registered taxable supplier should file details of outward supplies of taxable goods and services as effected.	10th of the subsequent month.
GSTR-2	Registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit.	15th of the subsequent month.
GSTR-3	Registered taxable person should file monthly return on the basis of finalization of details of outward supplies and inward supplies plus the payment of amount of tax.	20th of the subsequent month.
GSTR-4	Composition supplier should file quarterly return.	18th of the month succeeding quarter.
GSTR-5	Return for non-resident taxable person.	20th of the subsequent month.
GSTR-6	Return for input service distributor.	13th of the subsequent month.
GSTR-7	Return for authorities carrying out tax deduction at source.	10th of the subsequent month.
GSTR-8	E-commerce operator or tax collector should file details of supplies effected and the amount of tax collected.	10th of the subsequent month.
GSTR-9	Registered taxable person should file annual return.	31 December of the next fiscal year.
GSTR-10	Taxable person whose registration has been cancelled or surrendered should file final return.	Within 3 months of date of cancellation or date of cancellation order, whichever is later.
GSTR-11	Person having UIN claiming refund should file details of inward supplies.	28th of the month, following the month for which the statement was filed.