GST RETURNS
GST RETURNS
The GST represents the Goods and Services Tax. GST was enacted in the year 2017. The GST is the indirect tax system that was levied for the commodities and the goods. The Person who registers the GST for the specific business shall be liable to pay the GST returns.
Eg ; A person runs a luxury restaurant and hotel, the hotel should collect the Income with GST, based on the products which were sold to the consumer. The collected GST should be returned to the central and states at the particular time period in the name of GST Returns.
In this article we can discuss the detailed review about the GST returns and the Forms used for filing GST returns.
GST RETURNS :
The GST Returns generally means the return of collected GST tax to the government at the specific period. The GST filing or GST returns is a document which contains all the details of the purchases made, products sold and other taxes that were disclosed to the government. Every business who registered in GST should mandatorily file the GST returns every month, quarterly or yearly, based on the nature of the business. For calculating the tax liability to pay for the governments
The GST returns which includes the details of certain documents ;
- Overall sales bills
- Overall Purchases made
- Output Tax (the GST paid by the consumers)
- Input tax credit (the overall GST paid for the business)
Those documents were used to calculate the liability of tax to pay.
TYPES OF GST RETURNS :
According to the GST guidelines there are 22 Types of GST Returns are there, from this only 11 returns were in active, 4 were closed and 8 were only to view. The GST Returns should be based on the nature of the business, the filling returns should be varey for every business and the taxpayers.
GSTR 1 :
The GSTR-1 is filed by every normal taxpayer who is registered under the GST. In this form it includes the details of all the supplies of goods and services. In this it contains all the information about the sales, transactions, statements, bills and invoices. The business to business (B2B) the tax and all net worth shall be calculated for the tax liability.
The date for filing GSTR 1 :
- Monthly basis, the GST Returns should be filed at the date of every 11th day of the month.
- Quarterly basis, the taxpayers should file the GST return and should file the returns every quarterly by 13th of the month.
GSTR 2A :
The GSTR 2A which deals with the GST Return of the details contains the receipt, invoices of the goods and services by the buyer and GST Registered goods and services which were purchased.
The following return should be based on the GSTR 1 that the taxpayer should follow the guidelines and disclose the invoices. It was filed in Invoice Furnishing Facility (IFF) by Quarterly Return filing and Monthly Payment of Taxes (QRMP).
GSTR 2 :
The GSTR 2 was suspended by the GST Returns. In this returns it contains the details of the supplies and the goods which were purchased with GST. This GSTR 2 shall be filed by all the taxpayers who are registered. And also the filing for the GSTR 2 suspended since September 2017.
GSTR 3B :
The GSTR 3B contains the details of all the supplies made,the input tax credited, and the amount of tax claimed. Those should be filed under this category. The sales and also the input tax which was credited by the purchase made should be disclosed to certain returns.
The GSTR 3B should be filed on two basis,
- Monthly basis, the taxpayer should file the GST Returns by every 20th of the succeeding month.
- Quarterly basis, every quarter of 22nd of the month. For this quarterly basis this should be changed and modified based on the state to state tax system.
GSTR 4 :
The GSTR 4 was filed by the composition taxpayers by annual returns. The category which calculates the annual turnovers and filed for the estimated financial years. The due date for filing GSTR 4 by 30th of april for the respective financial year. The taxpayers should include the following annual net turnover and the amount of tax which was collected should be filed.
GSTR 5 :
The GSTR 5 should be applicable for the non residential category or the foreign taxpayers who are registered in GST in India. For the filing of this GST Returns the documents which contain the sales and transaction invoices, all the supplies made for the sale and purchases and credits should be filed.
This was filed on a monthly basis that every 20th of month the taxpayers should disclose the returns.
GSTR 6 :
The GSTR 6 was filed by the Input service distributor (ISD). It contains the details of all the input tax credit which was received and distributed by the ISD. It was monthly based returns that every 13th of the month the taxpayers should file the GST returns.
GSTR 7 :
The GSTR 7 is only applicable for the TDS (Tax Deduction at Source). This includes the details of the overall deduction of tax and liability and the claim from TDS. It is a monthly based filing that the registered person should file the GSTR7 returns on the 10th of every month.
GSTR 8 :
The GSTR 8 is applicable for the E-commerce operators who are registered under the GSTIN. Which includes the documents of all the receipts and the details of the supplies and the following Tax paid for goods which were made from the e-commerce or the online platform. This is a monthly based filing of the GST Returns that every 10th of the following month the GSTR 8 should filed.
GSTR 9 :
The GSTR 9 is filed by the taxpayers who registered under GST. It was an annual return. The taxpayers should disclose the details of the all outward supplies and the inward supplies and the different types of tax CGST, SGST, IGST which was collected in the respective financial years.
There should be a few exceptions to the taxpayers who come under the composition schemes and ISD, Non residents of India should not be required for the GSTR 9 under the guidelines of the Act.
The GSTR 9 is an annual filing by the taxpayers, should disclose the filing by 31st December of every respective financial year the report should be disclosed.
GSTR 10 :
This is an annual return or the final return that GSTR 10 is applicable for the person whose registration has been canceled. The taxpayers should file the GST Return before the three months of the cancellation of the registration to disclose the final return or the disclosure.
GSTR 11 :
The GSTR 11 is monthly based filing the taxpayers should disclose their filings for every following month of 28th. The category of the taxpayers who are having the Unique Identity Number (UIN) should get the refunds from the GST, if in case of falsely paid GST returns. It should be applicable for every taxpayer who is registered under GST.
ITC-04 :
From ITC-04 submission the reports include the details of the goods which were sent and received from a job Workers should disclose the GST Returns by filing the ITC-04. The due date for filing these returns are both annual and quarterly. For the annual basis the GST Returns should file 25th april of the following financial year. For the quarterly basis every six months it was filed at the date on 25th April and October to March.
PENALTY FOR LATE FILING OF GST RETURNS :
The GST Return should be mandatory that every taxpayer who is registered in the GST, even if there is no transaction made, should also file the zero returns or Nil returns. The penalty for the late filing of the GST returns should be a total fine of rupees 200 per day, for CGST it should be Rupees 100 and for SGST it should be Rupees 100. The fine should not exceed the limit of Rupees 5,000 (2500 for CGST and 2500 for SGST).
If in case the GST Returns is not filed in the specified time period there should be liable to pay the interest and fine for late filing of GST returns. The interest should be calculated as up to 18% per annum which was calculated based on the tax paid and the nature of the business carried by the taxpayer. The amount levied for the late filing should be reduced by the specific relief schemes which were provided by the governments which should satisfy the certain conditions under the guidelines of the Act.
FAQ
FAQ ON GST RETURNS :
WHAT IS GST RETURN ?
The GST Returns generally means the return of collected GST tax to the government at the specific period. The GST filing or GST returns is a document which contains all the details of the purchases made, products sold and other taxes that were disclosed to the government. Every business who registered in GST should mandatorily file the GST returns every month, quarterly or yearly, based on the nature of the business. For calculating the tax liability to pay for the governments.
WHAT ARE THE DOCUMENTS NECESSARY FOR GST RETURNS ?
The GST returns which includes the Necessary details of certain documents ;
- Overall sales bills
- Overall Purchases made
- Output Tax (the GST paid by the consumers)
- Input tax credit (the overall GST paid for the business)
WHAT ARE THE TYPES OF GST RETURNS ?
According to the GST guidelines and regulations there are 22 Types of GST Returns are there, from this only 11 returns were active, 4 were closed and 8 were only to view. The GST Returns should be based on the nature of the business, the filling returns should be varey for every business and the taxpayers.
WHAT IS THE PENALTY FOR LATE FILING OF GST RETURNS ?
The GST Return should be mandatory that every taxpayer who is registered in the GST, even if there is no transaction made, should also file the zero returns or Nil returns. The penalty for the late filing of the GST returns should be a total fine of rupees 200 per day, for CGST it should be Rupees 100 and for SGST it should be Rupees 100. The fine should not exceed the limit of Rupees 5,000 (2500 for CGST and 2500 for SGST).
WHAT HAPPENS WHEN THE TAXPAYER FAILS TO FILE THE GST RETURNS ?
If in case the GST Returns is not filed in the specified time period there should be liable to pay the interest and fine for late filing of GST returns. The interest should be calculated as up to 18% per annum which was calculated based on the tax paid and the nature of the business carried by the taxpayer. The amount levied for the late filing should be reduced by the specific relief schemes which were provided by the governments which should satisfy the certain conditions under the guidelines of the Act.
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