Returns Under GST Law

With the goal of "One Nation, One Tax" the GST was implemented as substantial tax reform in India in 2017.

By combining the information about products and services provided by vendors and customers, GST has simplified the process of submitting tax returns. The GST Council and the Finance Ministry developed the GSTN (goods and services tax network) system, which allows taxpayers to correctly record all information on invoices, purchases and sales, dates, and locations.

This provides a simple platform for taxpayers who have registered for GST to connect and conveniently access and submit the GST return form, claim ITC, and other things according to the type of taxpayers they belong to.

What is a GST Return?

A GST return is a taxpayer’s report to administrative tax authorities detailing their revenue, sales, expenses, and purchases. The rules utilise this to determine the net tax obligation.

Additionally, the GST method makes it simple to finish, efficient and best.

Regular taxpayers are obliged to submit monthly returns and an annual return under GST. Additionally, there are individual returns for taxpayers registered under several different schemes, including the composition scheme, taxpayers reported as input service distributors, non-resident taxpayers, individuals liable to deduct or collect tax (TDS or TCS), and individuals granted a unique identification number.

Who Should File GST Returns?

A taxable person is qualified to be registered under the GST Act if they have a business established in India in any state. This individual must participate in trade, commerce, or other economic activity. This covers municipal government, LLPs, HUFs, people, cooperative societies, trusts, and AOPs/BOIs. The GST regime, therefore, requires all such firms to submit GST returns.

All companies are required under the GST system to submit GST returns. However, the frequency and timing of the filing are determined by the kind of company and the total yearly sales. Businesses may opt to offer their GST returns under the QRMP scheme if their combined annual revenue is up to Rs. 5 crores. Each year, they must submit 4 GSTR-1 returns, 4 GSTR-3B returns, and one annual return for 9 GST returns.

Businesses must submit GST returns twice a month if their combined yearly revenue exceeds Rs. 5 crores and they have not opted for the QRMP programme. They also have to submit one annual return. There are 25 GST returns in all each year. Remember that other returns must often be produced and presented by the GST system, such as in the case of composition dealers.

What Are the Different Types of GST Returns and the Due Dates to File Them?

Current GST returns come in various formats and may be submitted monthly, quarterly, or yearly based on the numerous applicable elements. GST return form categories include the following:

01. GSTR 1

The record of all sales is GSTR 1. The suppliers must record their outgoing supply using this form throughout the reporting month. All registered taxpayers are typically expected to submit their taxes by the 11th of the following month.

Who has to submit form GSTR 1?

• Every registered taxpayer must submit a monthly GSTR 1 form.
• However, the taxpayer may submit every quarter if his annual revenue exceeds INR 1.5 crores.

GSTR 1 Due Date: Every month, the eleventh day of the following month.

02. GSTR 2

A regular dealer must record all the inbound supplies made throughout the month on Form GSTR-2. All inbound stores from registered enterprises, including those for which reverse charge tax must be paid, must be recorded at the invoice level.

The information on advances paid on supplies subject to reverse charge and the advance amount for which tax was paid in an earlier return period, but the invoice received in the most recent reporting period must be declared in addition to inbound supplies.

Keep in mind: The GSTR-2 purchase return was halted by the GST Council at its 23rd meeting due to the complicated form structure.

03. GSTR 2A

GSTR-2A is an automatically generated statement that gives the receiver access to all the inbound supplies your supplier disclosed on GSTR-1. The information will be accessible when the return is submitted via the Portal.

In addition to the information from GSTR-1, auto-populating data will also include the information from GSTR-5 (Supplies from Non-resident Taxable Person), GSTR-6 (ISD), GSTR-7 (TDS Deductor), and GSTR-8 (TCS collected by e-commerce operator).

Who needs to submit the GSTR 2A form?
It is an automatically filled-out form.

04. GSTR 3

The GSTR-3 is a consolidated monthly report that includes information on tax liabilities, tax collected on outgoing goods, and tax paid by registered persons on incoming supplies. The procedure is automatically filled in through the registered person's GSTR-1 and GSTR-2. The system would be updating records without much operator interaction.

Keep in mind: The GST Council stopped the GSTR-3, or input-output return, during its 23rd meeting due to the form's complicated structure.

05. GSTR 3B

A registered dealer is required to submit the GSTR-3B monthly self-declaration. The objective of the return, a streamlined summary return of inbound and outward supplies, is for taxpayers to report their total unpaid GST obligations for the tax period and promptly discharge those liabilities.

Who has to submit form GSTR 3? Everyone registered for GST must submit the GSTR-3B return, even for Nil returns.

GSTR 3B Due date: The 20th day of every month for companies with five crores or more revenue. Depending on their state, the 22nd or 24th day of the month would be the due date for taxpayers with lower sales.

06. Form GST CMP 08 / GSTR 4

GSTR-4 is a form registered taxpayers who have chosen the composition scheme must submit once every three months (they are known as composition vendors). Taxpayers having disclosed income up to Rs. 1.5 crores may participate in the Composition Scheme and pay taxes at a set rate on that income.

Form GST CMP 08 has taken the place of the previous GSTR 4. The CMP-08 statement cum challan requests information on imports and exports, including the taxes paid on such imports and exports and the interest due.

CMP-08, which was started in April 2019, is a positive step. A quarterly CMP-08 return is required to be submitted.

Who is required to submit form CMP-08 (GSTR 4)? Taxpayers who choose the composition plan.

CMP 08 Due date: The CMP 08 form must be filed by the 18th of the following month, every quarter.

07. GSTR 5

Every registered non-resident taxpayer who is obliged to file a monthly return at the GST Portal must submit the GSTR-5 form. Suppliers with no commercial presence in India but who have travelled there temporarily to do business are considered non-resident taxable individuals.

Who has to submit form GSTR 5? Every non-resident taxpayer who has enrolled.

GSTR 5 Due date: GSTR 5 is due on the 20th of the following month

08. GSTR 6

Organisations that are also Input Service Distributors are required to submit a Goods and Services Tax Return 6 each month. This report must include information about the inbound supplies received from purchases from other registered taxpayers (B2B) and how input tax credits were allocated across the organisation’s branches.

Who has to submit form GSTR 6? By every provider of Input Services.

GSTR 6 Due date: GSTR 6 is due on the thirteenth day of the following month.

09. GSTR 7

The GSTR 7 is a form or statement submitted by taxpayers who deduct tax from payments made to vendors or suppliers for the inbound supplies they have received. The specifics of the transactions from which TDS was removed and a comprehensive list of your suppliers must be included in your report.

Who has to submit a GSTR 7? Every enrolled taxpayer who withholds tax from payments.

GSTR 7 Due Date: Monthly on the 10th of the following month

10. GSTR 8

E-commerce companies are required to submit GSTR 8 statements each month. It must include information on the supply that registered taxable people and unregistered individuals made to consumers via the taxpayer's e-commerce site, as well as the fundamental data about the clients and the amount of tax collected at source (TCS), tax due, and tax paid.

Who has to submit form GSTR 8? By online store owners.

GSTR 8 Due date: GSTR 8 is due on the tenth of the following month.

11. GSTR 9

Each taxpayer registered for GST must submit an annual return in a particular form. The GSTR 9 is the name of such a form. The information on the supplies made and received throughout the year under the various tax headings CGST, SGST, and IGST is included in GSTR-9.

It compiles the data provided in the monthly/quarterly returns for the specific year. The tax agency has always firmly complied with law violations, and GSTR 9 is no exception. The taxpayer may incur high costs if they fail to file GSTR 9 on time or do so after the deadline.

The GSTR-9 must be submitted by December 31 of the year before. For the FY 2021–22, for example, December 31, 2022.

Who has to submit a GSTR 9? Average taxpayers who submit GSTRs 1, 2, 3, and 3B during the fiscal year will be offered. GSTR 9 Due date: Annually on December 31st of the next financial year.

12. GSTR 9A

The GSTR-9A is a streamlined yearly return submitted by company owners who have chosen the GST composition plan. This report contains every quarterly return the compounding dealers submitted throughout that fiscal year.

Who needs to submit form GSTR 9A? Those taxpayers who choose the composition plan.

GSTR 9A Due date: December 31 of the following calendar year Annually.

13. GSTR 9B

The summary of the information submitted in GSTR-8 by taxpayers who are registered as GST E-commerce operators is GSTR-9B.

Who has to submit GSTR 9B? To be submitted by an operator of electronic commerce.

14. GSTR 9C

GSTR 9C is a reconciliation between the data from the taxpayer's audited yearly financial statements and the annual returns submitted in GSTR 9 for a given fiscal year. Registered taxpayers must submit the GSTR-9C return form if their combined revenue exceeds ₹2 crores.

A copy of the taxpayer's audited annual accounts and reconciliation statements that compare the value of the supplies listed in return provided for the financial year to those declared in the case in question must also be submitted.

Who has to submit form GSTR 9C?

• Taxpayers who are registered and have annual revenue of more than ₹2 crores.
• Individuals who must have their accounts audited by Section 35 of the CGST Act

GSTR 9C Due date: GSTR 9C is due on December 31 of the following calendar year.

15. GSTR 10

The Annual GST Return and GSTR 10 are two separate documents. It is only ever submitted as the final GST return. Suppose a registered taxpayer chooses to revoke their GST registration. In that case, they must submit this return within three months of the cancellation date or the day the cancellation order was approved.

Who has to submit form GSTR 10? A taxpayer is seeking to revoke their GST registration.

GSTR 10 Due Date: After the registration is cancelled or turned in, within three months of the date of cancellation or the date of the cancellation order, whichever comes first.

16. GSTR 11

Every registered business or individual who receives a Unique Identification Number (UIN) must submit the Goods and Services Tax Return 11 during the months they make purchases for personal use and get a tax credit or refund.

Who has to submit form GSTR 11? Individuals possessing a Unique Identity Number (UIN) must file a GSTR-11 return.

GSTR 11 Due date: Every month, the 28th of the month following the month for which the statement is submitted.

Late Fees for Not Filing Returns on Time

A fine will be assessed if the taxpayer fails to submit the returns by the deadline. The late charge is the name of this fine. The late penalty for the Central Goods and Services Tax (CGST) and State Goods and Services Tax is Rs. 100 for each day under the GST Law (SGST). As a result, the daily fee will be ₹200. This rate is subject to adjustments, which will be disclosed through notifications. The highest fine that may be assessed is ₹5,000.

If the return filing is delayed, the integrated GST, or IGST, does not incur any late fees. In addition to the late charge, the taxpayer will be compelled to pay interest at 18% p.a. The taxpayer must compute this interest based on the amount of tax that has to be paid. The time frame shall be measured from the day after the filing deadline to the day on which the payment is settled.

How to File GST Returns?

As stated below, you may submit your GST return online.

01. Online GSTR-1 Form Filing

For individuals who have chosen the QRMP, it must be submitted quarterly; for the remainder, it must be filed monthly. Before submitting the return, you must keep the following three things in mind:

• If you have more than 500 sales invoices, you must download the software and complete the form offline.
• On the invoices, bulk actions are not possible.
• The HSN-wise summary must be manually filled up.

To submit a GSTR-1 online, you must do the following actions:

• Register on the GST website.
• A 15-digit GST Identification Number will be given to you based on the State Code and PAN.
• The Services ribbon is located in the upper left corner of the page. Place your mouse there and choose Returns > Returns Dashboard from the options.
• You are sent to the page for filing returns. The financial year and month you must submit the return must now be chosen.
• Click on Search now.
• A questionnaire for submitting the return on a monthly or quarterly basis may be found there.
  • If your turnover for the previous fiscal year was less than Rs. 1.5 crore?
  • Do you anticipate having a Turnover in the current FY of less than Rs. 1.5 Crore?
  • If the answer is yes, you might choose to file the GSTR-1 quarterly.
  • If the answer is no, you must submit the GSTR-1 monthly.
• You may now prepare your return either offline or online. We'll talk about the possibility of submitting a GST return online.
• Simply choose Prepare Online. The Outward Supply of Goods and Services must now be completed (sales details).
• The total turnover for the previous fiscal year and the total turnover for the preceding quarter up to the return period must be filled in.
• On the GST Portal, you must now submit invoices and other information.
• You must complete the HSN-wise Outward Supply summary.
• Additionally, you have the option to update your information online.
• The file is available for offline consumption through download.

02. Online GSTR-3B Form Filing

The following considerations should be made before submitting this return:

• Open the GST Portal and login.
• Dashboard for Returns > Services > Returns.
• Decide on an FY and a return period.
• After selecting Monthly Return, choose Prepare Online.
• 5 questions are posed to you. These determine which GSTR-3B tables are applicable.
• Each tile must have values entered, and each head must provide the total.
• Once all the information has been entered, click the Submit button.
• You must determine the amount of tax due and pay it.
• The return must be signed using either the EVC or DSC of the authorised signatory.
• Your return is filed correctly after you click the Proceed button.

These few processes will help you file your GST returns online. To guarantee hassle-free return filing, systematically follow these procedures. You may rapidly submit all two returns online without having to go somewhere.