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Types of GST Return and Due Dates: A Complete Overview

Types of GST Return and Due Dates: A Complete Overview

A GST return is a document that a taxpayer who is registered under the Goods and Services Tax (GST) statute must file for each GSTIN. Did you know that the GST Rules specify 22 different types of GST return? Only 11 GST returns are live, three are suspended, and eight are view-only. This article will provide you with additional information. In brief, the number and types of GST return that a business or professional must file are determined by the taxpayer category. Regular taxpayers, composition taxable individuals, e-commerce operators, TDS deductor, non-resident taxpayers, Input Service Distributor(ISD), casual taxable persons, and others fall under this category.

Different Types of GST Return

  1. Every 10th of the month, GSTR-1 returns are due.

Every month on the 10th, Form GSTR-1, or return of outward supplies, is due. GSTR 1 is due on the 10th of October for the month of July 2017. The GST Council will soon issue the GSTR 1 (all other months) due date.

In the GSTR 1 return, the concerned individual must include all invoices, debit notes, credit notes, and updated invoices issued with respect to outbound supplies made during the tax period. Within 10 days after the end of the tax period, this e-return can be filed online on the GST portal or utilizing LEDGERS GST Software. Within 10 days after the end of the tax period, this e-return can be filed online using the GST site or through the LEDGERS GST Software. The GST Portal may limit a registered person from providing any data about outward supplies from the eleventh to the fifteenth day of the month following the tax period. GSTR-01 contains the following information: (a) GSTN, Name, and Period (b) Aggregate Turnover in the Previous Fiscal Year (b) Outward supply invoice/consolidated level information RD’s supply: URD (Inter) Invoice Level Supply. Through a GSTR 1 return containing B2B or B2C large, the concerned individual must input the data of the invoices issued by the taxpayer. Learn more about the GSTN invoice uploading process.

In PART-A of FORM GSTR-2A, Form GSTR 4A, and Form GSTR-6A, the GST site will display the data of FORM GSTR-1 provided by the supplier to the receivers.

2. GSTR-2 Return — Due on the 15th of Every Month

The GSTR 2, or return of inbound supplies, is due on the 15th of every month. When the supplier files the GSTR 2 returns for outbound supplies, the information on the receipt should match the information on the supplies submitted by the supplier. When the provider gives the receipt, the receiver should check, confirm, edit, or even remove the information provided by the supplier if necessary.

Any changes, deletions, or additions to inward supplies made by the receiver in his inner return, i.e. FORM GSTR-2, will be conveyed to the outward supplier, who will see GSTR 1A.

3. GSTR-3 Return — Due Every Month 

The GSTR 3 or monthly GST return is due every month on the 20th. The GST Portal prepares Part A of GSTR 3 automatically using data from Form GSTR-1 and Form GSTR-2, as well as other obligations from previous tax years. By debiting the electronic cash ledger or electronic credit ledger and including the details in Part B of the return in FORM GSTR-3, the taxpayer can discharge his responsibility for tax, interest, penalty, fees, or any other sum payable under the Act or the requirements of this Chapter.

4. GSTR-4 Return — Composition Suppliers Quarterly Return Due on the 18th

For composition suppliers, the GSTR 4 or GST quarterly return is due 18 days after the end of the quarter. As a result, GSTR 4 returns will be due on April 18, July 18, October 18, and January 18. The taxpayer can complete the quarterly return in FORM GSTR-4 based on the information in FORM GSTR-4A, and if necessary, after adding, revising, or deleting information.

5. Monthly Return for Non-Resident Taxable Persons (GSTR-5)

Non-resident taxable people must file a GSTR 5 return by the 20th of the month and within seven days of the final day of registration. The taxpayer must provide information and details of outbound and inbound supply in GSTR-5.

6. Monthly Return for Input Service Distributors (GSTR-6)

Input Service Distributors are required to file GSTR-6 returns on or before the 13th of each month. The taxpayer can file a return using FORM GSTR-6A after adding, revising, or deleting information, and provide a return comprising the details of tax invoices for which credit has been received and those for which credit has been granted.

7. Monthly Return for Tax Deductors (GSTR-7)

GSTR-7 returns must be filed by all GST-registered taxpayers with TDS. Every month, on or before the 10th, the GSTR-7 return is due. Other taxpayers will be able to see all of the information provided in Form GSTR-8, which is available in Part C of Form 2A and Form 4A.

8. GSTR-8 Return — E-Commerce Operator Monthly Return

E-Commerce Operators must file GSTR-8 returns on or before the 10th of each month. E-commerce businesses must report information on outward supplies of goods or services (or both) made using their platform, as well as supplies returned and amounts recovered. The GST Council[1] should send each of the suppliers in Part C of FORM with all of the information provided by e-commerce operators. GSTR-2A

9. Return GSTR-9 – Annual GST Return

Taxpayers must file their GSTR-9 return, or yearly GST return, on or before December 31st. If the yearly turnover exceeds Rs.2 crore, non-resident taxable people, casual taxable persons, TDS deductors, and TCS collectors registered under the GST Composition scheme might avoid completing the GSTR-9 form. In certain cases, the taxpayer must have the returns audited by a Chartered Accountant or Cost Accountant.

10. Return GSTR-10 – Final GST Return

Within three months following the termination of GST registration, the taxpayer must file the GSTR 10 or last GST return.

11. Return GSTR-11 (GST Return for UIN Holders)

Persons with a UIN under GST must file Form GSTR-11, or a GST returns for UIN holders, to receive a refund of taxes paid on inward supply.

12. GSTR-11 Filing Deadline

The GSTR-11 is due on the 28th of the month after the month in which the UIN holders receive an inward supply. This indicates that GSTR-11 is not filed monthly. Rather, as and when the supplies are made, this form is filed on a case-by-case basis.

Penalty for late filing returns

A penalty is imposed if a taxpayer fails to provide information about outside supplies. For each day of ongoing default, the punishment is Rs 200 (Rs 100 for CGST and Rs 100 for SGST). This is limited to a maximum of Rs 5,000. There is no late fee for IGST, though. In addition, interest is imposed at a rate of 18 percent each year. The registered taxpayer calculates this interest based on the outstanding tax debt. Furthermore, interest is assessed from the day following the deadline for filing the GST return until the taxpayer pays the tax.

Conclusion 

The submission of GST returns is critical to the country’s tax reform efforts. In the long term, most business sectors will benefit from GST. Returns filed on time would assist firms in a variety of ways. There may be significant savings in transportation costs as well as the cost of locally supplied items. Every taxpayer should be familiar with the various types of GST return. Consult an expert for GST filing. Reach an expert at bizadvisor.io.

Read our article:Cancellation or Surrender of GST Registration: How & Why

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