Goods and Service Tax or GST was introduced and implemented within the country on the 1st of July 2017, thus making it a relatively new concept or taxation method that many are still getting used to.
What is GST?
GST is an indirect tax that is levied on goods and also in services. It is a uniform taxation policy that joins the previously existing state and central indirect taxes and under this taxation scheme, every single product is taxed at the same rate in every corner of the country (except in Jammu and Kashmir). That is why GST has a slogan, “One Nation, One Tax”, thus emphasizing on its uniformity and applicability across the country.
GST acts as a common portal for registration, payment of tax and filing returns which is one of its advantages. The process of GST registration application is also easy to understand and complete and is carried out online, thus eliminating time-consuming processes.
The GST returns is a vital aspect to be kept in mind as once registered under GST it is mandatory to file all the applicable returns within the specified timeline. Details to be filed in the GST return will vary based on the requirement and frequency of filing the return for example details like sales of a business, its purchases, the tax collected on sales, and the tax paid on purchases. The due dates for the various GST forms are different and need to be kept in mind. The dates are categorized according to the time when they need to be filed to ease the process. These dates along with the frequency, form number and purpose are subject to change in case of any notification, order etc. by the relevant governing body, act, law etc hence you need to keep a tab on latest announcements by the department in relation with due dates for filing returns.
Different GST return forms, and their due dates
- GST returns to be submitted MONTHLY
- GSTR-1- includes details of outward supplies of taxable goods and/or services i.e. sales, this return is to be filed on the 10th of the next month.
- GSTR-2 – includes details of inward supplies of taxable goods and/or services i.e. purchases. This return is to be filed on the 15th of the next month.
- GSTR-3- It is a monthly return which has summarized details of sales, purchases, done during the month along with the amount of GST liability. This return is auto-generated pulling information from GSTR-1 and GSTR-2. This return is to be filed on the 20th of the next month.
- GSTR-3B– It is a monthly self-declaration that has to be filed by a GST registered business and is to be filed on the 20th of the next month.
- GSTR-5- It is a return for non-resident foreign taxable person to be filed by the 20th of the next month.
- GSTR-6- Here Return to be filed by Input Service Distributor (ISD). ISD is a business which receives invoices for services used by its branches. It distributes tax paid, to such branches on a proportional basis by issuing an ISD invoice. The branches can have different GSTINs but must have the same PAN as that of ISD. The return has to be filed by 13th of the next month.
- GSTR-7- Every GST registered business who is required to deduct tax at source under GST shall furnish this return. It needs to be filed on the 10th of the next month.
- GSTR-8- This return is to be filed by GST registered e-commerce who are required to deduct TCS (Tax Collected at Source). The form contains details of e-commerce supplies and amount of TCS collected on such supplies. This return needs to be filed on the 10th of the next month.
- GSTR-11- GSTR-11 is the return to be filed by the businesses who have been issued a Unique Identity Number (UIN) in order to get a refund under GST for the goods and services purchased by them in India. Unique Identity Number is a special classification made for foreign diplomatic missions and embassies who are not liable to taxes in Indian territory. This return needs to be filed on 28th of the month following the month for which statement is filed.
- GST returns to be submitted QUARTERLY
- GSTR-4- Businesses registered under composition scheme of GST are required to furnish GSTR-4 by 18th of the month succeeding quarter. Unlike a normal GST taxpayer who needs to furnish 3 monthly returns, businesses opting for composition scheme are required to furnish only 1 return which is GSTR-4. As mentioned, the due date is the 18th of the month after the end of every quarter.
- GST returns
to be submitted ANNUALLY
- GSTR-9- Annual Return to be filed by GST registered taxpayers. The due date for the same is the 31st of December of the next financial year.
- GSTR-9A- Annual Return to be filed by taxpayers those who have opted for Composition scheme. The due date for filing the returns is the 31st December of the next financial year.
- GSTR -9B- Annual Return to be filed by GST registered e-commerce operators who have filed GSTR 8 during the financial year. The returns need to be filed on 31st December of the next financial year.
- GSTR– 9C- To be filed by GST registered businesses whose annual turnover exceeds Rs. 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C. The due date for filing the returns is the 31st December of the next financial year.
- GST returns
to be submitted only ONCE
- GSTR-10- GSTR 10 is required to be filed only by the businesses whose registration under GST has been cancelled or surrendered. The regular businesses registered under GST are not required to file this return. This GST return needs to be filed only once when registration is cancelled or surrendered and the due date for this one-time submission is within three months of the date of cancellation or date of cancellation order, whichever is later.
Once you are aware of the GST return form applicable for your business, you can get familiar with the GST registration application process and make the cumbersome-seeming registration process an easy one.
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