A Comprehensive Guide to GST Returns: Types, Due Dates, and Key Information
A unified tax system has been implemented in India with the introduction of the Goods and Services Tax (GST), which requires businesses to submit GST reports on a regular basis. These returns, which guarantee adherence to GST requirements, provide specifics on a taxpayer’s income, sales, purchases, and tax obligations. Businesses can maintain seamless operations and obtain the Input Tax Credit (ITC) by timely filing their GST reports.
To help businesses effectively fulfill their GST duties, we’ll go over the several kinds of GST returns, their deadlines, the filing procedure, and other crucial information in this tutorial.
What is a GST Return?
The income, sales, purchases, and tax obligations of a firm are all compiled in a GST form. Depending on the business and taxpayer type, these returns are required to be filed by all registered GST taxpayers.
Purpose of GST Returns:
Types of GST Returns and Their Due Dates
Businesses must file different types of GST returns based on their activities and registration status. Below is a detailed list of the most common GST returns, their purposes, and due dates.
1. GSTR-1: Details of Outward Supplies
Who Files: Regular taxpayers.
Purpose: Report details of all outward supplies (sales) during the tax period.
Due Date:
Monthly: 11th of the following month.
Quarterly: 13th of the month following the quarter.
2. GSTR-2A: Auto-Generated Details of Inward Supplies
Who Files: Not applicable (auto-generated for recipients).
Purpose: Reflects inward supplies (purchases) based on suppliers’ GSTR-1 filings.
Due Date: Automatically updated; no filing required.
3. GSTR-3B: Summary Return of Inward and Outward Supplies
Who Files: All regular taxpayers.
Purpose: File a monthly summary of inward (purchases) and outward supplies (sales) and pay taxes.
Due Date:Monthly: 20th of the following month.
Quarterly (for QRMP taxpayers): 22nd or 24th of the month following the quarter, based on the state.
4. GSTR-4: Return for Composition Scheme Taxpayers
Who Files: Taxpayers under the Composition Scheme.
Purpose: Summary of outward supplies and tax payable under the scheme.
Due Date: Annually, by 30th April of the following financial year.
5. GSTR-5: Return for Non-Resident Taxable Persons
Who Files: Non-resident taxable persons without a fixed place of business in India.
Purpose: Declare outward supplies, inward supplies, and taxes paid.
Due Date: 20th of the following month or within seven days of registration expiry, whichever is earlier.
6. GSTR-6: Return for Input Service Distributors (ISD)
Who Files: Input Service Distributors.
Purpose: Provide details of ITC received and distributed to branches.
Due Date: 13th of the following month.
7. GSTR-7: Return for Tax Deductors at Source (TDS)
Who Files: Entities deducting TDS under GST.
Purpose: Furnish TDS details, liability, and payments.
Due Date: 10th of the following month.
8. GSTR-8: Return for E-Commerce Operators
Who Files: E-commerce operators collecting TCS under GST.
Purpose: Report supplies made through platforms and TCS collected.
Due Date: 10th of the following month.
9. GSTR-9: Annual
Return
Who Files: All regular taxpayers.
Purpose: Provide an annual summary of all GST transactions.
Due Date: 31st December of the following financial year.
10. GSTR-9A: Annual Return for Composition Taxpayers
Who Files: Composition scheme taxpayers.
Purpose: Annual summary of outward supplies, taxes paid, and purchases.
Due Date: 31st December of the following financial year.
11. GSTR-10: Final
Return
Who Files: Taxpayers whose GST registration has been canceled.
Purpose: Declare stock and liabilities after cancellation.
Due Date: Within three months of the cancellation date or order.
12. GSTR-11: Return for UIN Holders
Who Files: Unique Identification Number (UIN) holders, such as embassies or international organizations.
Purpose: Claim GST refunds on purchases.
Due Date: 28th of the following month after supply receipt.
Late Fees and Penalties for GST Returns
Filing GST returns late can result in penalties and interest. Here are the key implications:
Importance of Filing GST Returns on Time
Conclusion
An essential component of managing a GST-compliant firm is filing GST returns. Maintaining seamless operations, avoiding fines, and claiming benefits like the Input Tax Credit can all be achieved by being aware of the several kinds of GST returns, their deadlines, and the filing procedure. While maintaining legal compliance, you may concentrate on expanding your company by keeping up with your GST responsibilities.