What are different GST-returns-types

GST Return is the detail filed by the taxpayer of the purchase invoice, sales, invoice, and other relevant documents to the tax administrative authorities. Forms and frequency of the different GST Return types are based on the types of the business and its turnover.

GST Return can prove to be a complex process and on time so the help of Professional utilities makes it easy.

Table Of Content

What is GST Return?

GST Return is the periodic report or statement by which registered taxpayers give detail about purchases, sales, and other relevant details to the tax authorities. Different GST return types assist the tax authorities to confirm the accuracy and assess the tax liability of the business. 

Who should file different GST Returns  Types?

It is mandatory for all dealers and business owners to file the GST Return. There are different taxpayers according to the nature of the transaction or business as mentioned below - 

• Regular Businesses -  Any Regular business having an annual aggregate turnover of more than 5 crores. They need to file 25 returns two monthly returns and one annually.
• Auto-drafted Returns.- This is a return of the regular taxpayer which is auto-drafted month-wise.

Other types of business owners and dealers - 

• Businesses registered under the Composition Scheme. - They need to file 5 returns per year such as 1 annual return and 4 statements cum chalan.
• Amendments - This return is filed by the taxpayer to correct omissions and rectify errors or changes in the original return. It is corrected and revised of the previous GST Returns.
• Tax Notice - When tax authorities need any clarification, more information, or action from the taxpayers. Then tax authorities issue these requirements in writing.

Different GST Returns  types as mentioned below -

There are different  GST Returns types as mentioned below - 

• GSTR1 - Supplier fills this form and buyer confirms it with auto-populated. In this detail, the outward supplies of goods and services are filled. It includes  B2B and B2C interstate and also includes interstate stock transfers and under reverse charge. This return is filed on the 11 of next month.
• GSTR- 3B - This is a consolidated summary return filed by the taxpayer. The taxpayer has to verify and make modifications to the inward and outward supplies of the taxpayers. This return is filed on the 20 of next month.
• GSTR 4 - This is the return file by the composition dealer. It contains detail about the total value of the supply made during the return period. information about taxes paid. Details of purchases at the invoice level. They are filled quarterly. This return is filed on the 30 of next month.
• GSTR 5 - This is the return file by the Non-resident foreign taxpayers. It has detail about the period of return, invoice detail, and detail of the taxpayer for a particular month and period. This return is filed on the 30 of next month.
• GSTR 5B - Non-resident OIDAR service providers file this return. This return is filed on the 20 of next month.
• GSTR -6 - In this return detail about the basic information of the taxpayer, period of the return, detail of the invoice, and other ITC balances of the taxpayers are maintained. This return is filed on the 13 of next month.
• GSTR 7 - The individuals who must deduct TDS under GST are required to file GSTR-7. TDS stands for "tax deducted at source." It includes the detail about the TDS Refund, detail of the TDS deducted, and tds liability paid and payable. This return is filed on the 10 of next month.
• GSTR 8 - This is the monthly return. It contains detailed basic information about the taxpayers, the time period to which the return relates, information about the supplies both registered taxable persons made to customers through the online store, etc. This return is filed on the 10 of next month.
• GSTR 9 - This is the annual tax return filed by the taxpayer. In this detail, the taxpayer income and expenditure are entered. It is filled on the 31 Dec of the next financial year.
• GSTR 9A - Every taxpayer who has signed up for the composition system is required to submit an annual composition return form. It is filled on the 31 Dec of the next financial year.
• GSTR 9B  - E-Commerce Operators that collect tax at the source are required to file an annual return.
• GSTR 9C - It is a reconciliation statement that is self-certified by the Tax Payer. Every taxpayer who is required to have their yearly reports audited must submit an audit form when their combined revenue reaches Rs. 2 crores in a fiscal year.

Different gst returns  Types filled by the different taxpayers

There are different  GST returns types that need to be filled by different taxpayers.

Process of filing different GST Return Types

There are certain steps that are followed to file the GST Return -

• Login on the GST Portal.
• Enter 15digit PAN Number
• On GST Portal, Each invoice is uploaded and invoice reference is issued.
• Then inward return, cumulative monthly return, and outward return are filled.
• Return can be refiled and errors can be corrected. Options are given.
• In GSTR -1 outward supply return on GST common Portal is filled on the or before 10th of the following month.
• In GSTR2A Detail about the outward supplies are furnished by the supplier.
• Then these details are modified and verified.
• In GSTR2A inward supplies of the taxable goods and services are entered.

Penalties for filing late GST Return Types 

Taxpayers calculate the penalties on the outstanding tax at the rate of 18% per annum.

Or 

The late fee is Rs100 for each day which comes to 200 per day.

The time period is calculated from the date of filing to the date of the payment.

Conclusion 

GST Return types contain information about the input tax credit availed, sales turnover, any already paid taxes, and output tax liability. There are different GST Return types based on the nature and turnover of the business. There are many penalties for the non-filling of GST returns.

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What are the fundamentals of GST returns?

The basis of the GST Return is a GST-registered taxpayer (each GSTIN) is obliged to submit a document to the tax administration authorities called a GST return, which contains information about all of their income, sales, and/or costs, as well as their purchases. Tax authorities use this to determine net tax liability.

What are the advantages of the GST return?

The most significant advantage is eliminating the cascading effect, also referred to as doing away with a tax on top of another tax. There was no way to balance the service tax paid on input services against the value-added tax (VAT) on output prior to the introduction of the Goods and Services Tax (GST).

Define the return period in GST.

GST Return must be filed. By the end of the next financial year, on December 31st. The taxpayer must include all of their income and expenses for the whole fiscal year on their return.

Define GSTR3B and Gstr 1?

GSTR 1 is a monthly/quarterly return containing invoice-wise outward supply details. GSTR 3B is a summary return with revenue implications. The GSTR 2A return is Auto -populated.

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