Returns mechanism under in GST regime includes electronic filing, uploading of invoice details and auto- generate of Input Tax Credit (ITC) details from suppliers Returns.
Goods and Services Tax is payable by taxable person on self-assessment basis (like under Income Tax Act, 1961). A registered person needs to furnish monthly returns, quarterly returns, annual return & final return.
Following table depicts the various returns under GST Regime
|
Return |
Particulars |
To Be field by |
Frequency |
Due Date |
|
GSTR - 1 |
Outward Sales |
Registered Person |
Monthly |
10th of Next Month* |
|
GSTR - 2 |
Purchases |
Monthly |
15th of Next Month ** |
|
|
GSTR - 3 |
Return along with the payment of amount of tax |
Monthly |
20th of Next Month |
|
|
GSTR - 4 |
Quarterly Return |
Taxable Person opting for Composition Levy |
Quarterly |
18th of Month of next qtr. |
|
GSTR - 5 |
By Non-Residents |
Non-resident Taxpayer |
Monthly |
20th of Next Month |
|
GSTR - 6 |
Input Service Distributors |
Input Service Distributor |
Monthly |
15th of Next Month |
|
GSTR - 7 |
Return for TDS |
Tax Deductor |
Monthly |
10th of Next Month |
|
GSTR - 8 |
By E-Commerce Companies |
E-Commerce Operator |
Monthly |
10th of Next Month |
|
GSTR - 9 |
Annual Return |
Registered Person other than an ISD, TDS/TCS Taxpayer, Casual Taxable Person and Non-resident Taxpayer |
Annually |
31st Dec of next F. yr. |
|
GSTR - 10 |
Final Return |
Taxable Person whose registration has been surrendered or cancelled |
Within three months of the date of cancellation or date of order of cancellation, whichever is later. |
As mentioned above, there are separate returns for a taxpayer registered under the composition scheme, non - resident taxpayer, an Input Service Distributor, a person liable to deduct or collect the tax (TDS/ TCS).
It is important to note that a taxpayer is NOT required to file all types of returns, i.e. they are required to file returns depending on their nature of activities carrying.
GST Returns can be filed using any of the following methods
1. GSTN portal (www.gst.gov.in)
2. Offline utilities provided by GSTN
3. GST Suvidha Providers (GSPs)
Key Issues
- GST Returns to be field by taxable person on self - assessment basis.
- Taxable person can take the help of GST Practitioner in filing return, etc.
- Invoice - wise details of outward supplies shall be uploaded to the GSTN by using From GSTR - 1.
- The details will be auto-populated in Form GSTR 2A of the recipient.
- The receipt can confirm the details in Form GSTR 2.
- The supplier can confirm the details in Form GSTR 1A.
- Tax Liability Register shall be in Form GST PMT 01.
- Approved of final detail of Input Tax Credit (ITC) will be in Form GST ITC 1
- Payment of tax on self-assessment basis and filing of Return shall be in Form GSTR - 3
- Payment: Over the counter payment will be allowed up to `. 10,000 by generating a challan in Form GST PMT - 05. Payment of tax over than Rs. 10,000 will be allowed only by way of E- payment like Credit / Debit Card, NEFT or RTGS etc.
* For the month of July - by 1st - 5th September, 2017
For the month of August- by 16th - 20th September, 2017
** For the month of July - by 6th - 10th September, 2017
For the month of August - by 21st - 25th September, 2017
*** Form GSTR - 3B (Summary of outward and inward supplies)
For the month of July- by 20th August, 2017
For the month of August- by 20th September, 2017
Source: CBEC, GST Council’s Meeting Reports & Approved Final GST Return Rules
The author is a tax law professional and can also be reached at shreetaxchambers@bsnl.in
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