Returns to be filed under GST Laws

Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).

Summary of the Returns to be filed:

(Please note that the order of the Returns as explained below is based on the Type of Persons requiring to file them and not on a numeric series basis.)

1. GSTR-1 (Details of outward supplies of taxable goods and/or services effected)

To be filed by the 10th of the Next Month by the supplier of Goods/Services, this Return shall contain

• Invoice wise details of all Inter-State & Intra-Sate supplies made to registered persons and all supplies made to unregistered persons exceeding Rs 2.50 Lakhs per Invoice.
• Consolidated Details of all Intra-State supplies made to unregistered persons for each rate of tax
• Consolidated Details of all State wise Inter-State supplies made to unregistered persons exceeding Rs 2.50 Lakhs per Invoice.
• Details of any debit/credit notes issued for the sales made previously.

2. GSTR-2 (Details of inward supplies of taxable goods and/or services effected claiming input tax credit)

To be filed by the 15th of the Next Month by the recipient of Goods/Services, this Return shall contain

• Invoice wise details of all Inter-State & Intra-Sate supplies received from registered persons or unregistered persons.
• Import of Goods/Services during the period
• Details of any debit/credit notes if any received from the supplier.

3. GSTR-3 (Monthly return on the basis of finalization of details of inward/outward supplies along with the payment details of tax)

To be Filed by the 20th of the Next Month by the recipient and supplier of Goods/Services (i.e. every registered taxpayer), this Return is divided into 2 parts A & B and it shall contain the following details:

PART-A

• Turnover Details bifurcated between Taxable Turnover - Export Turnover - Nil rated and Exempted Turnover - Non-GST Turnover
• Details of Outward Supplies
• Details of Inward Supplies
• Total Tax Liability for the Month with separate value for CGST, SGST, and IGST.
• Input Tax Credit Received during the month

PART-B

• Details of Tax, Interest, Late Fee and Penalty Paid through challans or Credit Adjustments
• Refunds Claimed from Cash Ledger

4. GSTR-9 (Annual Return)

To be filed by the 31st December of the Next Financial Year by every registered taxable person

Every registered taxable person is required to furnish an annual return under GST law, electronically in FORM GSTR-9. Likewise, a taxable person registered as a composition dealer shall furnish the annual return in FORM GSTR-9A. GST law also states that every registered taxable person whose aggregate turnover during a financial year exceeds one crore rupees shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9B.

This Return shall contain Details such as

• Applicability of Statutory Audit or Not and if yes, Auditor Details for the Tax Period.
• Details of Expenditure incurred with bifurcation in the taxable value of goods and/or services taken.
• Details of all the supplies made in a tax year differentiating between goods and/or services.
• Return Reconciliation Statement where the system will auto-reconcile the transactions and will determine tax liability payable against the tax actually paid
• Breakup of gross profit, profit after tax and net profit for the tax year for which return is filed.

5. GSTR-4 (Quarterly return for compounding taxable person.)

To be Filed by the 18th of the month succeeding the quarter by Composition Dealers having annual turnover below Rs 50 Lakhs.

Note that only businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme.

This Return shall contain Details such as

• Details of Inward Supplies including supplies received from unregistered persons and any amendments thereto
• Import of Goods/Services during the period and any amendments thereto
• Outward Supplies Made which shall include both intra-state and Non-GST Supplies
• Tax Liability under reverse charge arising on account of the time of supply without receipt of Invoice
• Details of GST Payable and Paid Details
• Refund Claim Details If any
• Declaration whether you are likely to cross composition limit before the date of next return?

6. GSTR-10 (Final Return)

To be filed within three months of the date of cancellation of registration or date of cancellation order, whichever is later by a taxable person whose registration has been surrendered or cancelled

This Return shall contain Details such as

• Application Reference Number which will be communicated to the taxpayer at the time of passing the cancellation order.
• Effective Date of Surrender/Cancellation along with the  Unique ID of Cancellation order as contained in the order if the cancellation order has been passed
• Particulars of Closing Stock. Also any amount of credit lying in such stock needs to be paid along with this return. This amount shall be auto-computed on the basis of the declaration of closing stock of goods.

7. GSTR-8 (Details of supplies effected through e-commerce operator and the amount of tax collected)

To be filed by the 10th of the next month by E-commerce Operators/Tax Collectors, This return shall contain details of supplies made and the amount of tax collected as required under the Model GST Law. Merchants registered on e-commerce marketplace are required to furnish details of supplies made to registered taxable person through the e-commerce operator. Here marketplace sellers are required to furnish details of GSTIN of the supplier, Merchant ID issued by e-commerce operators along with the gross value of supplies etc. Further also the Details of supplies made by the e-commerce marketplace merchant to unregistered persons through the e-commerce operator needs to be reported here.  Once all the details are furnished, the system will auto-calculate the tax liability and tax credit available and details of Tax / Interest / Penalty Paid needs to be filled in.

Apart from these Forms, There are certain other Forms which though not applicable to General Category of Users, are to be filed by Certain Category of Persons. They are as summarized below:

Some Quick Facts about GST Returns

• There shall be Compulsory electronic filing of returns.
• Late filing would be permitted on payment of late fees only. Hence late filing of return will not be possible without payment of fees
• A return furnished without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.
• Input tax credit is eligible only after filing a valid GST return
• Input Service distributor, deductor of tax, casual taxable person and Non-Resident taxable person are not required to furnish annual return
• Late filing fees shall be Rs. 100 per day of delay (maximum INR 5000/-). For annual return, late filing fees shall be Rs. 100 per day of delay (maximum 0.25% of aggregate turnover)

The author is a Chartered Accountant and can also be reached at office@niketassociates.co.in