RETURN UNDER GST MADE EASY

Return is a statement of specified particulars, relating to business activity undertaken by taxable person during a prescribed period.  It is important tool for revenue department to collect the data and other related information of assessee.

Under G.S.T. returns are broadly classified on the basis of following two categories 

Return for normal taxpayers 

Return for Specified taxpayers such as

• Input service distributor

• A non-resident taxable person

• A person paying tax under the provisions of section 10 (composition levy)

• A person paying tax under the provisions of section 51 (TDS)

• A person paying tax under the provisions of section 52 (TCS)

GSTR-1 

Details of outward supply of goods and/or services are filed by registered taxable supplier by 10th of next month in a Form GSTR-1 such details shall be filled electronically.

GSTR-2A

 The recipient of the supply shall be provided an opportunity to accept, reject, amend or delete the details in a two-way communication process. The details provided by the supplier shall be auto populated and available electronically to the recipient, for matching purposes. 

GSTR-2

On the basis of GSTR-2A recipient file GSTR-2 Details of inward supplies of goods and/or services are filled by registered taxable recipient for purpose of claiming input tax credit and all such modifications made by the recipient and filed in FORM GSTR-2, shall be made available to the outward supplier in FORM GSTR-1A before 15th of next month. The supplier may either accept or reject the modification, deletion or inclusion made by the recipients on or before 17th day of the succeeding month.

GSTR-3

Monthly return on the basis of finalization of detail of outward supply and inward supplies along with the payment of amount of tax is filed by registered taxable person by 20th of next month

GSTR-4

Quarterly return filed by compounding taxable person by 18th of the month succeeding Quarter

Compounding taxpayer means a person who is opted for composition scheme

Businesses dealing only in goods can only opt for composition scheme  service providers keep outside the scope of this scheme however restaurant sector taxpayer opt  for composition scheme if his annual turnover is up to 75 lakhs.

Person opting for composition scheme not eligible to take input tax credit

GSTR-5

Return for Non resident foreign taxable person file by non resident taxable person by 20th of next month.

GSTR-6

Return for input service distributer is filed by input service distributer by 13th of next month.

GSTR-7

Return for authorities deducting tax at source is filed by tax deductor by 10th of next month

GSTR-8

Details of supplies effected through ecommerce operator filed by E-commerce operator or tax deductor by 10th of next month.

E-commerce operators who directly or indirectly manage electronic platform which is engaged in facilitating the supply of goods and/or services or any other service incidental to or in connection with such supply of goods and services through electronic platform is consider as operator. The GST law also explain that person supplying goods/services on his own account not be consider as e-commerce operator.

Example- Amazon and Flip kart are actual e-commerce operator because they are facilitating actual suppliers however Titan supplying watch through own web site not be consider as e-commerce operator

GSTR-9/GSTR-9A/GSTR-9B

Annual return is filed by registered taxable person on or before31 December under GSTR-9 person opting for composition scheme file annual return under GSTR-9A. Every registered taxable person whose aggregate turnover during a financial year exceeds Rs. 1 crore shall get his account audited and file copy of audited annual accounts and reconciliation statement in GSTR-9B

GSTR-10

Final return is filed by Taxable person whose registration is surrendered or cancelled Within 3 months of the date of cancellation or date of cancellation order.

GSTR-11

Details of inward supplies to be furnished by a person having UIN and claiming refund due date of filing such return is 28th of the month following the month for which statement is file

Levy of late fees

Fails to file on or before due date for outward supply, inward supply, monthly return, final return
• Late fee Rs. 100 per day till default continue
• maximum penalty 5000

Fail to file Annual return
• Late fee Rs. 100 per day till default continue
• Maximum penalty 0.25% of turnover

Thanks and regards
MUKUL ARORA
Founder of  GST Knowledge Portal
(knowledge is lifeline)