GST types of returns| How to file GST Return | GST Frequently asked questions(FAQ)

How to file GST Return
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GST types of returns| How to file GST Return | GST Frequently asked questions

What is the GST?

Every person registered under the GST Act must periodically provide details of sales, purchases and taxes paid and collected by filing a report with the GST authorities. Before depositing any return, payment of tax due is required, otherwise, this return will be invalid.

Steps for Filing the GST Report:

The GST return can be filed in different forms depending on the nature of the transaction. Refund forms applicable to normal taxpayers and their due dates

☞Monthly Details of domestic deliveries in Form GSTR-1 no later than the 10th of next month.

☞Monthly Details of deliveries abroad in the GSTR-2 form no later than the 15th of next month.

☞ Monthly filing of the return in Form GSTR-3 before the 20th of the following month.

☞ Annual filing of the report in Form GSTR-8 by December 31 of the following fiscal year.

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Frequently Asked Questions on GST

1. Who must file the GST return?

Any entity registered under the GST must file a GST return. A null return must be filed even if no purchase sale activity has taken place during the return period.

2. What is the periodicity of filing?

Depending on the type of recording and transactions different periods have been specified. The monthly return must be filed by regular, non-resident aliens, ISD and occasional taxpayers while compounded taxpayers must file quarterly returns

3. What if I do not return the return on time?

If the return is not deposited within the due date, then the taxpayer is penalized with late fees of Rs 100 per day up to a maximum of Rs.

4. Should the different return forms be submitted for CGST, SGST, IGST?

No, return forms are common to CGST, SGST, IGST

5. What is the return GSTR-1?

GSTR-1 return will include details on shipments abroad or sales by the taxpayer. This form will return the following information:
• Basic data such as company name and GSTIN, period for which return is being processed, etc.
• Details of invoices issued in the previous month and taxes paid.
• Details of advances received in relation to an offer to be made in the future.
• Revision details relative to foreign sales invoices relating to previous tax periods.

6. What is the GSTR-2 Return?

The GSTR-2 return will include details of the taxpayer's purchases. GSTR-2 is pre-filled for a taxpayer based on the GSTR-1 filed by its supplier. Simply validate this pre-filled information and make changes if necessary. For example, if you buy company B voucher, then the company would have filed its GSTR-1 and included your name as a purchaser. Now, the same information will be reflected in your GSTR-2 as the purchases you need to validate. GSTR-2 will include the following details:
• Details of purchases that are self-filled by the department
• The invoices on which the partial credit was used earlier must be submitted in a separate table.

7. What is the GSTR-3 Return?

It can be said that GSTR 3 is a combined version of GSTR 1 and GSTR 2. As in the case of GSTR-2, GSTR-3 is also pre-populated for a tax payer based on GSTR-1 and GSTR-3. Simply validate this pre-filled information and make changes if necessary. GSTR-3 return will include the following details:
• Information on the ITC ledger, the liquidity register and the
• Details of the payment of the tax under various heads of taxes of CGST, SGST, IGST
• The taxpayer will be able to claim a refund of an overpayment

8. What is Quarterly GST Return (GSTR-4)?

The small taxpayer can opt for the composition scheme. In this case, he would be required to pay fixed rate taxes. Although no input tax credit facility is available. A taxpayer who opts for the composition plan would be required to file a simplified quarterly report that is GSTR-4. It is required to provide only the following information:
• The total value of the supply made during the return period
• Details of the tax payment in the return
• Declare purchase information at the invoice level.

9. What is the 'GST Annual Return' (GSTR-8)?

All normal taxpayers would be required to submit an annual report under the GST. This is intended to provide full visibility into the taxpayer's activities.
• This will be a detailed report and will cover all income and expenses of the taxpayer and will be grouped according to monthly returns.
• A major benefit of this return will be that it will provide the opportunity to correct for any brief reporting of the supply activities undertaken.
• The reporting deadline is December 31 following the end of the fiscal year for which it is filed. The same must be filed with the audited copies of the annual accounts.

10. Can I pay the taxes due after filing the return?

No tax due must be paid before filing the return for this period otherwise the return will be invalid.

11. Can the return be revised?

Yes, the return can be revised.

Types of returns under GST

There are multiple return under the GST regime. The most common used return will be GSTR 1, 2 ,3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis. GSTR 4 is submitted on a quarterly basis and GSTR 9 on an annual basis

Return/Form Details Frequency Due Date

GSTR – 1 Outward sales by business Monthly 10th of next month

GSTR – 2 Purchases made by Business Monthly 15th of next month

GSTR – 3 GST monthly return along with the payment of amount of tax Monthly 20th of next month

GSTR – 4 Quarterly return for GST Quarterly 18th of month next quarter

GSTR – 5 Periodic return by Non-Resident foreign taxpayer. Monthly 20th of next month

GSTR – 6 Return for Input Service Distributor (ISD). Monthly 15th of next month

GSTR – 7 GST Return for TDS Monthly 10th of next month

GSTR – 8 GST return for ecommerce suppliers Monthly 10th of next month

GSTR – 9 GST Annual Return Annually 31st Dec of next financial year
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