16 Types of GST Returns your Business Should be Aware of
The submission of the GST return depends heavily on the business’s legal structure and the agreements betwixt different business dealers and owners registered on the GST platform. The GST return document will contain the following items such as buying, selling, purchase tax (input tax), and sales tax (output tax). One has to pay the resulting amount of tax liability (money owed to the government) while filing GST returns.
You should be aware of all types of GST return information that applies to all forms of GST return properly.
1. GSTR-1 (outward supplies’ return)
GSTR-1 could be monthly or quarterly. (due date for the businesses which have turnover more than rs. 1.5 cr & 30th / 31st of last month of the quarter for businesses with turnover less than rs. 1.5 cr) to be filed by each registered dealer. It consists of the information on all the outward supplies or sale transactions within the tax cycle and credit and debit notes issuance. Any adjustments have to be recorded in the GSTR-1, such as previous tax years and sales invoices.
2. GSTR-2 (inward supplies’ return)
It contains the return of inward supplies of goods and services. For example, purchases that have been made during the specific tax period. Details of which are auto-populated from GSTR-2A.
3. GSTR-2A (read-only return of ITC)
It is for the return of goods and services backward—for example, sales made in a specific tax period. GSTR-2 return information is auto-filled from GSTR-2A.
4. GSTR-3 (return abbreviated for ITC and outward)
It is a monthly summarized return for presenting detailed deets of all inward supplies, outward supplies acquired, and input tax credit report along with tax obligation details and paid tax. It is auto-generated based on the filing of the GSTR-1 and GSTR-2 returns.
5. GSTR-3B (synopsis of inward & outward supplies)
It is a monthly self-declaration for presenting a detailed account of all outwards supplied made, tax liability, input tax credit asserted, and payable amount of tax. Here, it becomes pertinent to understand the difference between GSTR-1 and GSTR-3B since all the registered taxpayers under GST has to file GSTR-3B.
6. GSTR-4 / CMP-08 (composition dealer’s return)
It is a four-month release. It is to be filed by taxpayers who have chosen for the GST composition program. CMP-08 is the return substituting the GSTR-4 now.
7. GSTR-5 (non-resident taxable person’s return)
It is a monthly return submitted by any taxable non-, registered under GST and operating business transaction in India. This return contains details of received inward supplies, all outward supplies, tax liability, debit/credit notes, and taxes paid.
8. GSTR-6 (input service distributors’ return)
It is a monthly input service distributor return. It contains input tax credit information, acquired and distributed by ISD. Here, it means that a list of total input tax credit available for delivery during a specified month. It has to be made available to each credit receiver; details are given in part B of the GSTR-2A form.
9. GSTR-7 (return for taxpayers deducting TDS)
The monthly return is required by deducers needed to deduct TDS (source deducted tax) beneath the GST.
10. GSTR-8 (return for e-commerce operators TCS)
It is a monthly return to be submitted by GST registered e-commerce operators needed to garner source tax (TCS). It will contain an account of all the deliveries made via the e-commerce portal and received TCS.
11. GSTR-9 (annual return for normally registered taxpayer under GST)
It is the annual return to be filed by taxpayers registered beneath GST. (not to consider the taxpayers who have opted for composition system, input service providers, casual taxpayer person, non-resident taxable person and person paying TDS under Section 51 of CGST act). It contains the deets of all outward supplies made, inward supplies acquired during the corresponding previous year under certain conditions. SGST, CGST & IGST, and HSN codes and tax data payable and charged. It combines all monthly and quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) submitted in that year.
12. GSTR-9A (annual return for composition dealers)
It is an annual return for taxpayers who have registered in the financial year under the composition scheme. This combines all quarterly returns filed during the financial year. Including elucidation of outward and inward stocks, input credit used or reversed, the tax charged, late fees, tax refunds, so on and so forth.
13. GSTR-9B (annual return of TCS collector by e-commerce operators)
It is an e-commerce operator needed to accumulate tax at source under section 52 of FORM GSTR-9B. This report contains all the deets received by e-commerce operators in monthly returns filed during the financial year.
14. GSTR-9C (return for registered persons obtaining audited accounts from CA)
It is a summary statement to be filed by all GST registered taxpayers with revenue breaching limits of Rs. 2 cr in the financial year. A chartered accountant and cost accountant should audit the registered person’s books of account. The accounting statement is betwixt the taxpayer’s audited financial statements and GSTR-9’s annual report submitted.
15. GSTR-10 (return for the registered person whose registration gets rescinded)
A person whose registration has been rescinded or surrendered must file GSTR-10 within three months of cancellation or order for the same, whichever is earlier.
16. GSTR-11 (return for UIN- unique identification number holders)
Individuals allocated to the UIN have to submit the GSTR-11 to get the refund of inward supplies of goods and services in India.
The aforementioned basic information related to GST returns must have been clear to you by now. Non-submission of such could be detrimental with hefty mulct. GST return is a fair and square form of the accountable financial transaction.
Shreeda Shah is a Chartered Accountant associated with Legalwiz.in as a Business Advisor. She has a good expertise over Direct Taxation and Indirect Taxation compliances.