GST returns are the tax return forms that are required to be filed by different entities with the Income Tax authorities of India.
GST Return Form is a document containing details of all purchases, sales, output GST (on sales) and input tax credit (GST paid on purchases) to calculate an assessee’s GST liability for a particular tax period.
Currently GST registration online can be filed either on monthly, quarterly or annually depending on various applicable factors and on the basis of that there are different forms of GST returns.
1. GSTR 1
GSTR 1 is the record of all sales. Under this form, the suppliers will have to report their outward supplies during the reporting month. According to the norm, all the registered taxable persons are required to file the same by the 11th of the following month.
2. GSTR 2
The Form GSTR-2 is a statement in which a regular dealer needs to capture all the inward supplies made during the month. Broadly, all the inward supplies from registered businesses including the supplies on which tax needs to be paid on reverse charge are required to be captured at the invoice level.
In addition to inward supplies, you also need to declare the details of advances paid on supplies liable for reverse charge, and the advance amount on which GST return filing online was paid in the earlier return period but the invoice has been received in the current reporting period.
3. GSTR 2A
GSTR-2A is an auto-populated statement in which the visibility of all the inward supplies reported by your supplier in GSTR-1, is made available to the recipient. The details will be made available on submission of the return in the Portal. Apart from the details of GSTR-1, the details from GSTR-5 (Supplies from Non-resident Taxable person), GSTR-6 (ISD), GSTR-7 (TDS Deductor) and GSTR-8 (TCS collected by e-commerce operator) will also be auto-populated.
4. GSTR 3
GSTR-3 is a consolidated monthly return which contains details of tax liability along with the tax collected on outward supplies and tax paid on inward supplies by registered person. It is an auto-populated process through GSTR-1 and GSTR-2 of the registered person. There is minimal manual intervention and the system itself would be updating records.
5. GSTR 3B
GSTR-3B is a monthly self-declaration that has to be filed by a registered dealer. It is a simplified summary return of inward and outward supplies and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner.
5. GSTR 4 / Form GST CMP 08
GSTR-4 is a document that needs to be filed once every 3 months by registered taxpayers who have signed up for the composition scheme (they are known as composition vendors). The Composition Scheme is a scheme in which taxpayers with turnover up to Rs.1.5 crores can opt into and pay taxes at a fixed rate on the turnover declared.
6. GSTR 5
The GSTR-5 form is a monthly return form required to be furnished by every registered non-resident taxable person at the GST return in India. Non-resident taxable persons are those suppliers, who do not have a business establishment in India and have come to India for a short period of time to make supplies.
7. GSTR 6
The Goods and Services Tax Return 6 is a document/statement that has to be filed every month by organizations who are also Input Service Distributors. This return must contain the details of inward supplies received/purchases made from other registered taxpayers (B2B) and the details of input tax credit that was distributed among the branches of the organisation.
8. GSTR 7
GSTR 7 is a document or statement that is filed by those taxpayers who deduct tax while making payments to vendors/suppliers towards the inward supplies received. This return must contain the details of those transactions where TDS was deducted along with the complete details of your suppliers.
9. GSTR 8
GSTR 8 is a statement that must be filed by e-commerce operators every month. It must contain the details of supplies made to customers through the taxpayer’s e-commerce portal by both registered taxable persons and unregistered persons, customers’ basic information, the amount of tax collected at source(TCS) , tax payable, and tax paid.
10. GSTR 9
All the taxpayers registered under GST are required to file their annual return in a particular form. That form is called the GSTR 9. GSTR-9 consists of details about the supplies made and received during the year under different tax heads i.e., CGST, SGST, and IGST. It consolidates the information furnished in the monthly/quarterly returns during the particular year. Non compliance of law has always been strictly adhered to by the tax department, the same goes on with GSTR 9. Not filing GSTR 9 or filing it after due date can result in a heavy cost for the taxpayer.
