GST Return Filing

A GST Return is a statutory document under the new GST regime of India, which enables the tax administrative authorities to calculate the tax liabilities of the concerned taxpayer. In general, a gst return contains details of the following --- outward and inward supplies, input tax credits availed, the tax paid and payable, etc. Depending upon the types of registrations under the GST and the categories of business/service transactions, different GST Return Forms and due dates of filing have been prescribed. For example, a general/normal taxpayer now requires to file three returns in every month and an annual return, all amounting to a total of 37 returns every year. Again, the gst return forms are common for the Central GST, State GST, and the Integrated GST.

All prescribed GST Returns need to be filed electronically with the GST Common Portal (GSTN Portal), which ishttps://www.gst.govt.in . Here, it must be noted that prior to making the gst return filing, advance payment of the due taxes must be done, for the return to be readily approved and valid. For online gst return filing, accurate and perfect creation of invoices serves as the basis. However, the following standard guidelines will make the return filing process rather convenient and easy

• Preparing proper and perfect invoices
• HSN (Harmonized System of Nomenclature) Codification
• Arrangement of invoices as per the GST Software
• Flawless uploading of the invoices on the GSTN Portal

Types of GST Returns

Under the GST system of India, different categories of registered taxpayers are required to file different GST returns periodically. In general, the main types of gst returns are the following for each major category of registered taxpayers:

A Normal/General Taxpayer needs to file the following three monthly returns and one annual return, under the GST regime:

• GST Return Form GSTR-1:This monthly return contains details of the outward supplies, and is to be filed by 10th of the next month.
• GST Return Form GSTR-2: This monthly return gives details of the inward supplies along with the input tax credits; to be filed by 15th of the next month.
• GST Return Form GSTR-3: This monthly return contains details of the inward and outward supplies, input tax credits, and the amount of tax payable; to be filed by 20th of the next month.
• GST Return Form GSTR-9:This annual return shows details of the annual income and expenditure, and is to be filed by 31st December every year.
• GST Return Form GSTR-3B:[For the months of July and August 2017 Only]. This simple return is to be filed for the first two months of GST regime in India (i.e. for the months of July and August 2017) instead of the three monthly returns (GSTR-1, 2 & 3) mentioned above. The due dates for filing this all-inclusive monthly return for the months of July 2017 and August 2017 are 20th August and 20th September, respectively.

• GST Return Form GSTR-4:This is a quarterly return; 18th of the month succeeding quarter
• GST Return Form GSTR-9A: This is an annual return; to be filed by 31st December of the coming financial year

• GST Return Form GSTR-5:This monthly return contains details about the outward supplies, tax paid, imports, input tax availed, and the remaining stock; due date is 20th of the next month.

• GST Return Form GSTR-6: This is a monthly return to be filed by 13th of the next month.

• GST Return Form GSTR-7: This monthly return contains details about the tax deducted during the month; the due date of its filing is 10th of the next month.

• GST Return Form GSTR-8:This monthly return gives details of the supplies made and the tax collected, and is to be filed by 10th of the next month.

• GST Return Form GSTR-11: This monthly return contains inward supplies, and is to be filed by 28th of the next month.

To know more about GST registration, GST return filings, or GST compliances in India, people or companies may readily ring at: +91-8800-100-284; or send their queries or problems to: companies@GlobalJurix.com .