If your annual taxable supply of goods and services is more than 20 lakh, you must file a GST return. If a person’s annual revenue is more than 10 lakh in one of the northeastern states, they are required to submit GST filings.
If the taxpayer routinely submits a GST audit, the GSTIN should be marked as active. In all, there are 22 different GST reports that may be filed. There are a total of 22 GST returns, 11 of which are now active, 3 which have been temporarily halted, and 8 which are view-only.
When it comes to Goods and Services Tax (GST) filings, various categories of taxpayers have distinct obligations. Regular taxpayers, online merchants, non-residents, TDS detectors, and so on make up a significant portion of the taxpaying population.
Some taxpayers choose to submit GST returns on a monthly or quarterly basis. This blog post will go through the various GST yearly return filing options and when they are due.
Meaning of GST Return
The Goods and Services Tax (GST) return is akin to a document that lists financial information including sales, purchases, and costs. Taxpayers who are registered under the GST Act are required to submit GST returns annually.
In order to determine a taxpayer’s final tax burden, the government uses GST returns. The following components make up GST reports:
- Compute the Sales Tax to Be Paid
- Tax incentives for making purchases
Either the official website or software will suffice for filing GST returns.
Who is Liable to pay GST Returns?
Businesses in India with annual revenues above INR 5 crore are required to file a GST Return each year. If they want to participate in the QRMP programmer, they will be required to submit a GST return. Under the QRMP model, one is allowed to submit GST returns 9 times each year. In order to participate in the QRMP, filers must submit monthly GST returns.
Different types of GST returns with due dates
The GSTR-1 form is used to report the sale of products and services to customers. All sales-related invoices and debit/credit memos are included in this report. A GSTR-1 return may be submitted by any taxable individual, even a one-time taxpayer.
In India, businesses with annual revenues above INR 5 crore are required to submit their GST returns by the 11th of every month.
Every month on the 13th, all QRMP participants must submit their GST returns.
Goods and services receipt tax 2A (GSRT-2A) is paid by the customer. It’s a sort of GST return that can be seen by anybody, and it contains information on every single supply of goods and services that came into the country. The site populates taxpayer information depending on information they manually provide. By routinely completing GSTR-2A, buyers might qualify for an input tax credit.
The GSTR-2B form’s following subsection deals with a specific subset of GST reports. To clarify, this is a sort of GST return that can only be seen by the beneficiary of the goods or services. Beginning in August of 2020, you will have access to this GST each and every month. In addition, it includes ITC information beginning with the date of filing GSTR-1 the month before and continuing until the date of submitting GSTR-1 this month. On the 12th of every month, before you submit your GSTR-3B, you may see this return.
The Goods and Services Tax (GST) Return Form GSTR-2 is submitted in a suspended status and covers purchases made throughout the year. Information for GSTR-2 should be imported automatically from GSTR-2A. The ability to make changes after submitting a GSTR-2 report is a key perk. GSTR-2 must be filed by all taxpayers who are registered under the GST statute. But as of 2017, the refund will not be issued.
Buyers who are registered with the GST system are also required to file a GSTR-3, which is a suspended GST return. This Nil Goods and Services Tax Return was submitted for the years’ worth of outbound goods and inbound supplies on which input tax credit was claimed but totaled zero.
Information from forms GSTR-1 and GSTR-2 was used to populate GSTR-3. But as of 2017, the refund will not be issued.
The GSTR-3B is a kind of self-declaration that must be submitted monthly detailing any input tax credit claimed, taxes paid, taxable supply made to others, and tax obligation incurred. All businesses required to file regular tax returns under the GST Act must complete this monthly filing.
Each tax period’s GSTR-1 and GSTR-2B must be reconciled with GSTR-3B’s sales and input tax credit information before GSTR-3B is filed. Rectifying any discrepancies in your tax information requires a thorough reconciliation.
The GSTR-4 must be submitted by the taxpayer every year by April 30th for the previous fiscal year. The GSTR-4 is the new GSTR-9A. Any taxpayer with an annual revenue of more than INR 1.5 crores is required to pay this.
GSTR-5 is the following item to be addressed. Business entities who are not located in India but nonetheless have activities there must submit a NIL Return. All pertinent information, including tax payments, sales, tax liabilities, and debit and credit notes, have been included in this report. Every month, by the 20th, you must submit your GSTR-5.
Summary returns like GSTR-5A are submitted for Retrieval services that make taxable sales to customers. As of the 20th of every month, you must submit your GSTR-5A.
The Input Service Distributor must submit a monthly return known as GSTR-6. Documents provided for the allocation of input tax credits comprise all relevant information that ISD receives. The 13th of every month is the deadline for submitting GSTR-6.
Any taxpayer who is legally obligated to withhold tax must submit a GSTR-7 monthly return. TDS obligation paid and due, TDS deducted, and TDS refund sought are all included. Every month, on the 10th, you must submit your GSTR-7.
The GST Act requires businesses engaged in electronic commerce to submit a monthly report known as a GSTR-8. Details like total gathered TCS and others are included. Each month, by the 10th, you must submit your GSTR-8.
GST returns of the GSTR-9A, GSTR-9C, GSTR-10, and GSTR-11 varieties are also acceptable. If no business was conducted during the tax year in question, then you should file a “Nil” GST return to take advantage of the many incentives available to you.
Those who do not report GST in India would be subject to hefty annual fines and penalties. As a result, GST Registration in India mandates that all businesses and individuals submit GST filings annually.