What is a Return?
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
What is a GST Return?
In a GST return the tax payer will give details of-
- Output GST (on sales)
- Input tax credit (GST paid on purchases)
Under the GST, a normal taxpayer will be required to furnish three returns monthly and one annual return. This amounts to 37 returns in a year!
But the beauty of the entire system is that one has to manually enter details of 1 return every month- GSTR-1. The other returns will automatically derive information from the GSTR-1.
Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).
A normal business will have to file only the following-
A composition dealer will enjoy the benefits of lesser returns & compliances along with payment of taxes at nominal rates. A composition dealer will file only 2 returns-
GSTR 3B is a simple return that businesses need to file in the first two months of GST (July and August, 2017) instead of the normal returns. The government has postponed the filing of GSTR 1,2 & 3 for July and August, 2017 in order to give businesses some time to adjust to GST.
- There is no buyer-seller reconciliation for July & August.
- Also, there is no late fee or penalty levied for the months of July and August in the case of delayed return filing.
|Forms||For July 2017||For August 2017|
|GSTR-3B||20th August||20th September|
|GSTR-1||1st to 5th September||16th20th September|
|GSTR-2||6th10th September||21st25th September|
|GSTR-3||11th15th September||26th30th September|
All Returns under GST
This is a list of all the returns which are required to be filed under the GST Law.
Note: All the returns do not apply to every tax payer. Please click the relevant return to know more about it.
|Return Form||Details||By Whom?||By When?|
|GSTR-1||Details of sales of taxable goods and/or services||Registered Taxable Supplier/Seller||10th of the next month|
|GSTR-2||Details of purchases of taxable goods and/or services claiming input tax credit.||Registered Taxable Recipient/Buyer||15th of the next month|
|GSTR-3||Monthly summary return based on GSTR-1 & GSTR-2 with a summary of monthly sales and purchases along with the payment of amount of tax.||Registered Taxable Person||20th of the next month|
|GSTR-4||Quarterly return for compounding taxable person.||Composition Supplier||18th of the month succeeding quarter|
|GSTR-5||Return for Non-Resident foreign taxable person||Non-Resident Taxable Person||20th of the next month|
|GSTR-6||Return for Input Service Distributor||Input Service Distributor||13th of the next month|
|GSTR-7||Return for authorities deducting tax at source.||Tax Deductor||10th of the next month|
|GSTR-8||Details of supplies effected through e-commerce operator and the amount of tax collected||E-commerce Operator/Tax Collector||10th of the next month|
|GSTR-9||Annual Return||Registered Taxable Person||31st December of next financial year|
|GSTR-10||Final Return||Taxable person whose registration has been surrendered or cancelled.||Within three months of the date of cancellation or date of cancellation order, whichever is later.|
|GSTR-11||Details of inward supplies to be furnished by a person having UIN||Person having UIN and claiming refund||28th of the month following the month for which statement is filed|