GST Returns

GST Returns

Even though the new tax regime promises a simpler compliance mechanism, it still is very extensive. The taxpayers will have to marshal their resources to deal with new state tax obligations in each and every state in which they operate. Further, many businesses in India have been left with little or no time to understand their new obligations and compliances required under the regime.

RSA Legal Solutions being experts in indirect tax filings will ensure that all returns are filed correctly and on time.

GSTR-1

(All Registered Persons)

GSTR-1 is a monthly or quarterly return that summarizes all sales (outward supplies) of a taxpayer.Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during that month or not.

The following registered persons are exempt from filing the return:

  • Input Service Distributors;
  • Composition Dealers;
  • Suppliers of online information and database access or retrieval services (OIDAR);
  • Non-resident taxable person;
  • Taxpayers liable to collect TCS;
  • Taxpayers liable to deduct TDS.

Taxpayers with sales up to INR 1.5 crore will file quarterly GSTR-1 returns.

Taxpayers with sales above INR 1.5 crores will have to file monthly GSTR-1 returns.

Late fee: The Late fee for filing GSTR-1 has been reduced to INR 50 per day and INR 20 per day (for nil return taxpayers).

GSTR-1 is required to be filed by 10th of every month.

GSTR-2

(All Registered Persons)

GSTR-2 is a monthly return that summarizes the details of inward purchases of taxable goods/or services. It contains details of all purchase transactions of a registered taxpayer for a month and will also include purchases on which tax have been paid under reverse charge.

GSTR-2 is important because the Input Tax Credit on purchases will only be available if the details of purchases filed in GSTR-2 of the buyer matches with the details of sales filed in GSTR-1 of the seller.

Please note: Most of the headings under GSTR-2 are auto-populated from the GSTR-1 filed by the seller.

If GSTR-2 return is not filed then the next return GSTR-3 cannot be filed. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during that month or not.

The following registered persons are exempt from filing the return:

  • Input Service Distributors;
  • Composition Dealers;
  • Suppliers of online information and database access or retrieval services (OIDAR);
  • Non-resident taxable person;
  • Taxpayers liable to collect TCS;
  • Taxpayers liable to deduct TDS.

GSTR-2 is required to be filed before 15th of every month.

GSTR-3

(All Registered Persons)

GSTR-3 will contain the monthly summary of sales and purchases along with the tax lability. This return is auto-populated from the information submitted in GSTR-1 and GSTR-2.

Businesses with annual turnover up to 1.5 crores will submit quarterly returns. Taxes will be paid quarterly.

Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during that month or not.

The following registered persons are exempt from filing the return:

  • Input Service Distributors;
  • Composition Dealers;
  • Suppliers of online information and database access or retrieval services (OIDAR);
  • Non-resident taxable person;
  • Taxpayers liable to collect TCS;
  • Taxpayers liable to deduct TDS.

GSTR-3 is required to be filed before 20th of every month.

GSTR-3B

(All Registered Persons)

GSTR-3B is a monthly self-declaration that has to be filed by a registered dealer from July, 2017 to March, 2018.

The taxpayer is required to file a separate GSTR-3 for each GSTIN. The tax liability of GSTR-3B must be paid by the last date of filing SGTR-3B for that month. Further, GSTR-3B once submitted cannot be revised.

Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during that month or not.

The following registered persons are exempt from filing the return:

  • Input Service Distributors;
  • Composition Dealers;
  • Suppliers of online information and database access or retrieval services (OIDAR);
  • Non-resident taxable person;

Late fee: INR 50 per day of delay and INR 20 per day for taxpayers having NIL tax liability for the month.

GSTR-4

(Persons registered under Composition Scheme)

A registered taxpayer under composition scheme of GST is required to furnish GSTR-4 by 18th of the month succeeding quarter. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for composition scheme is required to furnish only 1 return which is GSTR-4.

GSTR-4 has to be filed on a quarterly basis.

Late fee: INR 50 per day of delay and INR 20 per day for taxpayers having NIL tax liability for the quarter.

GSTR-4 is to be filed before 18th of April, July, October and January.

GSTR-5

(Non-Resident Taxable Persons)

Every registered non-resident taxable person is required to furnish GSTR-5 return. Non-resident foreign taxpayers are those suppliers who do not have a business establishment in India and have come for a short period to make supplies in India. It will contain all business details including the details of sales and purchases.

Information from GSTR-5 will flow into GSTR-2 of buyers.

GSTR-5 is a monthly return due every 20th of the next month.

GSTR-5A

(Online Information and Database Access or Retrieval or OIDAR)

GSTR-5A is a return which is to be furnished by Online Information and Database Access or Retrieval (OIDAR) services provider to an unregistered person or customers.

Monthly returns need to be filed by 20th of the month succeeding the tax period for which the return pertains or by the date as may be extended by the Commissioner.

GSTR-6

(Input Service Distributors)

Every Input Service Distributor is required to file a monthly return furnishing details of invoices on which credit has been received. It contains the ITC received by the Input Service Distributor and the distribution of ITC.

GSTR-6 has to be filed by ever ISD even if it is a nil return.

The due date for filing of GSTR-6 is 13th of next month.

GSTR-7

(Authorities deducting Tax at Source)

Every registered taxable person who is required to deduct tax at source under GST shall furnish a return in GSTR-7 by 10th of next month.

GSTR-7 contains the details of TDS deducted, TDS liability payable and paid, TDS refund claimed, if any etc. It is important as it enables the deductee i.e. the person whose TDS has been deducted can claim input credit of such TDS deducted and utilize it for the payment of output tax liability.

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GSTR-8

(E-Commerce Operators)

GSTR-8 is a monthly return which is to be filed by e-commerce operators registered under GST who are required to deduct TCS (Tax Collected at Source). GSTR-8 contains details of such supplied effected through the e-commerce platform.

An e-commerce operator has been defined under the GST Act as any person who owns or manages a digital or electronic facility or platform for electronic commerce. Currently the Government has put the TCS provisions on hold, it is expected to be applicable from 1st April, 2018 onwards.

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GSTR-9

(Registered Person)

GSTR-9 is an annual return which is required to be filed once in a year by the registered taxpayer under GST including those registered under the composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. It basically consolidates the information furnished in the monthly/quarterly returns during the year.

Every registered taxable person under GST must file GSTR-9. However, the following persons are not required to file the same:

  • Casual Taxable Person
  • Input Service Distributors
  • Non-resident taxable persons
  • Persons paying TDS under Section 51 of the GST Act.

GSTR-9 is required to be filed before 31st December of Next Financial Year

GSTR-10

(Registered persons with surrendered or cancelled GST registration)

GSTR-10 is the return to be filed by the registered taxable persons who have opted for the cancellation of GST registration. GSTR-10 must be filed within three months from the date of cancellation or date of cancellation order whichever is later.

GSTR-11

(Persons with Unique Identity Number)

GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number (UIN) in order to claim refund under GST for goods and services purchased by them in India.

The following organizations can apply for a UIN:

  • A specialized agency of the United Nations Organization
  • A Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947,
  • Consulate or Embassy of foreign countries
  • Any other person or class of persons as notified by the Commissioner.

The abovementioned persons/organisations can apply for UIN using FORM GST REG-13.

GSTR-11 must be filed by the 28th of the month following the month in which the inward supply is received by the UIN holders.

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