GST stands for Goods and Services Tax and is the largest indirect tax imposed by the government of India on the supply of services and goods. GST brings all different taxes such as Service Tax Law, Entry Tax, Central Excise Tax, Luxury Tax, entertainment tax and VAT under a single umbrella.
The tax is levied on consumption, sales and manufacture of services and products. It applies to the consumer and the manufacturer.
All the details of sales, purchases, tax accumulated for sales and tax accumulated for purchase has to be mentioned in the GST return document.
The article will discuss the different GST return types in India.
Types of GST returns
As per their business and monetary transactions, all registered taxpayers have to file GST returns. The different types of GST returns are as follows:
This is the return of outward supplies on the services and goods. It depicts the monthly sales of a business. All registered taxpayers have to fill this form. It includes details like invoices, credit and debit notes, and other revised invoices.
This has to be submitted by the 10th of every month.
This consists of the returns on the inward supply of services. The purchases of the recipient are shown here. It includes invoices issued in the previous months, revised sales invoices, advances obtained against an order.
Registered GST taxpayers need to submit this form within the 15th of every month.
After the supplier fills the GSTR-1 form, the details are populated automatically in the GSTR-2A form. You can verify the details if you are a recipient. The GSTR-2A form is available to all the taxpayers.
Changes in the form need to be incorporated and submitted between the 11th and 15th of the month when the return had to be filed.
Every taxpayer has to fill in Part A of this form with the details of the GSTR-1 and GSTR-2 forms. Details about cash ledger, tax credit, liability or details about CGST are included in this form.
This has to be filled by the 20th of every month.
This form is a summary of the outward and inward supplies. It has to be submitted within the 20th of the month after the period of filing the GST.
This is a quarterly GST return type where taxpayers having an income of more than 1.5 crore. They have to be registered under the Composition Scheme. It has details of invoices and paid taxes.
This form has to be filed within 18 days before the quarter ends.
All the non-resident taxpayers have to file this. This will include details such as paid tax, payable tax, inward and outward supply information, etc. GSTR-5 has to be filed within the 20th or before the last 7 days of the registration date.
This is a monthly return that has to be filed by an ISD (Input Service Distributor) every month. It contains the details of the invoices that he or she has received credit for. This is submitted before the 13th of every month.
According to the details filled by the ISD taxpayers in GSTR-1, the GSTR-6A form can be generated automatically. The information about a credit received for a certain distribution is included in this form.
The form is filled by taxpayers who have to deduct TDS (Tax Deducted at Source) under GST. It has information about TDS, TDS liability or TDS refund. It has to be filed within the 10th of every month.
Based on the GSTR-7, the details of GSTR-7A are auto-filled.
E-Commerce operators have to file this form to depict their outward sales data and tax collected from their suppliers. Business owners who need to acquire TDS under GST submit this form within the 10th of every month.
For each financial year, all registered taxpayers have to submit the form. However, the following taxpayers are excluded from the form:
• TDS deductors
• People registered under the Composition Scheme
• Non-resident taxpayers
• Input service distributor
• Casual taxpayers
• TCS collectors
The submitted file has to be audited by a Chartered Accountant if the annual income is more than 2 crore. If you do not have any transactions within the financial year, you need to file a Nil Annual Return.
The people whose GST registration is cancelled have to fill in and submit this form. The TDS deductors, people registered under the Composition Scheme, non-resident taxpayers, Input Service Distributor, casual taxpayers and TCS collectors cannot fill this form.
The form has to be physically filled by visiting a government facilitation centre or online. It must have the following details:
• GST cancellation date
• Application reference number
• Cancellation order date
• Order cancellation ID
• Closing stock information
• Closing stock tax
You have to submit this form within 3 months of the cancellation date.
Taxpayers issued a UIN (Unique Identification Number) who want to claim a refund on the taxes they have paid for their inward supplies have to submit the GSTR-11 form. Details such as UIN, return period and inward purchase data from the registered supplier are required.
People have to submit the form on the 28th of the month after the month when they obtained their supplies.
To submit all the GST return forms properly within the mentioned dates, you have to know all the details of GST types of returns. Apart from the facts mentioned earlier, there is also a penalty fee for late submission of GST returns. The amount is Rs. 200 for each day after the original submission date.
However, the maximum amount can go up to Rs. 5,000. Taxpayers do not have to pay any amount in case of IGST (Integrated Goods and Services Tax). 18 % interest is charged for this.
If you have any problems while submitting the GST returns, you can visit local GST facilitation centre near you.