Types of GST returns and their deadlines

Our country is going through one of its biggest tax reforms ever. While the whole world is watching the roll out without battling an eye, India is on the way towards a destination based tax reporting system.

Now, every transaction must be reported along with invoice which identifies the seller and recipient of good and services.

In order to record such invoices, the process has been simplified by removing a myriad of taxes. The entire nation, now reports through same structure.

Understanding the GST Returns

For accurate updating of invoices, tax payers have to file some returns with the government. These are mandatory and a non-compliance to the same may lead to a lot of losses, including disallowance of input credit besides mandate penalties and interests.

These returns are so designed that the transactions are well in sync with one and another.

Here are different types of GST returns and their details:

GST Returns to be filled by tax payers:

GSTR-1

All outward supplies along with goods and services are recorded in this form. The form must be filled and submitted by the 10th of every month. The form contains 13 different heads, including GSTIN of taxable person, name, gross turnover and many more details. You can involve GST Consultants in Delhi for accurate filling of the form and avoid unnecessary corrections.

GSTR-2A

The recipients can access this form on 11th of every month to see and validate the information mentioned. Any changes required must be made before 15th of the very same month.

GSTR-2

This is a cumulative form of all inward supply of goods as well as services which are approved by the recipient. The due date of the form to be submitted is 15th of every month. The form must include heads like GSTIN of taxable person, name, period of form and details of goods and services.

GSTR-1A

This form is auto filled with details of GSTR-2 and to be submitted on 15th of every month with right information. The supplier can either accept or change the changes made by recipient. Following the details pertained in the form, GSTR-1 is revised.

GSTR-3

GSTR-3 is auto prepared on or before 20th of the next month. This contains details of all supplies of goods and services – outward as well as inwards. After giving consideration to all details, GSTN determines your total input tax credit available or tax payable.

GSTR-9

This return is the annual return to be filed by the tax payer and has to be filled by 31st December of every year. This form is a consolidation of all GSTR-3 submitted by the tax payer. It also includes all the details of tax paid so far.

Returns to be filed by Foreign Non-Resident Taxpayer

GSTR-5

This is a form that contains all the details of outward supplies, import particulars, tax paid and remaining stock. The same must be filed by 20th of every month.

For more information on NRI Return filing in India you can contact NRI Tax consultants.

Returns to be filed by an Input Service Distributor

GSTR-6A

The form is generated on 11th of every month once the suppliers have filed and submitted their GSTR-1 report. It is auto prepared with details and needs to be filed on monthly basis.

GSTR-6

Once all the details are confirmed and check, GSTR-6 is generated which is to be filled by 13th of every month.

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In conclusion, India's transition to a destination-based tax reporting system through the Goods and Services Tax (GST) is a significant tax reform. Every transaction must now be reported with detailed invoices, simplifying the process by eliminating multiple taxes. It is crucial for taxpayers to file mandatory GST returns accurately to ensure compliance and avoid penalties, loss of input credit, and interest charges. These returns are designed to maintain transaction synchronization. Understanding the different types of GST returns is essential, such as GSTR-1 for outward supplies, GSTR-2 for inward supplies, GSTR-3 for overall tax credit, and GSTR-9 for annual consolidation. Foreign non-resident taxpayers have their own return (GSTR-5), while input service distributors file GSTR-6. Consulting GST Consultants in Delhi can help with accurate form filling. For more information on NRI Return filing or any assistance, you can reach out to NRI Tax consultants.

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Disclaimer: This content is purely for knowledge and educational purposes. It contains only general information and references to legal content. It is not legal advice, and should not be treated as such