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GST Returns

Introduction

In a competitive environment where a business owner is riddled with Tax compliances and procedural formalities imposed on them by the authorities, one can easily get lost in the abyss and miss out on critical regulatory tasks. One such compliance comes in the form of GST Return filing. Our team consist of GST domain experts, Chartered Accountants and Lawyers who are dedicated heads over heals to serve you with the best GST Return filing solutions there exist.

What does a GST Return mean?

A GST Return is a document containing detailed information of tax collected and paid on all the outward and inward supplies of goods and services made by a taxpayer. This return is to be filed separately for each GSTIN as the Tax authorities use it for ascertaining net tax liability.

The main components of a GST Return filed by a registered dealer are

* Outward Supplies

* Inwards Supplies

* Output GST (On sales)

* Input Tax Credit (On Purchases)

Different types of GST Returns?

Out of 22 types of GST returns prescribed under the GST Rules, only 11 GST returns are active; the rest are either suspended or are of view only in nature.

The relevant types of returns for taxpayers are as follows:

GSTR-1

GSTR-1 is the return used for reporting details of all outward supplies of goods and services made. It contains the invoices, debit/credit notes and any amendments made to previous sale invoices (even if they pertain to the last tax period).

The current frequency of filing GSTR-1 is as follows:

* Monthly, by 11th of every month - If the business either has an annual aggregate turnover of greater than Rs.5 crore or has not opted into QRMP Scheme

* Quarterly, by 13th of the month after the quarter has ended - If QRMP Scheme has been opted by the business.

GSTR-2A

GSTR-2A is a statement relevant for the recipient or buyer of goods and services that is view-only and dynamic in nature. The details of purchases made during a tax period from GST registered suppliers, i.e. inward supplies of goods and services produced, are furnished here.

As per Notification No. 40/2021-Central tax dated 29th December 2021, GSTR-2A will be available on the portal only till December 2021. After that, the taxpayers can refer to GSTR 2B for availing the input tax credit-related services.

GSTR-2B

GSTR-2B is also a view-only but static statement significant for the recipient or buyer of goods and services.It provides eligible and ineligible Input tax credit (ITC), similar to GSTR 2A for each month, but it remains constant for a period. Data filed by the corresponding suppliers in GSTR-1/IFF, GSTR-5 and GSTR-6 returns act as a basis for the auto-population of the same in GSTR 2B. As it is a read-only return, one can perform no action regarding furnishing details and filing.

It is to be noted that the process of GSTR-2B generation starts after the ending of the GSTR-1/IFF, GSTR-5 and GSTR-6 due date. Hence, it is available to all Normal, Casual and SEZ taxpayers for each tax period on the 14th day of the succeeding month.

GSTR-3B

GSTR-3B is a monthly return filed for furnishing summarized details of ascertained tax liability, input tax credit claimed, outward supplies and payment of taxes.

All regular taxpayers registered under GST are required to file GSTR-3B. The details regarding outward supplies and input tax credit must be reconciled with GSTR-1 and GSTR-2B for every tax period before filing GSTR-3B to avoid GST notices in future or suspension of GST registration as well.

The current frequency of filing GSTR-3B is as follows:

* Monthly, 20th of every month - For taxpayers having an aggregate turnover of more than Rs. 5 crore in the previous financial year or have been otherwise eligible but still opted out of the QRMP scheme

* Quarterly, 22nd or 24thof the month following the end of quarter depending upon the category of states - For the taxpayers who are eligible and remain opted into the QRMP scheme along with an aggregate turnover equal to or below Rs 5 crore.

GSTR-4

GSTR-4 is the annual return filed by 30th April following the relevant financial year by the taxable persons covered under Section 10 of CGST Act,2017 (Composition Scheme).

Before FY 2019-20, taxpayers used to file this return quarterly. After that, it got replaced by a simple challan in form CMP-08 filed by the 18th of the month, succeeding every quarter.

GSTR-5

GSTR-5 is the return filed by non-resident foreign taxpayers registered under GST carrying out business transactions in India. The return contains details of all outward and inward supplies, credit notes, debit notes, tax liability and its payment. The filing of GSTR-5 return is carried out according to the GSTIN of the registered taxpayer in India by the 20th of each month succeeding the current tax period.

GSTR-6

GSTR-6 is a monthly return filed by an Input Service Distributor (ISD). It contains details of all documents issued by the ISD for the distribution of input credit and the credit received along with its distribution pattern. 13th of every month succeeding the current tax period is considered the due date to file a GSTR-6 return.

GSTR-7

GSTR-7 is a monthly return filed by persons required to deduct TDS (Tax deducted at source) under GST. This return contains details of TDS deducted, TDS refund claimed (if any), and the TDS liability payable and paid.10th of every month succeeding the current tax period is considered to be the due date of filing GSTR7.

GSTR-8

GSTR-8 is a monthly return filed by e-commerce operators registered under the GST who fall under the gambit of collecting Tax at Source (TCS). It contains detailed information of all supplies made through the e-commerce platform and the TCS collected on the same.10th of every month succeeding the current tax period is taken as the due date to file a GSTR-8 return.

GSTR-9

GSTR-9 is referred to the annual return to be filed by all taxpayers registered under GST. It is a coalition of all the returns, be it monthly or quarterly (GSTR-1, GSTR-2B, GSTR-3B) filed during that financial year. As per GST law, GSTR-9 is to be filed by 31st December of the year following the relevant financial year but the same is extended to 28th February 2022for the financial year 20-21.

However, a few exceptions include taxpayers who are input service distributors, non-resident taxable persons, casual taxable persons, have opted for the composition scheme, and persons paying TDS under section 51 of the CGST Act.

Note: Notification No. 31/2021 dated 30th July 2021 has exempted the registered persons with aggregate turnover up to INR 2 crores in FY 2020-21 from the filing of Form GSTR-9 for FY 2020-21.

GSTR-10

GSTR-10 is also known as Final Return as it is filed by a taxable person who got his registration cancelled or has surrendered the same. It is to be filed within three months from the cancellation order or date of cancellation, whichever is earlier.

How to file GST Returns?

Here at MAG, we are committed to providing you with the Best GST Return Consultancy and making the filing of GST returns online in India a very seamless process for the client. 

The process of filing GST Return 3B online is:

* Step:1 Visit the GST portal (www.gst.gov.in).

* Step:2 Ensure that you are registered under GST and have the 15 digits GST identification number that is based on the state code and PAN. It can be obtained by registering yourself online on the portal.

* Step:3 To file a return, go to ‘Returns dashboard’ in the 'Service’ column and fill in the financial year as well as the return filing period.

* Step:4 There, select the return you want to file and click on ‘Prepare online’. Enter all the values related to your return, including the amount of all outward and inward supplies made during the relevant tax period and the amount of late fee, interest or penalty, if any.

* Step:5 As all the details get filled up, click on ‘Save’, and a success message will pop up on your screen, after which you have to click on ‘Submit’ to file your return.

* Step:6 As the status of your return changes to ‘Submitted’, Click on the ‘Payment of Tax’ tile. Here you have to offset your liability with the available credit balance by mentioning the amount of ITC you want to use and then click on ‘Offset Liability’ to make the payment.

* Step:7 Lastly, you have to select the authorized signatory from the drop-down list and select among the two options ‘File form with DSC’ or ‘File form with EVC’ and click ‘Proceed’.

For the best GST Return filing services, please get in touch with us at info@manishanilgupta.com. Our team of experts will assist you in filing all your GST Returns and paying the applicable taxes in time so that you don't have to bear any interest, penalties and other legal consequences.

Rahul Garg

Director-Taxation & Compliances

“Don’t Be Intimidated By What You Don’t Know. That Can Be Your Greatest Strength And Ensure That You Do Things Differently From Everyone Else.” .

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Frequently Asked Questions


 Tamil Nadu, Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Telangana, Andhra Pradesh, Andaman and Nicobar Islands and Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, Puducherry – Taxpayers in these states are required to file their GSTR 3B on 22nd of the month following the quarter.

Bihar, Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh and New Delhi - Taxpayers in these states are required to file their GSTR 3B on 24th of the month following the quarter.
 
The composition scheme is a scheme introduced by the government of India in which taxpayers having a turnover up to Rs.1.5 crores and dealing with intra-state supply of goods can pay taxes at a fixed rate on their aggregate turnover. Further, as per CGST (Rate) Notification 2/2019 dated 7th March 2019, the service providers can avail a similar scheme (subject to certain exceptions) if their turnover is up to Rs.50 lakh.
 
According to the penalty regulations under GST, an interest of 18% will be charged from the concerned taxpayers who fails to pay their taxes on time. This interest is based on the number of days the tax payment is delayed after the due date.

This example might help in understanding it better. Let's say your tax liability is Rs.5000, and you have not paid tax on time for a specific month. If you pay taxes after one day from the said due date, your interest will be ascertained as 5000*18/100*1/365=Rs.2.47 per day, and if you delay the payment of tax more than one day, you will have to pay an interest of the same amount per day.
 
The taxpayers who do not file their returns within the specified due dates mentioned are liable to pay a late fee of Rs. 20 per day, i.e. Rs. 10 per day in each case of CGST and SGST (in case of Nil tax liability) and Rs. 50 per day, i.e. Rs. 25/- day in each CGST and SGST (in case of certain tax liability) subject to a maximum of Rs. 10000/-, from the given due date to the actual date when the returns are finally filed.
 
No. If taxpayers skip filing returns for a specific tax period, they cannot file the same for any subsequent periods. The taxpayers must file all the previous, pending returns before proceeding to the successive tax periods.
 
As per the law in force, the time limit to claim ITC is earlier of the Due Date of GSTR-3B of September & Date of filing the Annual Return. The new time limit has not yet been notified.
 
As per the law in force, we cannot claim ITC that does not appear in our GSTR-2B of the particular month. Hence if a quarterly filer has filed his IFF, we can take ITC in that month; otherwise, we can only claim ITC when the said quarterly filer has filed a quarter-end return.
 
Yes, we can claim ITC in the month supplier has shown our backdated invoice.
Example: If a supplier shows an invoice relating to July in the return of September month, it will appear in our GSTR-2B of September month & hence accordingly, we can claim that ITC in the September itself. 
In this case, the invoice will be shown in March month by the supplier. Accordingly, ITC will be reflected in March GSTR-2B, but according to Section 16(2) (Conditions to claim ITC), we can only claim ITC when goods/services have been received. Hence, Section 16(2) will supersede in this case & we will be eligible to claim ITC in the April month.
 
To calculate the GST liability for your return, subtract the total input tax credit from the total output tax collected on sales.
A GST Return is a document that contains detailed information on the tax collected and paid on all the outward and inward supplies of goods and services made by a taxpayer.
Yes, you can save a GST return and submit it later on the GST portal.
Some of the different types of GST Returns are:
  • GSTR-1: Details of outward supplies made by the taxpayer.
  • GSTR-2A: Statement of inward supplies received by the taxpayer.
  • GSTR-2B: Statement of inward supplies generated for the taxpayer.
  • GSTR-3B: Monthly summary return of tax liability and input tax credit.
  • GSTR-4: Annual return filed by composition scheme taxpayers.
  • GSTR-5: Return filed by non-resident foreign taxpayers.
  • GSTR-6: Return filed by Input Service Distributors (ISD).
  • GSTR-7: Return filed by persons deducting TDS (Tax Deducted at Source) under GST.
  • GSTR-8: Return filed by e-commerce operators collecting Tax at Source (TCS).
  • GSTR-9: Annual return filed by all regular taxpayers.
  • GSTR-10: Final return filed after cancellation or surrender of GST registration.
GSTR-5 is the return filed by non-resident foreign taxpayers registered under GST who conduct business transactions in India. It includes details of outward and inward supplies, credit notes, debit notes, tax liability, and payment. GSTR-5 must be filed by the 20th of each month.
GSTR-3B is a monthly return filed to provide summarized details of tax liability, input tax credit claimed, outward supplies, and payment of taxes. It is mandatory for all regular taxpayers registered under GST.

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