GST Returns Filing involves submitting a comprehensive statement documenting all financial activities of a GST-registered individual or entity. It is obligatory for all GSTIN holders, aiding tax authorities in accurately assessing net tax liabilities based on revenue and expenditure records.
Meaning and Applicability
Understanding and Filing GST Returns : A Complete Guide
A GST Return is a detailed statement that captures all the financial transactions of a person registered under GST, reflecting revenues and expenditures. It is a mandatory submission for every holder of GSTIN to the tax authorities, allowing them to determine the net tax liability with precision.
Eligibility Criteria
GST returns must be filed by any business or individual registered under the GST regime.
Types of GST Returns
| Sr. No. | Type | Description |
|---|---|---|
| 1 | GSTR-1 | Filed for disclosing details of outward supplies, essentially the sales. |
| 2 | GSTR-3B | A summarised return that outlines both sales and purchases, inclusive of tax payments. |
| 3 | GSTR-4 | Applicable to those under the Composition Scheme, summarizing turnover and corresponding tax. |
| 4 | CMP-08 | A quarterly statement for Composition Scheme taxpayers detailing tax liability. |
| 5 | GSTR-5 | For non-resident taxpayers conducting taxable transactions in India. |
| 6 | GSTR-5A | For providers of online information and database access or retrieval services. |
| 7 | GSTR-6 | Used by Input Service Distributors for detailing input tax credit distribution. |
| 8 | GSTR-7 | For entities required to deduct TDS under GST. |
| 9 | GSTR-8 | To be filed by e-commerce operators reporting transactions on their platform. |
| 10 | GSTR-9 | An annual comprehensive return summarizing all periodical filings over the fiscal year. |
| 11 | GSTR-10 | The final return upon cancellation or surrender of GST registration. |
| 12 | GSTR-11 | For those with a Unique Identity Number, claiming refunds on their purchases. |
| 13 | ITC-04 | For manufacturers to declare details about goods dispatched to and received from a job worker. |
Timelines for Submission GST Returns
| GST Return | Type of Taxpayer | Due Date |
|---|---|---|
| GSTR-1 | Regular Taxpayer | Monthly : 11th of the following month Quarterly : 13th of the month following the quarter |
| GSTR-2A (Auto-generated) | All Taxpayers | Auto-generated, utilized for reconciliation purposes |
| GSTR-3B | Regular Taxpayer | Monthly : 20th of the following month |
| GSTR-4 | Composition Scheme Dealer | Annually : 30th of April following the end of the financial year |
| GSTR-5 | Non-Resident Foreign Taxpayer | 20th of the following month |
| GSTR-6 | Input Service Distributor | 13th of the following month |
| GSTR-7 | Tax Deducted at Source | 10th of the following month |
| GSTR-8 | E-commerce Operator | 10th of the following month |
| GSTR-9 | Regular Taxpayer (Annual) | 31st December of the following financial year |
| GSTR-9C | Regular Taxpayer (Annual) | Filed along with GSTR-9, by 31st December of the following financial year |
Penalty for Late Filing GST Returns
Our Methodology
Late filing of GST returns incurs a penalty, including 18% annual interest on overdue taxes and daily fees of Rs. 100 per CGST and SGST, capped at Rs. 5,000. Annual return fees are capped at 0.25% of turnover.
