A GST return is a crucial document that records sales, purchases, output tax (collected on sales), and input tax (paid on purchases). Filing accurate GST returns is essential for businesses and tax consultancy firms to ensure compliance with GST regulations. After submission, businesses must settle any tax liability owed to the government as part of their GST services.
All business proprietors and traders registered under the GST system are required to submit GST returns based on their business type or transactional activities.
The GSTR-2 or the inward supplies return should be submitted by the 15th of every month. Upon the supplier filing details of outward supplies in the GSTR-2, it's essential for the recipient to ensure consistency between the receipt information and the supplier's records. Upon receiving this data, recipients must review, authenticate, adjust, or even remove details as required, aligning with the supplier's submissions.
The GSTR 3, or monthly GST filing, is scheduled for the 20th of each month. The GST Portal auto-generates Part A of GSTR 3, derived from details provided in Form GSTR-1 and GSTR-2, along with previous tax period obligations. Taxpayers can settle their dues, including tax, interest, penalties, fees, or other obligations under the Act, by adjusting the electronic cash or credit ledger and incorporating specifics in Part B of FORM GSTR-3.
The GST quarterly return for composition suppliers, known as GSTR 4, must be submitted within 18 days following the quarter's conclusion. Therefore, GSTR 4 deadlines fall on the 18th of April, July, October, and January. After reviewing the information in FORM GSTR-4A and making necessary updates, additions, or corrections, taxpayers can proceed to file their quarterly return using FORM GSTR-4.
The GSTR 5 form is mandatory for individuals registered under GST as non-resident taxable entities, requiring submission by the 20th and within seven days following the registration's conclusion. Within GSTR-5, taxpayers are obligated to provide specifics on both outbound and inbound supplies.
Input Service Distributors registered as taxpayers are required to submit their GSTR-6 returns by the 13th of each month. Using FORM GSTR-6A as a reference, the taxpayer can amend, update, or remove details before filing the return. This return should encompass specifics of tax invoices for which credit was received and those that were issued.
Every taxpayer registered under GST for Tax Deducted at Source (TDS) is required to submit GSTR-7 filings. The deadline for GSTR-7 filing is the 10th of each month. Details provided in Form GSTR-8, available in Part C of Form 2A and Form 4A, will be made accessible to other taxpayers by the GST Council.
E-Commerce operators are required to submit the GSTR-8 return by the 10th of each month. This return mandates E-Commerce operators to detail outward supplies of goods or services made via their platform, encompassing returned supplies and the corresponding amounts collected. The GST Council consolidates and presents this data from e-commerce operators to individual suppliers in Part C of FORM GSTR-2A.
The GSTR-9 annual GST filing should be submitted by taxpayers by December 31st. Non-resident taxable individuals, occasional taxable entities, TDS deductors, and TCS collectors enrolled under the GST Composition scheme may be exempt from filing GSTR-9 if their yearly turnover surpasses Rs.2 crore. Nevertheless, in such scenarios, it's essential for the taxpayer to have their returns audited by a Chartered Accountant or Cost Accountant.
Upon canceling the GST registration, taxpayers are required to submit the GSTR 10, or concluding GST return, within a span of 3 months from the cancellation date.
The GSTR-11 form, or GST submission for UIN holders, is essential for individuals with a UIN under GST to seek refunds on taxes paid for their inward supplies.
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