There are many special features of the returns mechanism in GST like mandatory electronic filing of returns, compliance rating score, uploading of invoice level information(in case of B2B suppliers), auto-population of information, matching of invoices and auto reversal of Input Tax Credit in case of mismatch which makes it all the more important to file the GSTR with due diligence.
What is a GSTR?
Like a tax return which contains details of a taxpayer’s income, GST returns (GSTR) is a document which will have details of Purchases, Sales, Output GST (on sales made by the registered taxpayer), and Input Tax Credit (GST Paid on inputs or purchases). The GSTR have to be filed online on the common portal provided by the GSTN. Taxpayers are required to file one return each month with other components getting auto populated and one annual return. By making the entire process online, with auto-population, GST is likely to ease the burden of tax compliances and return filing.
Returns can be filed using any of the following methods:
1. GSTN portal (www.gst.gov.in)
2. Offline utilities provided by GSTN (which can automatically convert into return on uploading)
3. GST Suvidha Providers (GSPs)
Types of GSTR
There are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS) and so on. The taxpayers are required to file returns depending on the activities they undertake. The following table explains the different type of GST returns:
|Return||Description||Who Files?||Date for filing|
|GSTR-1||Monthly Statement of Outward supplies of Goods or Services||Registered Person||10th of the next month|
|GSTR-2||Monthly Statement of Inward supplies of Goods or Services||Registered Person||15th of the next month|
|GSTR-3||Monthly Return for a normal taxpayer||Registered Person||20th of the next month|
|GSTR-4||Quarterly Return||Taxable Person opting for Composition Levy||18th of the month succeeding the quarter|
|GSTR-5||Monthly Return for a non-resident taxpayer||Non Resident Taxpayer||20th of the month succeeding the tax period & within 7 days after expiry of registration|
|GSTR-6||Monthly Return for an Input Service Distributor (ISD)||Input Service Distributor||13th of the next month|
|GSTR-7||Monthly Return for authorities deducting tax at source||Tax Deductor||10th of the next month|
|GSTR-8||Monthly Statement for E-Commerce Operator depicting supplies affecting through it||E-Commerce Operator||10th of the next month|
|GSTR-9||Annual Return||Registered Person other than an ISD, TDS/TCS Taxpayer, Casual Taxable Person and Non-resident Taxpayer||31st December of next Financial Year|
|GSTR-10||Final Return||Taxable Person whose registration has been surrendered or canceled||Within three months of the date of cancellation or date of order of cancellation whichever is later.|
Revision of Returns:
The rectification of errors/omissions is allowed in the subsequent returns. However, no
rectification is allowed after furnishing the return for the month of September following the end of the financial year to which, such details pertain, or furnishing of the relevant annual return,
whichever is earlier.
Any registered person who fails to furnish form GSTR-1, GSTR-2, GSTR-3 or Final Return within the due dates, shall be liable to pay a late fee of Rs. 100 per day, subject to a maximum of Rs. 5,000.
However, for the first two months of transition, the government has provided a simplified FORM GSTR-3B, for all classes of taxpayers containing only summary details and also permitted them to file late returns as per the following schedule so that they can easily adapt to a new online filing system.
|Return for the month of||GSTR-1||GSTR-2||GSTR-3B|
|July 2017||5th September instead of 10th August||10th September instead of 15th August||20th August|
|August 2017||20th September instead of 10th September||25th September instead of 15th September||20th September|
Hope you have enjoyed reading our four part series.
What are your views on the return filing provisions under the GST regime?
Do share your thoughts on the same in the comments below!!