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Know Why You Should File GST Returns
August 19, 2021
A GST return is a document containing details of all income/sales and/or expense/purchase which a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
Under GST, a registered dealer has to file GST returns that broadly include:
- Purchases
- Sales
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
To file GST returns or for GST filing, check out gst.cleartax.in website that allows import of data from various ERP systems such as Tally, Busy, custom excel, to name a few. Moreover, there is option to use desktop app for Tally users to directly upload data and filing.
Who should file GST Returns?
In the GST regime, any regular business having more than Rs.5 crore as annual aggregate turnover has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
The number of GSTR filings vary for quarterly GSTR-1 filers under QRMP scheme. The number of GSTR filings online for them is 9 in a year, including the GSTR-3B and annual return.
There are separate returns required to be filed by special cases such as composition dealers whose number of GSTR filings is 5 in a year.
What are the different types of GST Returns?
Here is a list of all the returns to be filed as prescribed under the GST Law along with the due dates.
GST filings as per the CGST Act subject to changes by CBIC Notifications
Return Form | Description | Frequency | Due Date |
GSTR-1 | Details of outward supplies of taxable goods and/or services affected. | Monthly | 11th* of the next month with effect from October 2018 until September 2020. *Previously, the due date was 10th of the next month. |
Quarterly (If opted under the QRMP scheme) | 13th of the month succeeding the quarter. | ||
GSTR-3B | Simple return in which summary of outward supplies along with input tax credit is declared and payment of tax is affected by the taxpayer. | Monthly | 20th of the next month from the month of January 2021 onwards^ Staggered^^ from the month of January 2020 onwards upto December 2020.* *Previously 20th of the next month for all taxpayers. |
Quarterly | 22nd or 24th of the month next to the quarter*** | ||
^20th of next month for taxpayers with an aggregate turnover in the previous financial year more than Rs 5 crore or otherwise eligible but still opting out of the QRMP scheme. ^^ 1. 20th of next month for taxpayers with an aggregate turnover in the previous financial year more than Rs 5 crore. 2. For the taxpayers with aggregate turnover equal to or below Rs 5 crore, 22nd of next month for taxpayers in category X states/UTs and 24th of next month for taxpayers in category Y states/UTs ***For the taxpayers with aggregate turnover equal to or below Rs 5 crore, eligible and remain opted into the QRMP scheme, 22nd of month next to the quarter for taxpayers in category X states/UTs and 24th of month next to the quarter for taxpayers in category Y states/UTs
| |||
CMP-08 | Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme under section 10 of the CGST Act (supplier of goods) and CGST (Rate) notification no. 02/2019 dated 7th March 2020 (Supplier of services) | Quarterly | 18th of the month succeeding the quarter. |
GSTR-4 | Return for a taxpayer registered under the composition scheme under section 10 of the CGST Act (supplier of goods) and CGST (Rate) notification no. 02/2019 dated 7th March 2020 (Supplier of services). | Annually | 30th of the month succeeding a financial year. |
GSTR-5 | Return for a non-resident foreign taxable person. | Monthly | 20th of the next month. |
GSTR-6 | Return for an input service distributor to distribute the eligible input tax credit to its branches. | Monthly | 13th of the next month. |
GSTR-7 | Return for government authorities deducting tax at source (TDS). | Monthly | 10th of the next month. |
GSTR-8 | Details of supplies effected through e-commerce operators and the amount of tax collected at source by them. | Monthly | 10th of the next month. |
GSTR-9 | Annual return for a normal taxpayer. | Annually | 31st December of next financial year. |
GSTR-9C | Certified reconciliation statement | Annually | 31st December of next financial year. |
GSTR-10 | Final return to be filed by a taxpayer whose GST registration is cancelled. | Once, when GST registration is cancelled or surrendered. | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the month following the month for which statement is filed. |
* Subject to changes by Notifications/ Orders
** Statement of self-assessed tax by composition dealers – same as the erstwhile form GSTR-4, which is now made an annual return with effect from FY 2019-2020 onwards.
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