Types of GST Return and Their Due Dates
GST return filing is mandatory for people who supply goods and services of more than 20 lakh in a year. People living in a north-eastern state must file GST returns if they have a turnover of more than 10 lakh every year.
The taxpayer should update his GSTIN status as active if he/she files GST return regularly. There are 22 kinds of GST returns in total. Out of 22 returns, 11 GST returns are active, 3 are suspended, and 8 are view-only.
Different types of taxpayers must pay different kinds of GST returns. Some of the most common types of taxpayers include regular taxpayers, e-commerce operators, non-resident taxpayers, TDS deductors, and so on.
Some taxpayers choose to pay GST returns either quarterly or monthly. In this blog, we will discuss the different types of GST annual return filing and their due dates of filing.
Meaning of GST Return
GST return is like a document that includes details of income and expenses, sales, and purchases. A taxpayer registered with the GST act must file GST returns with the concerned tax authorities.
Tax authorities use GST returns to calculate net tax liability. GST returns include the following factors:
- Output GST on sales
- Input tax credit
You can file GST returns from the official site or any software.
Who is Liable to pay GST Returns?
Regular businesses that earn a yearly income of more than INR 5 crore must go for GST Return Filing in India every year. They have the option to file a GST return under the QRMP scheme. One can file GST returns 9 times a year under the QRMP scheme. QRMP filers must file GST returns every month.
Different types of GST returns with due dates
GSTR-1 is filed on the outward supply of goods and services. This return includes all the invoices and debit-credit notes on the sales transactions. GSTR-1 can be filed by all taxable persons including casual taxable persons.
Businesses making an income of more than INR 5 crore every year must file GST returns by the 11th data of every month.
All those businesses who choose the QRMP scheme must file a GST return by the 13th of every month.
GSRT-2A is payable by the recipient of goods and services. It is a type of view-only GST return and includes the details of all the inward supply of goods and services. Data of taxpayers is auto-filled on the site based on details provided by taxpayers. Buyers can claim an input tax credit by filing GSTR-2A regularly.
The next type of GST returns in GSTR-2B. It is a type of view-only GST return filed by the recipient of goods and services. This kind of GST is available every month starting from August 2020. It also contains ITC data for the date of filing GSTR-1 for the previous month up to the date of filing GSTR-1 for the present month. This return is available on the 12th of every month before filing GSTR-3B.
GSTR-2 is a suspended GST return filed on the purchases of the year. The details in GSTR-2 must be auto-filled from GSTR-2A. One of the major benefits of filing a GSTR-2 return is that you can edit it. All the taxpayers registered under the GST act must file GSTR-2. However, this return is suspended from the year 2017.
GSTR-3 is also a suspended GST return that applied to registered buyers of goods and services. This NIL GST Return was filed on the outward supplies made and inward supplies received with input tax credit claimed during the year.
The details in GSTR-3 were auto-filled from the details of GSTR-1 and GSTR-2. However, this return is suspended from the year 2017.
GSTR-3B is a kind of monthly self-declaration filed on input tax credit claimed, taxes paid, outward supplies, and tax liability. This GST Monthly filing must be done by all the regular taxpayers registered under the GST act.
Before filing GSTR-3B, one must reconcile the details of the sales and input tax credit with GSTR-1 and GSTR-2B for every tax period. This reconciliation is very important to find out mismatches in tax data.
GSTR-4 is a kind of annual return filed by the taxpayer by 30th April of the year of the following financial year. GSTR-4 replaced GSTR-9A. It can be paid by taxpayers who have a turnover of more than INR 1.5 crores every year.
The next on the list is GSTR-5. This NIL Return is filed by non-resident taxpayers who conduct business operations in India. This return includes all the details such as taxes paid, outward supplies made, tax liability, and debit/credit notes. One must file GSTR-5 every month by the 20th.
GSTR-5A is a type of summary return filed for outward taxable supplies and tax payable by Retrieval services. You must file GSTR-5A by the 20th of every month.
GSTR-6 is a kind of monthly return filed by the Input Service Distributor. It includes all the details of the input tax credit received by ISD with the documents issued for the distribution of the input tax credit. You must file GSTR-6 by the 13th of every month.
GSTR-7 is a type of month return filed by persons required to deduct TDS. It includes all the details such as TDS liability paid and payable, TDS deducted and TDS refund claimed. You must file GSTR-7 by the 10th of every month.
GSTR-8 is a kind of monthly return filed by e-commerce operators registered under the GST act. It includes details such as TCS collected and others. You must file GSTR-8 by the 10th of every month.
Some other kinds of GST return filed include GSTR-9A, GSTR-9C, GSTR-10, and GSTR-11. If there is no transaction in a particular year, it is necessary to go for Filing NIL GST returns to get several benefits.
Non-filing of GST in India will attract heavy fines and penalties every year. So, every person must file GST returns under GST Registration in India.
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