GST Returns

Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.

Businesses registered under GST file returns monthly, quarterly, or annually, depending on their category. These returns detail sales, purchases, and taxes collected and paid. GST implementation in India streamlines services, aligning registration, returns, and compliance.

An individual taxpayer filing GST returns typically submits four forms: GSTR-1 for supplies, GSTR-2A (Auto draft) for purchases, GSTR-3B for tax payment and ITC claimed monthly returns, and GSTR-9 for the annual return

Types of GST Returns:

There are several types of GST returns prescribed under the GST law. The specific types of returns a business must file depend on its nature and turnover. Here are some of the most common types:

  1. GSTR-1 (Outward Supplies Return): This return is filed by registered businesses to provide details of their outward supplies, including sales and exports. It contains information on the value of supplies made and the applicable GST.
  2. GSTR-3B (Summary Return): GSTR-3B is a monthly summary return where businesses summarize their sales, purchases, and tax liabilities. It serves as a self-assessment tool and must be filed even if there are no sales or purchases during the month.
  3. GSTR-4 (Composition Scheme Return): Yearly filing for composition scheme taxpayers summarizing outward supplies, inward supplies, import of services, and reverse charge supplies from April 1, 2019.
  4. CPM-08 (Composition Scheme Return): Businesses registered under the composition scheme, which is designed for small taxpayers, file GSTR-4. It contains details of turnover and tax payable.
  5. GSTR-7 (TDS): Monthly filing by tax deductors to declare TDS liability on inward supplies, ensuring timely credit for suppliers and issuance of TDS certificates to deductees
  6. GSTR-8 (E-commerece): Filed by E-Commerce Operators, it reports details of taxable supplies and TCS collected on behalf of other suppliers through the platform.
  7. GSTR-9 (Annual Return): GSTR-9 is an annual return that provides a comprehensive summary of all GST returns filed during the financial year. It is mandatory for all registered businesses.
  8. GSTR-9C (Reconciliation Statement and Audit Report): For businesses with a turnover above a specified limit, GSTR-9C is filed along with GSTR-9. It includes a reconciliation statement and an auditor’s report.
  9. GSTR-2A (Auto-Generated Inward Supplies Return): GSTR-2A is an auto-generated return that captures details of a business’s purchases based on the supplier’s filings. It helps businesses verify their input tax credits.

Why Are GST Returns Important?

  1. Legal Requirement: Filing GST returns is a legal obligation for businesses registered under the GST regime. Non-compliance can result in penalties and legal consequences.
  2. Input Tax Credit (ITC) Claim: Accurate and timely filing of GST returns enables businesses to claim Input Tax Credit (ITC) on their purchases. This reduces their tax liability and improves cash flow.
  3. Transparency and Accountability: GST returns promote transparency in financial transactions. They provide a clear record of a business’s sales, purchases, and tax payments, making it more accountable to the tax authorities.
  4. Tax Liability Calculation: By filing GST returns, businesses can calculate their tax liability accurately. This ensures they pay the correct amount of GST, reducing the risk of underpayment or overpayment.
  5. Compliance with GST Laws: Filing GST returns demonstrates a business’s compliance with GST laws. It also serves as proof of compliance, which may be required for various purposes, such as applying for loans or government contracts.
  6. Annual Return Filing: The annual return (GSTR-9) provides a comprehensive overview of a business’s financial transactions throughout the year. It is crucial for businesses to review and file this return to ensure accuracy.
  7. Audit and Assessment: GST returns are crucial during tax audits and assessments. They serve as the primary source of information for tax authorities to verify a business’s financial transactions.
  8. Avoiding Penalties: Timely and accurate GST return filing helps businesses avoid penalties and legal consequences that may arise from non-compliance or incorrect reporting.   

 

In conclusion, GST returns are a vital aspect of the GST regime in India. They help businesses report their financial transactions, claim input tax credits, and ensure compliance with tax laws. By filing GST returns accurately and on time, businesses can not only meet their legal obligations but also benefit from reduced tax liabilities and improved financial transparency. Therefore, it is crucial for businesses to understand the types of GST returns applicable to them and prioritize their timely and accurate filing.

Document Required

  1. GST Login Credentials
  1. TCS Details in Excel Format
  2. GST Login Credentials
  1. Login Credentials (Surrender application should be approved and all pending returns should be filed)
  1. GST Login Credentials
  2. Sales and Purchase detalils

 

  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  1. GST Registration Certificate
  2. GST user Id and Password
  3. Registered Mobile no
  4. Registered Email Id
  5. Submitted application form GSTIN portal process for Regular Taxpayers
  1. Outward Supply Details (Sales) 3 Months
  2. GST Login Credentials
  1. GST Login Credentials
  2. TDS Details in Excel Format
  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  2. Sales and Purchase detalils
  1. GST Login Credentials
  2. Sales and Purchase detalils