What are the different types of GST Returns?
We are all aware off our income tax returns, but that is not the only returns that we should be concerned with. To give you a picture, here are the different types of GST returns:
Return | Purpose | Who Files | Frequency | Details |
GSTR-1 | Outward supply (sales) of goods and services | Regular taxpayers (except composition scheme) | Monthly/Quaterly | Form GSTR-1 is a monthly/quarterly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. Every registered taxable person(other than an input service distributor/ composition taxpayer/ persons liable to deduct tax u/s 51 / persons liable to collect tax u/s 52)is required to file Form GSTR-1. Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the period or not |
IFF | Outward supply (sales) of goods and services | Regular taxpayers under QRMP Scheme(except composition scheme) | Monthly(optional) | Invoice Furnishing Facility (IFF) is a facility provided to quarterly taxpayers who are in QRMP scheme, to file their details of outward supplies in first two months of the quarter (M1 and M2), to pass on the credit to their recipients |
GSTR-3B | Self-assessment summary of outward and inward supplies | All registered taxpayers (including composition) | Monthly/Quarterly | The GSTR-3B is a consolidated summary return of inward and outward supplies. GSTR-3B serves as a self-assessment return where taxpayers summarize their GST liabilities and input tax credits for a given period. This form focusing primarily on the GST liability payable and the amount of input tax credit (ITC) that businesses are entitled to claim. |
GSTR-4 | Annual return for Composition Taxpayer | Taxpayers under the composition scheme | Annually | Form GSTR-4 (Annual Return) is a yearly return to be filed once, for each financial year, by taxpayers who have opted for composition scheme during the financial year. Such taxpayers are required to furnish details regarding summary of outward supplies, Inward supplies, import of services and supplies attracting reverse charge in this form.
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CMP-08 | For composition scheme taxpayers | Taxpayers under the composition scheme | Quarterly | A composition dealer is required to pay tax on a quarterly basis in a challan-cum-statement Includes details of sales and tax under the composition scheme. |
GSTR-5 | Return for non-resident foreign taxable persons | Non-resident taxable persons (NRTP) | Monthly | Non-Resident Taxable Persons (NRTPs) should obtain registration to do business in India. They can get registration from the GST portal for a temporary period of 90 days or less. Further, NRTPs must file the GSTR-5 return reporting on their business. |
GSTR-6 | Input Service Distributor (ISD) return | Input Service Distributors (ISD) | Monthly | Form GSTR-6 is a monthly return to be filed by all the Input Service Distributors (ISD) for distribution of credit (ITC) amongst its units. Only those persons who are registered as Input Service Distributor (ISD) need to file Form GSTR-6. It is a mandatory return, to be filed on monthly basis. A ‘Nil’ return must be filed in case of no ITC being available for distribution or no ITC is being distributed during the month. |
GSTR-7 | TDS return for tax deducted at source under GST | Taxpayers deducting tax at source (TDS) | Monthly | Form GSTR-7 is a return which is required to be filed by the persons who deduct tax at the time of making/crediting payment to suppliers towards the inward supplies received. Following persons are required to deduct TDS under GST: -Department or establishment of the Central Government or State Government; -local authority; -Governmental agencies; and -such persons or category of persons as may be notified by the Government on the recommendations of the Council. |
GSTR-8 | TCS return for e-commerce operators | E-commerce operators collecting tax at source (TCS) | Monthly | Form GSTR-8 is a Statement of TCS (Tax Collected at Source) to be filed by E Commerce Operators. Form GSTR-8 contains the details of taxable supplies and the amount of consideration collected by such operator pertaining to the supplies made by other suppliers through such e commerce operator and amount of TCS collected on such supplies. |
GSTR-9 | Annual return for regular taxpayers | Regular taxpayers (except composition scheme and certain others) | Annually | Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers. Form GSTR-9 is required to be filed by every person registered as normal taxpayer. However, certain class of taxpayers may be exempted from filing Form GSTR-9 by way of Notifications issued by Government of India from time to time. As of now it’s mandatory to file Form GSTR-9 if the Aggregate Annual Turnover cross 2 crores. |
GSTR-9C | Annual GST reconciliation statement & Certification | Regular taxpayers (except composition scheme and certain others) | Annually | GSTR-9C is a form for annual GST reconciliation statement filed by applicable taxpayers. Every registered person whose aggregate turnover during a financial year exceeds Rs.5 crore rupees must file this form. They shall also furnish a copy of the audited annual accounts. As per CBIC notification,every registered person under GST whose turnover during a financial year exceeds the prescribed GSTR-9C turnover limit of Rs.5 crore satisfies the GSTR-9C applicability condition to file this statement. |
Is late filing fees applicable under GST?
Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return
-You cannot file return of current month if You don’t file previous month/quarter’s return
-Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty
Then what are the Interest and Late fees levied under GST….
Interest: Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment:
“Major Late Fee:
-GSTR-1: INR. 50 per day of delay
-GSTR-3B: INR. 50 per day of delay-in case taxable supply without nil return
-GSTR-3B: INR. 20 per day of delay-in case Exempt supply/Nil return
-GSTR-4: INR. 50 per day of delay
-GSTR-9: INR. 200 per day of delay