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OneClick Business Solutions

GST Return Policy Company in India

Each and every business should perform GST Return Filing as it is a compulsory compliance for each business. This is registered under the GST Act/regime. According to Goods and Services tax (GST), this is an essential activity to file the GST returns. GST is like a bridge between the government and the taxpayer. The taxpayer needs to give the information like business activity in detail, payment of taxes, declaration of tax liability and other important information as needed by the government.

GST returns are filled online via GST Portal. However one can file GST returns manually. In those cases, returns are made offline and then they are uploaded to GSTIN portal through a facilitation centre or the taxpayer.

WHO NEEDS TO FILE GST RETURNS?

Every GST registration holder who comes under tax liability under the GST Act 2017 is needed to file GST returns depending on the nature of their business. Therefore if you are involved in the selling of goods or offering services to your clients, it is important to get GST registration and also file the returns regularly. According to GST, a registered business involved in the following tasks requires to file GST return :

Purchase

Sales

ITC (Income Tax Credit) with GST paid while purchasing

Output GST (in case of sales)

WHO DOES NOT NEED FILING GST RETURNS?

If you have done GST registration but your business turnover does not reach the threshold limit of Rs. 40 lakh, then you don't need to fill GST returns. On the other hand, any business in hilly and the North Eastern regions with the turnover below Rs. 20 lakh is not needed to file GST returns.

CATEGORIES OF GST RETURN FILLING IN INDIA

In India, there are a number of GST return types. The number of returns needed to be filed based on the type of taxpayer :

Filing of Returns by a Normal Taxpayer

RETURNS PARTICULARS DUE DATE
GSTR-1 Particulars of Outward Supplies 10th day of the next month
GSTR-2 Particulars of Inward Supplies 15th of the next month
GSTR-3 Monthly return of tax payment 20th day of the next month
GSTR-9 Annual return (Turnover>2 Lacs/ Voluntary) 31st December of the next financial year
GSTR-9C Annual Audit (Turnover>2 Lacs) 31st December of the next financial year

Filling of Returns by a Composition Taxpayer

RETURNS PARTICULARS DUE DATE
GSTR-4 Quarterly Return 18th of each month of next quarter
GSTR-9A Annual Return (Turnover>2 Lacs/ Voluntary) 31st December of next financial year
GSTR-9C Annual Audit (Turnover>2 Lacs) 31st December of the next financial year

Additional Returns depending on the type of the Business

RETURNS PARTICULARS DUE DATE FILED BY
GSTR-5 Particulars of both inward and outward supplies. Consumption of tax liability 20th day of the next month. If is in last month, either 7 days following expiration or 20th of the next month whichever is earlier A taxable person who is non-resident
GSTR-6 Distribution of Input Tax credit 13th day of succeeding month Input Service Distributor
GSTR-7 Details of TDS or any other related alternations 10th of next month Tax is deducted at source by authorities
GSTR-8 Detail records of supplies effected with them 10th of succeeding month Tax is collected at source by e-commerce operator

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Eligibility for return filing

Registered persons taxable under GST must file 3 monthly returns and 1 annual return

All the businesses that do not exceed the exempted limit, which is Rs. 2 lakhs throughout India and Rs.10 lakhs in North Eastern and hilly States, is not suitable

All those businesses exceeding this limit requires filing GST return

This must be valid, even if the unit makes no sale during a year in the type of NIL returns

A company having turnover exceeding Rs. 1.5 crore requires filing returns monthly. And if the company has turnover that exceeds Rs.1 crore then, it must be filled annually also. Below this threshold limit, a company has an option for filing it as par their needs.

Documents needed for GST Returns

GSTR-1

Legal Name of the registered person

GSTIN

Taxable outward supplies to a registered person

Taxable outward supplies to a consumer

Aggregate turnover of previous financial year

GSTR-2

Legal name of the registered person

GSTIN

Receipt of TDS and TCS

Inward supplies received besides those attracting reverse charge

Inward supplies where tax is pertinent on reverse charge

GSTR-3

Turnover

Intra-state supplies

Inter-state supplies

Inward supplies attracting reverse change

Tax effect of amendments made concerning outward supplies

GSTR-4

GSTIN

Inward supplies where tax is to be paid on reverse charge

Legal name

Corrections to details of inward supplies furnished in returns of previous periods

Consolidated statement of advances paid

GSTR-5

GSTIN

Legal name

Imported goods

Outward supplies made

Imported services

GSTR-6

GSTIN

Legal name

Input tax credit received for distribution

Amendments to distribution documents and debit or credit notes of previous periods

GSTR-7

GSTIN

Legal name

TDS details

Return period

Liability- payable and paid

GSTR-8

GSTIN

Legal name

Details of supplies made via e-commerce operator

Tax paid and payable

Details of interest

GSTR-9

Turnover

Inter-state supplies

Intra-state supplies

Tax effect of amendments made concerning outward supplies

Inward supplies attracting reverse change

GSTR-10

GSTIN

Legal name

Effective date of cancellation/surrender

Cancellation order date

Tax payable on closing stock

GSTR-11

Unique Identification Number

Name of the persons having UIN

Details of the supplies

Tax period

Frequently Asked Questions

Ques: What is known as GST return?

GST return is a document that contains the details of the income of the taxpayer. This document needs to be filed with the tax authorities.

Ques: How to complete filing GST return?

One can perform filing GST return using GST software or by availing our assisted plans for normal taxpayers, e-commerce tax plan or other taxpayers.

Ques: What are the kinds of GST return?

Following are the kinds of GST returns :

GSTR-1- For filing monthly return of the outward supplies

GSTR-2- For filing monthly return of the inward supplies

GSTR-3 - For the monthly return including the details of the taxpayers from the other forms such as GSTR-1, GSTR-2, GSTR-6, GSTR-7)

GSTR-4- For the quarterly return

GSTR-5- For the variable return needs to be filed by the non-resident taxpayer

GSTR-6- For the monthly return needs to be filed by the input service distributor

GSTR-7- For the monthly return is to be filed for the Tax Deducted at Source (TDS)

GSTR-8- For the monthly return needs to be filed by e-commerce operator

GSTR-9- For the annual return

GSTR-10- For the final return paid before finishing business operations permanently

GSTR-11- For the taxes requires to be paid by the taxpayers with a Unique Identification Number (UIN)

Ques: Should e-commerce operator file a return independently?

Yes, all e-commerce websites that permit other producers and sellers using their website should file the return using the GSTR-8. If you use your own portal, then there is no need to file this return.

Ques: What is known as the purpose to file GST return?

The benefits or purpose to file GST return are as follows :

It is used to confirm the tax liabilities of the tax payer within the specific time

Furthermore, it offers essential inputs for taking policy decisions

Information regarding mode of transfer to tax administration

It is easier to deal with audit and anti-tax evasion tasks of tax administration

Ques: Who can file Annual return?

Businesses who file for GSTR-1 to 3, except casual taxpayers and taxpayers under composition scheme need to file annual return.

Ques: Which parts are auto populated in GSTR-2 from GSTR-1?

A big part is auto populated from GSTR-1 to the GSTR-2 but some information is to be supplied into GSTR-2 still now. Like the details of imports, details of purchases from non-registered or composition suppliers and exempt/non-GST/nil GST supplies and others.

Ques: Does one require affixing the scanned copy of invoices with GSTR-1?

No, but certain information from the invoices need to be uploaded.

Ques: What is known as periodicity of the GST return filing?

It depends completely upon the kind of registration and transactions. Different periods are allotted for this.

Monthly returns must be filed by the regular foreign non-residents, taxpayers, tax deductors, input service provider and e-commerce operators.

Quarterly returns require to be filed by the composition taxpayers.

Ques: Is there any need to file separately for CGST, SGST and IGST?

No, the return forms are general for all the three. However there is a separate column in each which one requires filing depending on the inter-state and intra-state supply.

Ques: What GST return needs to be furnished for a non-resident taxable assessee?

R-5 is required to be furnished for a non-resident taxable assessee. These are the suppliers that came for a short while for making supplies in India. But they don't have a business enterprise in the country. The significant headlines for GSTR-5 are as follows :

GSTIN

Imported services

Imported goods

Details of debit credit notes

Outward supplies made



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