In the world of Goods and Services Tax (GST) compliance, understanding the different types of GST returns is crucial for businesses to meet their tax obligations efficiently. GST returns are periodic statements that businesses registered under GST law must file with the tax authorities, providing details of their transactions. Let’s look deep into the various types of GST returns and their significance.
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What is GST Return?
A GST return is a form that businesses and professionals registered under the GST law must file for each GST Identification Number (GSTIN) registration. It’s essential to ensure that the GSTIN status is active, indicating regular filing of returns, which can be verified using our GST search tool.
Types of GST Returns under GST Rule
Did you know that there are 22 types of GST returns specified under the GST Rules?
Among them, only 11 GST returns are currently active, while 4 are suspended, and 8 are view-only. The number and types of GST returns required depend on the type of taxpayer, such as regular taxpayers, composition taxable persons, e-commerce operators, TDS deductors, non-resident taxpayers, Input Service Distributors (ISD), casual taxable persons, etc.
Additionally, the filing frequency of some GST returns may vary for GSTR-1 and GSTR-3B filers, especially if they opt for the Quarterly Return filing and Monthly Payment of taxes (QRMP) scheme.
Which are the different types of GST Returns?
- GSTR-1: Outward Supplies
- GSTR-1 is a monthly or quarterly return that captures details of outward supplies or sales made by a registered taxpayer.
- It includes information on sales invoices issued, along with details such as invoice number, value of goods/services, and GSTIN of the recipient.
- GSTR-3B: Summary Return
- GSTR-3B is a monthly self-declaration return summarizing the details of outward supplies, inward supplies, input tax credit (ITC) availed, and tax payable.
- It acts as a summary statement for taxpayers to report their GST liabilities and claim ITC for a particular tax period.
- GSTR-2A and GSTR-2B: Auto-populated Returns
- GSTR-2A and GSTR-2B are auto-generated returns that provide details of inward supplies or purchases as reported by the suppliers.
- These returns help taxpayers reconcile their purchase data with their suppliers’ data to ensure accuracy and claim rightful ITC.
- GSTR-9: Annual Return
- GSTR-9 is an annual return that taxpayers need to file by December 31 of the subsequent financial year.
- It consolidates the details of outward and inward supplies, ITC availed, taxes paid, and any other relevant information for the entire financial year.
- GSTR-9C: Reconciliation Statement
- GSTR-9C is a reconciliation statement that taxpayers with a turnover exceeding a specified limit need to file along with their annual return (GSTR-9).
- It includes reconciliation of the financial statements with the GST returns filed during the year, certified by a chartered accountant or a cost accountant.
- GSTR-4: Composition Scheme Return
- GSTR-4 is a quarterly return filed by taxpayers opting for the composition scheme under GST.
- It summarizes the quarterly turnover and tax payable under the composition scheme.
- GSTR-5: Non-resident Taxpayer Return
- GSTR-5 is a return filed by non-resident taxpayers providing details of their outward supplies, inward supplies, tax payable, and taxes paid during their stay in India.
- GSTR-6: Input Service Distributor (ISD) Return
- GSTR-6 is a monthly return filed by ISDs to distribute the ITC available on inputs and input services to their respective recipients.
- GSTR-8: Tax Deducted at Source (TDS) Return
- GSTR-8 is a monthly return filed by e-commerce operators to report the amount of tax collected and deposited at source on supplies made through their platform.
Late filing of GST Returns
Under GST regulations, filing returns is mandatory, even if there are no transactions, in which case a Nil return must be filed. Click here to know what nil income tax return is and how to file it.
Different types of GST returns and due dates are as follows;
| GST Return | Description | Due Date |
|---|---|---|
| GSTR-1 | Outward Supplies | 11th of the following month or 13th of the following month (Quarterly for QRMP) |
| GSTR-2A | Auto-populated Returns | N/A (View-only) |
| GSTR-2B | Static Returns | 12th of every month |
| GSTR-3B | Summary Return | 20th of the following month (Monthly) or 22nd/24th of the following month (Quarterly for QRMP) |
| GSTR-4 | Composition Scheme Return | 30th April of the following financial year |
| GSTR-5 | Non-resident Taxpayer Return | 20th of each month |
| GSTR-6 | Input Service Distributor Return | 13th of every month |
| GSTR-7 | TDS Deductors’ Return | 10th of every month |
| GSTR-8 | E-commerce Operators’ Return | 10th of every month |
| GSTR-9 | Annual Return | 31st December of the following year |
| GSTR-9C | Reconciliation Statement | 31st December of the following year |
| GSTR-10 | Final Return | Within 3 months of cancellation/surrender |
| GSTR-11 | UIN Holders’ Return | 28th of the month following the quarter |
Interest and Late fees to be paid
Interest is charged at 18% per annum on the outstanding tax amount, calculated by the taxpayer on the net tax liability identified in the ledger at the time of payment. The interest accrues from the day after the due date until the actual payment date.
As per the CGST Act, the late fee is INR 100 per day per Act, amounting to INR 100 under Central Goods and Services Tax (CGST) and INR 100 under State Goods and Services Tax (SGST), totaling INR 200 per day. However, the maximum late fee per Act is capped at INR 5,000.
There is no separately prescribed late fee under the Integrated Goods and Services Tax (IGST) Act. For GSTR-9/9C, the maximum late fee per Act is capped at 0.25% of the turnover in the state or Union Territory. It’s worth noting that late fees may be reduced under government relief schemes.
Key points to consider
- You cannot file a return if the previous month/quarter’s return has not been filed.
- Late filing of GST returns can result in heavy fines and penalties.
- The late filing fee for GSTR-1 is reflected in the liability ledger of GSTR-3B filed immediately after the delay.
JOIN 24EFILING TELEGRAM CHANNELConclusion
In conclusion, understanding the different types of GST returns is essential for businesses to ensure compliance with GST laws and regulations. By filing the correct returns within the prescribed timelines, businesses can avoid penalties and maintain a smooth tax compliance process. It is advisable for businesses to stay updated with any changes or updates in GST return filing requirements to avoid any non-compliance issues.
Looking for a service provider for filing your GST Returns? You can directly reach out to 24efiling. Our experts will guide you the step by step process and get your GST Return filed on time.
FAQs
1. What are GST Returns?
GST Returns are forms that taxpayers registered under the GST law must file with the tax authorities. These returns contain details of sales, purchases, tax collected, and tax paid.
2. How many types of GST Returns are there?
There are 22 types of GST Returns prescribed under the GST Rules. However, only 11 GST returns are currently active, 4 are suspended, and 8 are view-only returns.
3. Who needs to file GST Returns?
All individuals, businesses, and entities registered under GST must file GST Returns. The types of returns to be filed depend on the taxpayer’s category, such as regular taxpayer, composition taxable persons, e-commerce operators, etc.
4. What are the main active GST Returns?
The main active GST Returns include GSTR-1 (for outward supplies), GSTR-3B (for summary of sales and purchases), GSTR-9 (annual return), and GSTR-9C (reconciliation statement).
5. What happens if GST Returns are not filed on time?
Late filing of GST Returns can lead to penalties and fines. You cannot file a return for a particular month/quarter if the previous return hasn’t been filed. Late fees are applicable, and interest is charged on outstanding tax liabilities. It’s essential to file returns on time to avoid these consequences.
6. What are the different types of GST returns?
Under the GST law, there are various types of GST returns available. The main ones include GSTR-1, GSTR-3B, GSTR-9, GSTR-4, GSTR-9C, etc.
7. What are GSTR 1, 2, and 3B?
• GSTR-1: It is a monthly or quarterly return that contains details of all outward supplies of goods and services made by the taxpayer. It includes information about invoices, credit notes, and debit notes issued during the tax period.
• GSTR-2: This return was previously used for reporting inward supplies of goods and services. However, it has been suspended since September 2017.
• GSTR-3B: It is a monthly summary return where taxpayers declare details of their outward supplies, ITC, and tax liability. It is filed monthly by all registered taxpayers, except for composition scheme taxpayers.
8. What are GSTR 2A and 2B?
• GSTR-2A: It is a view-only dynamic GST return that shows details of all inward supplies of goods and services received by the taxpayer. The data is auto-populated based on the information uploaded by the supplier in their GSTR-1. Taxpayers use it to reconcile their ITC claims.
• GSTR-2B: It is a view-only static GST return that provides a summarized view of the ITC available to the taxpayer. It includes details of all inward supplies as reported by the supplier in their GSTR-1, along with the details of ITC to be reversed, ineligible ITC, and more.
