GST Return has got to be filed by every business but there are differing kinds of GST Returns depending upon the nature and total revenue of the corporate.
Apart from that, the deadline for filing has been extended to June 30, 2020 because of Covid-19.
1. GSTR-1
GSTR-1 is basically the return to be furnished for reporting details of all outward supplies of products and services made, or in other words, sales transactions made during a tax period, and also for reporting debit and credit notes issued. Any amendments to sales invoices made, even concerning previous tax periods, should be reported within the GSTR-1 return.
GSTR-1 is to be filed by all normal taxpayers who are registered under GST. It’s to be filed monthly, except within the case of small taxpayers with turnover up to Rs.1.5 crore within the previous financial year, who can file an equivalent on a quarterly basis.
2. GSTR-2A
GSTR-2A is basically the return containing details of all inward supplies of products and services i.e. purchases made up of registered suppliers during a tax period. The info is auto-populated supported data filed by the suppliers in their GSTR-1 return. GSTR-2A is a read-only return and no action will be taken.
3. GSTR-2
GSTR-2 is basically the return for reporting the inward supplies of products and services i.e. the purchases made during a tax period. the details within the GSTR-2 return are auto-populated from the GSTR-2A. Unlike GSTR-2A, the GSTR-2 return will be edited.
GSTR-2 is to be filed by all normal taxpayers registered under GST, however, the filing of an equivalent has been suspended ever since the inception of GST.
4. GSTR-3
GSTR-3 is a monthly summary return for furnishing summarized details of all outward supplies made, inward supplies received and input tax credit claimed, along side details of the liabilities and taxes paid. This return is auto-generated on the premise of the GSTR-1 and GSTR-2 returns filed.
GSTR-3 is to be filed by all normal taxpayers registered under GST, however, the filing of an equivalent has been suspended ever since the inception of GST.
5. GSTR-3B
GSTR-3B basically be a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input reduction claimed, liabilities ascertained and taxes paid.
GSTR-3B is to be filed by all normal taxpayers registered under GST.
6. GSTR-4 / CMP-08
GSTR-4 is basically the return that was to be filed by taxpayers who have opted for the Composition Scheme under GST. CMP-08 is that the return which has replaced the now erstwhile GSTR-4. The Composition Scheme could be a scheme during which taxpayers with turnover up to Rs.1.5 crores can opt into and pay taxes at a hard and fast rate on the turnover declared.
The CMP-08 return is to be filed on a quarterly basis.
7. GSTR-5
GSTR-5 is basically the return to be filed by non-resident foreign taxpayers, who are registered under GST and perform business transactions in India. The return contains details of all outward supplies made, inward supplies received, credit/debit notes, liabilities and taxes paid.
The GSTR-5 return is to be filed monthly for every month that the taxpayer is registered under GST in India.
8. GSTR-6
GSTR-6 is basically be a monthly return to be filed by an Input Service Distributor (ISD). It’ll contain details of input tax credit received and distributed by the ISD. It’ll further contain details of all documents issued for the distribution of input credit and therefore the manner of distribution.
9. GSTR-7
GSTR-7 is a monthly return to be filed by persons required to deduct TDS (Tax deducted at source) under GST. GSTR 7 will contain details of TDS deducted, the TDS liability payable and paid and TDS refund claimed, if any.
10. GSTR-8
GSTR-8 is basically be a monthly return to be filed by e-commerce operators registered under the GST who are required to gather tax at source (TCS). GSTR-8 will contain details of all supplies made through the E-commerce platform, and therefore the TCS collected on an equivalent .
The GSTR-8 return is to be filed on a monthly basis.
11. GSTR-9
GSTR-9 is basically the annual return to be filed by taxpayers registered under GST. It’ll contain details of all outward supplies made, inward supplies received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes, along side details of taxes payable and paid. It’s a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.
GSTR-9 is required to be filed by all taxpayers registered under GST, except taxpayers who have opted for the Composition Scheme, Casual Taxable Persons, Input Service Distributors, Non-resident Taxable Persons and persons paying TDS under section 51 of CGST Act.
12. GSTR-9A
GSTR-9A is basically the annual return to be filed by taxpayers who have registered under the Composition Scheme during a financial year. It’s a consolidation of all the quarterly returns filed during that financial year.
13. GSTR-9C
GSTR-9C is basically the reconciliation statement to be filed by all taxpayers registered under GST whose turnover exceeds Rs.2 crore during a financial year. The registered person has got to get their books of accounts audited by a Chartered/Cost Accountant. The statement of reconciliation is between these audited financial statements of the taxpayer and therefore the annual return GSTR-9 that has been filed.
GSTR-9C is to be filed for each GSTIN, hence, one PAN can have multiple GSTR-9C forms being filed.
14. GSTR-10
GSTR-10 is to be filed by a taxable person whose registered has been cancelled or surrendered. This return is additionally called a final return and has got to be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.
15. GSTR-11
GSTR-11 is basically the return to be filed by persons who are issued a novel Identity Number (UIN) so as to induce a refund under GST for the products and services purchased by them in India. UIN may be a classification made for foreign diplomatic missions and embassies not susceptible to tax in India, for the aim of getting a refund of taxes. GSTR-11 will contain details of inward supplies received and refund claimed.
