GST Return - What is GST Return?
A GST Return is a statutory document to be filed by a liable taxpayer registered under GST Act of India, periodically, which in general may contain one or all of the following details --- inward supplies, outward supplies, tax paid and payable, input tax credits availed, etc. Again, a Nil return is to be filed punctually even if there were no business activities during the period for which the return is relevant. Also, the gst returns to be filed by different categories of taxpayers are different. Broadly, the gst returns fall under the periodicities of monthly, quarterly, and annually. Lastly, the gst return forms are common for the CGST, SGST, and the IGST. Here, it may also be noted that, before filing a return, payment of the tax due must be done, for the return to be approved and valid. All GST Returns are to be filed electronically through the GST Common Portal, GSTN Portal, www.gst.gov.in. The foregoing was brief answer to the question "what is gst return?"; and now, the lower portions of this web-article give other relevant pieces of information about the types of returns, and the gst return filing process, to help the concerned Indian and foreign people and entities engaged in India.
Depending upon the types of registration and business/service transactions under GST law, different periods have been prescribed for filing the GST returns online. One or more monthly returns are to be filed by a Normal or Regular Taxpayer, a Foreign Non-Resident Taxpayer, an Input Service Distributor (ISD), Tax Deductor, and an E-Commerce Operator; whereas a Composition Taxpayer requires to file only a quarterly return. There is an additional Annual GST Return also besides the monthly or quarterly returns. The section below, gives exclusive information about the monthly and annual returns to be filed by a normal taxpayer (the most common and major category), under this new GST law of India.
GST Return Filing Process
For gst return filing online, there is no formal set of documents needed; the gst returns will solely be dependent upon all the invoices created as per the GST law. Hence, perfect and proper creation of invoices serves as the basis of GST return filings in India, using one’s GSTIN. However, to file a return conveniently, a taxpayer should follow the following standard guidelines:
- Preparing proper and flawless invoices, strictly as per the GST Act
- Assigning appropriate HSN Codes to products/services
- Arranging invoices as per GST Software
- Uploading the invoices on the GST Common Portal (GSTN)
- GSTR - 1: ----Containing details of outward supplies; 10th of the next month.
- GSTR - 2: ---Holding details of inward supplies; 15th of the next month.
- GSTR - 3: ---Giving details of the outward and inward supplies, input tax credits, and the amount of tax payable; 20th of the next month.
- GSTR - 9 (Annual Return): --- Showing details of the annual expenditure and income; by 31st December every year.
For other categories of GST taxpayers, periodic returns are to be filed through the following respective Forms --- for a Composition Taxpayer (in Form GSTR-4; Quarterly), Non-resident Foreign Taxpayer (in Form GSTR-5; Monthly), Input Service Distributor (in Form GSTR-6; Monthly), TDS Deductor (in Form GSTR-7; Monthly), and E-Commerce Operator (GSTR-8; Monthly).