Just like people file income tax return for the taxes paid on their income, those involved in sale/purchase of goods and services are required to file their GST return.
In this post, we will talk about the meaning of GST return, types of GST returns and GST return filing. Let’s start.
What is GST Return?
GST Return is a form which is filled by all the GST-registered taxpayers, just like an Income Tax Return. Once submitted, GST Return form becomes the document in which the details of one’s taxes paid on purchases as well as taxes collected on sales are recorded.
Here, one discloses the total business they did in one month, i.e. a GST return is basically a snapshot of a GST-registered taxpayer’s sales and purchases along with the taxes paid and collected by them.
Also Read: What is GST?
How to File GST?
To file your return, you need to first complete the GST return login, i.e. logging into the GSTN portal. Follow the below mentioned steps to file your GST return-
Step:1 Go to the GST portal and click on the Login button. This is to complete the GST return login process. Enter your GST Username and Password.
Step:2 Click on the Dashboard and note down the IGST Input Tax Credit and SGST Input Tax Credit.
Step:3 Now, click on the File Return option and from the drop-down menu first select the financial year and then choose the month for which you want to file the return. Click on submit.
Step 4: A list will appear after clicking on the submit button. Now select the return from the types of GST returns that you have to file and Click on Prepare Online.
Step 5: Upload all the invoices that you have (the GST invoice of the sale of your product or services and GST invoice on the purchase of any product or services). A reference number will be issued for each invoice.
Verify all the details filled in and enter all the credit and debit transaction notes.
Step 6: After filling all the necessary details, click on the Save button, and then click on the Submit button. After clicking on the Submit button, the status of your return will be updated as submitted.
Step 7: Enter the amount that you want to use from the Input Tax Credit to offset your tax liability. Now click on Offset Liability to make the final payment of the remaining amount, if any.
Step 8: Select the authorized signatory, provide your digital signature and make the payment.
You can check your GST return status by logging into the GSTN Portal anytime after filing your return.
Types of GST Returns
It is also important for you to understand the different types of GST returns. Below we have mentioned some important types of GST return and their purpose:
- GSTR-1: A company has to fill this form to show all the sales and purchases made by them. Details of all the invoices are entered in the GSTR-1.
- GSTR-2A: This form is filled by the recipient for all the inward transactions made. This form is only in the view mode, here you can see all kinds of purchases made by your suppliers.
- GSTR-2B: This form is also in the View-only mode. This form is mainly for the buyers who have purchased goods and services. This form is also important as it contains the Input Tax Credit data that is available every month.
- GSTR-3B: This is the most important form for the GST return fillers. In this form, you have to fill in all the purchases and sales made by your company for the specified period for which the GST return form is being filled. It has the following details-
- All the outward going goods and services.
- Input Tax Credit that has been claimed and also the balance of the ITC.
- Net Taxes paid till date.
- Net Tax liability of the company.
- GST-4 This return is filled annually.
- GST-5: This form is for all those foreign residents who carry out business in India.
- GST-6: This is to be filled by the Input Service Distributor at the end of every month.
- GST-7: It is to be filled by the business person who has to deduct the TDS (Tax Deducted at Source) in the GST.
- GST-8: All the E-commerce operators who are registered under the GST are required to fill this form.
GST Return Due Date
Please refer to the table given below to know the due dates of different types of GST Returns:
|Type of GST Return||Frequency||GST Return Due Date|
|GSTR-1||Monthly||11th of next month (13th of month after quarter, if opted for QRMP)|
|GSTR-3B||Monthly||20th of next month (different if opted for QRMP)|
|GSTR-4||Annually||30th of April|
|GSTR-5||Monthly||20th of next month|
|GSTR-6||Monthly||13th of next month|
|GSTR-7||Monthly||10th of next|
|GSTR-8||Monthly||10th of next month|
GST Return Filing: FAQ
If you’re a GST registered taxpayer and have a valid GSTIN, you are required to file your GST return.
Generally, you need to file 2 GST returns every month and one annual return. So, in total, there are around 25 GST returns to be filed in a financial year. This count can vary depending on the taxpayer.
A late fee is collected by the tax authorities for the late filing of a GST return. It is 18% on the outstanding tax amount.