GST Return – What is GST Return? Who Should File, Due Dates & Types of GST Returns ?

Goods and Services Tax (GST) return is a document that needs to be filed by taxpayers with the tax authorities, containing the details of income and tax paid. It is a way for businesses to communicate their sales, purchases, and the tax liability or input tax credit availed with the government. Here’s an overview of GST return, including who should file, due dates, and types of GST returns:

Who Should File GST Returns?

1. Regular Taxpayers:

   – All regular businesses and individuals registered under GST must file GST returns. This includes suppliers of goods and services, manufacturers, traders, e-commerce operators, and more.

2. Composition Dealers:

   – Composition dealers, who opt for the composition scheme, have to file quarterly returns instead of monthly returns.

3. Non-Resident Taxable Persons:

   – Non-resident taxable persons are required to file returns for the period of their business operations in India.

4. Input Service Distributors:

   – Entities that receive invoices for input services and distribute the credit to their branches need to file returns.

5. E-commerce Operators:

   – E-commerce operators need to file returns, including details of supplies made through their platforms.

6. Person Deducting TDS (Tax Deducted at Source):

   – Individuals or entities deducting TDS under GST are required to file returns containing details of TDS deducted and deposited.

Due Dates for Filing GST Returns:

– GSTR-1 (Outward Supplies):

  – Monthly or quarterly filing.

  – Due on the 11th of the next month.

– GSTR-3B (Summary Return):

  – Monthly filing.

  – Due on the 20th of the next month.

– GSTR-4 (Composition Dealers):

  – Quarterly filing.

  – Due on the 18th of the month succeeding the quarter.

– GSTR-5 (Non-Resident Taxpayers):

  – Monthly filing.

  – Due on the 20th of the next month.

– GSTR-6 (Input Service Distributor):

  – Monthly filing.

  – Due on the 13th of the next month.

– GSTR-7 (TDS Return):

  – Monthly filing.

  – Due on the 10th of the next month.

– GSTR-8 (E-commerce Operators):

  – Monthly filing.

  – Due on the 10th of the next month.

– GSTR-9 (Annual Return):

  – Annual filing.

  – Due on or before the 31st of December of the next financial year.

Types of GST Returns:

  1. GSTR-1 (Outward Supplies):

   – Details of outward supplies made during a specific period.

  1. GSTR-2 (Inward Supplies):

   – Details of inward supplies received during a specific period.

  1. GSTR-3B (Summary Return):

   – A self-declaration summary return for reporting outward and inward supplies.

  1. GSTR-4 (Composition Dealers):

   – Filed by taxpayers registered under the composition scheme.

  1. GSTR-5 (Non-Resident Taxpayers):

   – Details of supplies, including imports and outward supplies.

  1. GSTR-6 (Input Service Distributor):

   – Details of input tax credit received and distributed by an Input Service Distributor.

  1. GSTR-7 (TDS Return):

   – Details of TDS deducted by deductors.

  1. GSTR-8 (E-commerce Operators):

   – Details of supplies made through an e-commerce platform.

  1. GSTR-9 (Annual Return):

   – Annual return consolidating the monthly/quarterly returns.

It’s essential for businesses to understand their GST obligations, comply with filing requirements, and adhere to the due dates to avoid penalties and maintain good standing with tax authorities. It’s advisable to seek professional advice like LEGATO BUSINESS SOLUTION LLP to ensure accurate and timely GST return filing.