GST Return Filing Procedure: Everything You Need to Know

Ever since the inception of the Goods and Services Tax, taxpayers are required to fulfill a bunch of compliances which mandates them to file several returns for each Financial Year. In simple words, GST Return filing is compulsory for all those folks who have GST Registration. In order to make you better understand the procedure of Goods and Services Tax Return filing, we’ve come up with this tutorial. Let’s delve in.

What are GST Returns?

Returns are a set of forms boasting a pre-approved reporting format. This make terms of essential information easier for the taxpayers for the entire disclosure. Each form has been intended to make sure the complete disclosure of transaction made between sellers and buyers.

Who Should File GST Returns?

Under the GST administration, any regular business is required to file three monthly returns (GSTR 1, GSTR 2, and GSTR 3) along with one annual return (GSTR 9). There’s one more return dubbed GSTR 4 that is submitted on a quarterly basis by composition taxpayers.

Types of Returns under GST

  1. GSTR 3B

To make the migration process of taxpayers easier than ever, Government introduced an interim return form of GSTR 3B for the month of July and August. The form doesn’t require you to provide invoice level information. However, you must need to provide the total values for each field.

  1. GSTR 1

This form requires you to give all the details of the outward supplies of goods and services to the department. It’s worth notable that you should file the form by the 10th of every following month.

  1. GSTR 2

Through this form, you’ll get the details of the inward supplies of goods and services as sanctioned and approved by the recipient of the goods or services. This form must be filed by 15th of the following month.

  1. GSTR 3

This is the auto-populated form consisting of all the details filed under GSTR 1 and GSTR 2. This would let the department estimate the tax payable after making an allowance for Input Tax Credit availability. The form is recommended to be filed by the 20th of every following month.

  1. GSTR 4

This form includes all the details given in the auto-populated form of outward supplies. The form has to be filed by the 18th of the succeeding month after each quarter.

  1. GSTR 5

The form comprises of the details about input tax, outward supplies, tax paid, reaming month, and imports. This is a monthly submission form which must be filed by 20th of the succeeding month.

  1. GSTR 6

This form is all about the details regarding return for input service distributor. This form is recommended to be filed by input service distributor by 13th of every following month.

  1. GSTR 7

This form is to provide all the details about the tax deduction. It needs to be filed by 10th of the every following month.

  1. GSTR 8

This form includes all the details concerning supplies made by the e-commerce seller. It also incorporate details of the tax deducted at source. You have to file the form by 10th of every following month.

  1. GSTR 9

This is an annual return form that requires to be filed by every taxpayer by 31st of the following financial year.

  1. GSTR 10

This form provides all the details of final return, which requires to be filed by taxable person whose registration has been cancelled or surrendered within 3 months of the date of cancellation or surrender whichever is later.

  1. GSTR 11

This form gives you the details of inward supplies that must be provided by a person who has Unique Identification Number (UIN). This form has to be filed by 28th of the month following the month for which statement is filed.

In order to file GST Returns, there’s a need of GST complaint sales and purchase invoices. You can contact a consultant to help you in generating GST complaint invoices with ease.