GST Return & Compliance
Government is putting tremendous efforts to reduce the compliance under GST by simplifying the GST returns part mainly.
Types of GST Returns
GSTR 3B (Reporting Monthly)
- Every person registered under GST have to file GSTR 3B, however there is exemption of GSTR 3B to certain very specific persons like Input Service Distributers, non-resident taxable persons & supplier of OIDAR.
- Any delay in filing of return leads to penalty which is calculated on basis of per day. Even if the dealer is having NIL sale or purchase filing of GSTR 3B id mandatory.
- At the time of filing GSTR 3B payment of taxes needs to be made.
- GSTR 3B is basically a summary of Sales and purchase made in a month.
GSTR 1 (Reporting Monthly/ Quarterly)
- Reporting of all the outward supply/ sales made during the relevant period.
- For B2B sales details like invoice number, date, taxable amount etc. needs to be entered for every bill.
- Supplies of B2C above specified limit needs to be reported separately.
- Irrespective of whether there are any transactions during the month or not GSTR 1 needs to be filed
The following registered persons are exempt from filing the return:
- Input Service Distributors
- Composite Dealers
- Taxpayer liable to collect TCS
- Taxpayer Liable to deduct TDS
- Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
- Heavy penalty for delay in filing of GSTR 1 calculated on per day basis.
GSTR 2 (Reporting Monthly/ Quarterly)
- Reporting of all the inward supply/ purchases made during the relevant period.
- Outward return filed by supplier which can been seen by receiver in its respective GST portal.
- Receiver will modify, verify, validate or can even delete the details furnished by supplier.
GSTR 3 (Reporting Monthly/ Quarterly)
- GSTR 3 is summary of GSTR 1 & GSTR 2
- Part A of GSTR 3 is auto populated based on GSTR 1 & GSTR 2 filed.
- Other parts needs to be validate by the information present wit the dealer.
GSTR 4 (Reporting Quarterly)
- GSTR 4 needs to be filed by composition supplier.
- return due date is 18 days from the end of each quarter.
- Details of purchase needs to be complied for whole quarter.
- Although due to non updation of GST website the requirement of purchase details is being deferred for time being.
- GSTR 5 needs to be filed by person registered as non resident under GST.
- Details of outward and inward supplies needs to be reported.
- GSTR 6 needs to filed by persons registered as Input Service Distributors.
- GSTR 7 is filed by person registered under GST for TDS.
- Details furnished will be made available in Part C of Form 2A and Form 4A of the tax payer.
- GSTR 8 needs to be filed by E-commerce operator
- Details of outward supplies of goods or services or both made through its website
- information filed by E commerce operator will be made available to each of the supplier in Part C of Form GSTR 2A
GSTR 9 (Annual Return)
- This is a annual return filed by all registered person except composition scheme dealer, Non resident taxable person & Casual taxable person, TDS deductor & TDS collector.
- In case of GST Audit annual return must me audited by Chartered Accountant in practice or Cost Accountant.
- GSTR 10 needs to be filed by the person within 3 months from the date of cancellation of GST Registration.
- This return is filed must be filed by UIN holder to claim GST refund of taxes paid on inward supplies.