Goods and Services Tax (GST) return is an official file that includes all the details of your purchases, sales, tax paid on purchases, and tax collected on sales.
You will need to pay the resulting tax liability, which means money that you owe to the government, once the GST return is filed.
GST is an indirect tax applicable from 1st July 2017 across India. The taxpayers running their businesses and firms across the country are liable to file for GST returns as approved by the GST council and indirect tax department.
GST return is the filing of taxes through Goods and Services Tax Return (GSTR) as per the slabs and eligibility standard.
There are 11 types of GST returns planned for different categories of taxpayers and business establishments which are as follows:
GSTR-1: The registered taxable supplier must submit all the information of outward supplies of taxable goods and services is concerned. The GSTR form must be filed on the 11th of the subsequent month.
GSTR-2: The registered taxable beneficiary must file details of inward supplies of goods and services that are taxable claiming the input tax credit. The GSTR form must be filed on the 15th of the subsequent month.
GSTR-3: The registered taxpayer must file the monthly return based on the finalization of review details of outward and inward supplies in addition to the payment of an amount of tax. The GSTR form must be filed on the 20th of the subsequent month.
GSTR-4: The quarterly return must be filed by the composition supplier for depositing payment. The GSTR form must be filed on the 18th of the month succeeding quarter.
GSTR-5: This form must be submitted for return for the non-resident taxable foreign taxpayer. It must be filed on the 20th of the subsequent month.
GSTR-5A: Return for the Online Information Database Access and Retrieval services (OIDAR). It must be filed on the 20th of the subsequent month.
GSTR-6: Return must be filed for input service distributor. It must be filed on the 13th of the subsequent month.
GSTR-7: Return must be filed by authorities functioning tax deduction at source. The GSTR form must be filed on the 10th of the subsequent month.
GSTR-8: E-commerce operator or tax collector must submit details of supplies affected and the total of tax collected. It is filed on the 10th of the subsequent month.
GSTR-9: Annual return must be filed by the registered regular taxpayer should on 31st December of the next financial year.
GSTR-9A: Annual returns must be filed by the composition traders on 31st December of the next financial year.
GSTR-9C: Regular Taxpayer with a turnover above 2 crores on 31st December of the next financial year.
GSTR-10: A taxpayer whose registration has been canceled or surrendered must file the final return within 3 months of the cancellation date or cancellation order date, whichever is later.
GSTR-11: Any person having UIN claiming the refund must file details of inward supplies. The form must be filed on the 28th of the month, following the month for which the report was filed.
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