GST Return
What Is GST Return?
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)
To file GST returns, GST compliant sales and purchase invoices are required.
Who Should File GST Return?
In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
There are separate returns required to be filed by special cases such as composition dealers is called GSTR -4
What Are The Types Of GST Returns?
GSTR-1
Details of outward supplies of taxable goods and/or services affected from July 2018 to March 2019 ( Taxpayers whose turnover is more than Rs. 1.5 Crores in previous year)before Monthly*11th of the next month
GSTR-2
Details of inward supplies of taxable goods and/or services effected claiming input tax credit.Monthly*15th of the next month
GSTR-3
Monthly return return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.Monthly*20th of the next month
GSTR-9
Annual ReturnAnnually31st December of next financial year
GSTR-3B
Return for the months of up to March 2019Monthly 20th of the preceding month sales and purchases
** Taxpayers whose turnover was less than Rs. 1.5 Crores in the previous financial year has the option to file a quarterly GSTR-1 by end of the next month affected July 2018 to March 2019.
