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GST Return Filing

Features of GST

Following are the features of GST taxation regime:

  • Destination based consumption Tax

Gst is based on destination based consumption tax principle. Destination based taxation is the levy of tax on the basis of deatination or consumption of goods or services. This principle seeks to tax the goods or services or both. The entire revenue relating to the supply of goods or services or both accrues to the state where they are ultimately consumed.

  • Self – supply of goods or services or both shall become taxable

In GST inspecified situations self – supply is also subject to tax. Transfer of goods from one person’s office to another is also subject to tax under GST.

  • Supply of good or services or both without consideration shall be subject to tax in GST

Supply includes activities specified in Schedule I, made or agreed to be made without a consideration. It implies that transactions mentioned in schedule I are deemed as ‘supply’ even if they are made without consideration. These includes:

  1. Permanent transfer or disposal of business assets where input tax credit has been availed on such assets.
  2. Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business.

However, according to proviso to Paragram2 of schedule I, gifts not exceeding fifty thousand rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.

 3. Supply of goods—

     a. by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal; or

     b. by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal.

4. Import of services by a taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business.

  • No centralised registration under GST

In GST, every supplier must seek registration in all those states from where they supply goods or services or both.

Advantages of GST

For Citizens:

  • Simpler tax system
  • Reduction in prices of goods and services due to the elimination of cascading of taxes
  • Uniform prices throughout the country
  • Transparency in the taxation system
  • Increase in employment opportunities

For Trade/Industry:

  • Reduction in multiplicity of taxes
  • Mitigation of cascading/double taxation system
  • More efficient neutralization of taxes especially for exports
  • Development of common national market
  • Simpler tax regime-fewer rates and exemptions

For Central/State Governments:

  • A unified common national market to boost Foreign Investment and “Make in India” campaign
  • Boost to export/manufacturing activity, generation of more employment, leading to reduced poverty and increased GDP growth
  • Improving the overall investment climate in the country which will benefit the development of states
  • Uniform SGST and IGST rates to reduce the incentive for tax evasion
  • Reduction in compliance costs as no requirement of multiple record keeping

A return is a summarised statement containing details of specified particulars relating to business activity undertaken by a taxable person during a prescribed period.

Under GST, a registered dealer has to file GST returns that broadly includes:

  • Purchases
  • Sales
  • Output GST (on sales)
  • Input Tax Credit (GST paid on purchases)

Following are the various purposes of furnishing returns:

  • Mode of transfer of information to tax administration
  • Compliance verification program of tax administration
  • Declaration of tax liability for a given period by a taxpayer
  • Finalization of tax liabilities of a taxpayer within stipulated period of limitation
  • Proving necessary inputs for taking policy decision
  • Management of audit and anti – evasion programs of tax administration

Here is a list of all the returns types to be furnished as prescribed under the GST Law along with the due date of filling and the return form

Person required to furnish the return Return Form Due date of return filling

Every registered taxpayer shall furnish the details of outward supplies of taxable goods and/or services affected
GSTR 1

Monthly

11th of the next month

Quarterly (If opted under the QRMP scheme)

13th day of the month succeeding such quarter

Details of B2B supplies of taxable goods and/or services affected.

IFF (Optional by taxpayers under the QRMP scheme)

Monthly (for the first two months of the quarter)

13th of the next month

Every registered taxpayer

GSTR 3B

Monthly

On or before thee 20th day of the month succeeding such calender month oir part thereof

For taxpayers under QRMP scheme whose aggregate turnover is upto Rs. 5crore in the preceding financial year

a) The Registered person whose principal place of business is in the state of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.

b) The Registered person whose principal place of business is in the state of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union Territories of Jammu and Kashmir, Ladakh, Chandigarh and New Delhi.

 

GSTR 3B

Quaterly

 

 

22nd day of the month succeeding such quarter

 

24th day of the month succeeding such quarter

Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act

CMP – 08

Quarterly

18th of the month following the quarter

A person paying tax under composition levy u/s 10 of CGST Act
GSTR 4

Annually

30th of the month succeeding  financial year
A non- resident taxable person

GSTR 5

Monthly

20th of the next month

An Input Service Distributor

GSTR 6

Monthly

13th of the next month
A person deducting tax u/s 51 of CGST Act
GSTR 7

Monthly

10th of the next month
A person collecting tax u/s 52 of CGST Act
GSTR 8

Monthly

10th of the next month
Every registered taxpayer whose annual aggregate turnover being more than 2 crore
GSTR 9

Annually

31st December following the end of such Financial Year
Self – certified reconciliation statement by every registered taxpayer whose annual aggregate turnover being more than 5 crore
GSTR 9C

Annually

31st December following the end of such Financial Year
Final return by a taxpayer whose GST registration has been cancelled.
GSTR 10

Once, when the GST registration is cancelled or surrendered.

Within three months of the date of cancellation or three months from the date of order of cancellation, whichever is later
Details of inward supplies to be furnished by a person having UIN (Unique Identity Number) and claiming a refund
GSTR 11

Monthly

28th of the following month following the month for which statement is filed