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TMI BlogTYPES OF RETURNS UNDER GST LAWX X X X Extracts X X X X X X X X Extracts X X X X ..... tion 39(1) of the CGST Act, 2017 under the Quarterly Return Monthly Payment Scheme (QRMP), can furnish the return in FORM GSTR-1 on Quarterly basis. (IV) Details of outward supplies include details of invoices, debit notes, credit notes and revised invoices issued in relation to outward supplies during any tax period. (V) GSTR-1 is to be filed by all normal taxpayers who are registered under GST, including casual taxable persons. Delay in filing the return attracts penalty, as applicable. (VI) 'Nil' return is mandatory even if there are no transactions in a month/quarter. (VII) Any amendment to sales invoices made, even pertaining to previous tax periods, must be reported in the GSTR-1 return by all the suppliers or sellers registered under GST. (VIII) The due date for filing GSTR-1 return is: (a) For Monthly return filers, by 11th of every month. (b) For Quarterly return filers under the QRMP scheme, by 13th of the month following every quarter. 2.2. FORM GSTR-2A containing details of all inward supplies: (I) Section 38 of the CGST Act, 2017, stipulates that the details of outward supplies furnished by the registered persons in GSTR-1 return and of such other supplies, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Special Economic Zone (SEZ) unit or a SEZ Developer, on a Bill of Entry, shall be made available in Part D of GSTR-2A. 2.3. FORM GSTR-2B containing details of all inward supplies: (I) Rule 60(7) of the CGST Rules, 2017 prescribes that an auto-generated statement containing the details of input tax credit shall be made available electronically through the common portal, to the registered Taxpayer in FORM GSTR-2B every month. (II) GSTR-2B is a static auto-drafted statement for regular taxpayers. It is available month wise and was introduced on the GST portal from the August 2020 tax period onwards. (III) ITC details covered in the return is from the date of filing GSTR-1 for the preceding month up to the date of filing GSTR-1 for the current month. (IV) The details of ITC in this return do not get altered for a particular tax period, even if the seller makes revisions. Hence, the taxpayers can refer to the ITC appearing in this return for eligible ITC claims in GSTR-3B for a tax period. (V) The return is made available to the registered Taxpayer on the 12th of every month, giving sufficient time before filing GSTR-3B, where the ITC is declared. (VI) The GSTR-2B provides the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axpayers with an aggregate turnover in the previous financial year of more than Rs. 5 Crore or have been otherwise eligible but still opted out of the QRMP scheme the filing frequency is Monthly, by 20th of the succeeding month. (b) For the taxpayers with aggregate turnover equal to or below Rs. 5 Crore, eligible and remain opted into the QRMP scheme, the due date is 22nd of the month following the quarter for 'X' category of States and 24th of the month following the quarter for 'Y' category of States 'X' category States/UT - 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. 'Y' category States/UT- 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. (XI) The registered Taxpayer shall not be eligible for the QRMP Scheme of filing quarterly return, unless he has fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GSTR-4- Annual Return to be filed by the Taxpayers paying tax under Composition Levy: (I) Taxpayer involved in intra-state trade and having turnover less than the stipulated limit, are only entitled to opt for payment of tax under Composition Levy scheme. The tax rate under the Composition Levy scheme is 1% of turnover for traders and manufacturers and 5% for restaurants. (II) Section 39(2) of the CGST Act, 2017 stipulates that a registered Taxpayer paying tax under the Composition Levy scheme in terms of the provisions of Section 10 ibid, shall furnish a return electronically in the prescribed manner for each financial year or part thereof, declaring the turnover in the State or Union territory, inward supplies of goods or services or both, import of services, supplies attracting reverse charge, tax payable, tax paid and other particulars. (III) The Composition Levy is a scheme in which Taxpayers dealing with goods and having a turnover up to Rs. 1.5 Crore can opt and pay taxes at a fixed rate on the turnover declared. The service providers too can avail a similar scheme as per CGST (Rate) Notification No. 02/2019 dated 07.03.2019, if their turnover is up to Rs. 50 Lakhs. (IV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Act within twenty days after the end of a tax period or within seven days after the last day of the validity period of registration, whichever is earlier. (V) The GSTR-5 return is required to be filed on or before 20th of the following month and within seven days after the last date of validity of the registration. Delay in filing the return attracts Late Fees. (VI) If GSTR-5 for a particular month is not filed then the return for the subsequent month cannot be filed. 2.7. GSTR-5A - Summary return of tax payable by Non-Resident Online Information and Database Access or Retrieval (OIDAR) Services provider: (I) Online Information and Database Access or Retrieval services (OIDAR) are primarily a category of services, provided by using the internet as a medium. These services are even received by the service recipient without having a physical interface with the service provider. (II) The taxes on services received by a registered Taxpayer are imposed through a reverse charge mechanism, i.e., the recipient of services is liable to pay GST. In respect of the OIDAR services received by unregistered persons or Government or Local Authority, the OIDAR service providers are liab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under GST: (I) The provisions under GST provides for deduction of TDS (Tax Deducted at Source) at the time of making/crediting payment to suppliers towards the inward supplies received, at the prescribed rate, by the notified persons under GST. (II) Section 39(3) of the CGST Act, 2017 read with Rule 66 of the CGST Rules, 2017 stipulate that every registered taxpayer required to deduct tax at source (deductor) shall furnish a return in FORM GSTR-7, electronically through the common portal, for the month in which such deductions have been made, within ten days after the end of such month. (III) The GSTR-7 return contains details of TDS deducted, the TDS liability payable and paid and TDS refund claimed, if any. (IV) The details furnished by the deductor in FORM GSTR-7 shall be made available electronically on the common portal to each of the deductee in FORM GSTR-7A (System generated TDS Certificate), for claiming the amount of tax deducted in his Electronic Cash Ledger. (V) GSTR-7 is required to be filed every month within 10 days after the end of a particular month. Late fees is applicable for the delay in filing the return. 2.10. GSTR-8 - Monthly return for e-commerce opera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ared in the return furnished for the financial year with the audited annual financial statement for every financial year. Rule 80 of the CGST Rules, 2017 prescribes FORM GSTR-9 as the form of Annual Return for a registered Taxpayer. (III) Taxpayers who have opted for the Composition scheme, Casual taxable persons, Input Service Distributors, non-resident taxable persons and persons paying TDS under Section 51 of the CGST Act, 2017 and person collecting TCS under Section 52 ibid are not required to file the Annual Return. Further, to ease the compliance burden for small businesses, exemption is given from filing of GSTR-9 for businesses with turnover up to Rs 2 Crore from F. Y. 17-18 onwards. (IV) Filing of annual returns is also not applicable in the case of any department of the Central Government, State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed to audit the accounts of local authorities. (V) The Annual Return needs to be filed if the taxpayer was registered for even a single day in a particular financial year. (VI) If a Taxpayer has obtained multiple GST registrations, u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication No 74/2018-Central Tax dated 31.12.2018, has notified the FORM GSTR-9C under Section 44 of CGST Act, 2017, for filing a self-certified reconciliation statement by a registered taxpayer filing Annual Return in FORM GSTR-9. For the financial year 2022-23, the Annual return forms have been notified vide Notification No. 38/2023-Central Tax dated 04.08.2023. (III) The certification by a Cost Accountant or Chartered Accountant has been done away vide Notification No. 56/2019-CT dated 14.11.2019 and self-certification has been introduced. (IV) GSTR-9C is to be filed along with the GSTR-9 and audited Financial Statement, by 31st December following the end of the financial year. Delay in filing GSTR-9C attracts general penalty under Section 125 of the CGST Act, 2017. (V) GSTR-9C is a self-certified reconciliation statement that reconciles the value of supplies declared in the return furnished for the financial year with the audited Annual Financial Statement and GSTR-9 return. In GSTR-9C a registered Taxpayer is required to reconcile turnover, tax paid, and ITC availed as per books of accounts with GSTR-9 and provide reasons for the difference. Differential tax, if any, has to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ever is later. (III) GSTR-10 is a statement of stocks held by the taxpayer, whose registration has been cancelled or ordered to be cancelled, on day immediately preceding the date from which cancellation is made effective. (IV) In case if invoices are not present for the declared stock of inputs and inputs contained in semi-finished or finished goods, then the amount must be estimated differently and must be certified by a practising Chartered Accountant or Cost Accountant and uploaded along with GSTR-10. (V) If GSTR-10 is not filed within the due date, a notice will be sent to the taxpayer. If the person still fails to file the Final Return then the proper officer will pass the final order for the cancellation and the amount of tax payable along with interest or penalty. 2.16. GSTR-11 - Return for persons having Unique Identity Number (UIN): (I) Unique Identity Number (UIN) is a special classification made for foreign diplomatic missions and embassies like, specialized agency of the United Nations Organization, Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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