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Basic Details as per the Report of the Joint Committee on Business Processes for GST on GST Return :-
Ø A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. A taxable person has a legal obligation:
(i) To declare his tax liability for a given period in the return;
(ii) Furnish details about the taxes paid in accordance with that return; and
(iii) File correct and complete return within stipulated time frame.
Ø There will be common e-return for CGST, SGST, IGST and Additional Tax.
Ø Every registered person is required to file a return for the prescribed tax period. A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.
Ø Government entities / PSUs , etc. not dealing in GST supplies or persons exclusively dealing in exempted / Nil rated / non –GST goods or services would neither be required to obtain registration nor required to file returns under the GST law.
Periodicity of Return Filing :-
Ø Common periodicity of returns for a class of taxpayers would be enforced. There will be different frequency for filing of returns for different class of taxpayers, after payment of due tax, either prior to or at the time of filing return.
Ø The return can be filed without payment of self-assessed tax as per the return but such return would be treated as an invalid return and would not be taken into consideration for matching of invoices and for inter-governmental fund settlement among States and the Centre.
Ø The periodicity of return for different categories of taxpayers is as follows:
Return / Ledger
To be filed by
Outward supplies made by taxpayer (other than compounding taxpayer and ISD)
10th of the next month
Inward supplies received by a taxpayer (other than a compounding taxpayer and ISD)
15thof the next month
Monthly return (other than compounding taxpayer and ISD)
20thof the next month
Quarterly return for compounding Taxpayer
18thof the month next to quarter
Periodic return by Non-Resident Foreign Taxpayer
Last day of registration
Return for Input Service Distributor (ISD)
15th of the next month
Return for Tax Deducted at Source
10th of the next month
By 31st December of next FY
ITC Ledger of taxpayer
Cash Ledger of taxpayer
Tax ledger of taxpayer
Ø Normal / Regular taxpayers would have to file GSTR-1 (details of outward supplies), GSTR-2 (details of inward supplies) and GSTR-3 (monthly Return) for each registration.
Ø Casual/ Non - Resident Taxpayers (other than foreigners) would have to file GSTR-1, GSTR-2 and GSTR-3 returns for the period for which they have obtained registration. The registration of Casual/Non –Resident taxpayers will be done in the same manner as that of Normal / Regular taxpayers.
Ø Annual return (GSTR-8) will be filed by all normal / regular taxpayers. It will be based on financial records.
Ø Compounding taxpayers would have to file a quarterly return called GSTR-4.
Ø Compounding taxpayer will also file a simple annual return.
Ø Non- Resident Taxpayers (foreigners) would be required to file GSTR-5 return for the period for which they have obtained registration within a period of seven days after the date of expiry of registration. In case registration period is for more than one month, monthly return(s) would be filed and thereafter return for remaining period would be filed within a period of seven days as stated earlier.
Ø Cut-off date for filing of details of outward supplies (GSTR-1), inward supplies (GSTR-2) and Monthly return (GSTR-3) would be10th, 15th and 20th day respectively of the succeeding month for all Monthly filers.
Ø Cut-off date for filing of Quarterly return (GSTR-4) by compounding taxpayer would be 18thday of the first month of the succeeding quarter.
Ø Cut-off date for filing of Input Service Distributor return (GSTR-6) would be 15th day of the succeeding month.
Ø Cut-off date for filing of TDS (Tax Deducted at Source) return (GSTR-7) by Tax Deductor would be 10th day of the succeeding month.
Ø For Annual return, the cut-off date would be 31st December following the end of the financial year for which it is filed.
Ø The filing of return would be only through online mode although the facility of offline generation and preparation of returns would be provided. The returns prepared in offline mode would have to be uploaded.
Disclaimer: Though full efforts have been made to compile this article correctly, yet we are not responsible / liable for any loss or damage caused to anyone due to any mistake / error / omissions in the above and contrary views/ opinions are welcomed.