RETURNS IN GOODS AND SERVICE TAX

He basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto reversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC smoothly.

Features of Tax Returns in GST

Based on transactions – Invoice based

  • Designed for system based matching of Input Tax
  • Credit and other details (import, export etc.) Auto-population from details of outward supplies
  • Auto-reversal of ITC in case of mismatch
  • Concepts of ledgers – cash, ITC and liability
  • No revised returns – changes through
  • rectifications and reported in the return for the month in which error detected

The returns are structured and mentioned in a numerological manner [from GSTR 1 – GSTR 11] to ensure capturing of the minutest transaction between the two parties. Primarily, there are total eleven GST returns starting from GSTR-01 to GSTR-11 catering to varied form of tax payers.

RETURNS & DATES FOR GST

Return Form Particulars Frequency Due Date
GSTR-1 Details of outward supplies of taxable goods and/or services effected Monthly 10th 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 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-3B Simple return for Jul 2017- Mar 2018 Monthly 20th of the next month
GSTR-4 Return for compounding taxable person Quarterly 18th of the month succeeding quarter
GSTR-5 Return for Non-Resident foreign taxable person Monthly 20th of the next month
GSTR-6 Return for Input Service Distributor Monthly 13th of the next month
GSTR-7 Return for authorities deducting tax at source. Monthly 10th of the next month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected Monthly 10th of the next month
GSTR-9 Annual Return Annually 31st December of next financial year*
GSTR-9A Annual Return Monthly 31st December of next financial year*
GSTR-10 Final Return Once. When registration is cancelled or surrendered Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 Details of inward supplies to be furnished by a person having UIN and claiming refund Monthly 28th of the month following the month for which statement is filed

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