The Most Comprehensive Guide To All Returns Under GST

GST is the biggest tax and economic reform in India. It has changed the entire business equation as there is free flow of input credit ( except certain exceptions) and it affects the pricing decision of a business.

GST would help Indian Businesses considerably and ease will also come up with timely and strict compliance.

Under GST return filing mechanism , Each and every sale or purchase is reportable and businesses need to upload all the details on the GST common portal at www.gst.gov.in.

The various returns under GST are listed in this article.

Returns under GST

Under GST, Typically three type of details are to be provided in returns and statement filed on the common portal.

1. Details of Sales/Outward Supply for determining the outward tax liabilities. This detail is provided in GSTR 1- Statement of outward supply
2. Details of Purchases/inward supply for determining the input credit. This statement is provided in GSTR 2 – Statement of inward supply.
3. Summary of outward supply, Inward Supply and Tax Payable i.e. Monthly Return.

Lets look at all returns and statement which need to be filed in GST regime.

GSTR 1- Statement of outward supplies under GST

GSTR 1 is the statement under GST to be filled electronically by a Tax payer which contains outward supply details for a particular month.

FORM GSTR-1 shall include following Outward Supplies :

B2B Outward Supplies
Taxable supply made to the Registered person having GSTN

B2C Large Invoices
Invoice issued to unregistered person of the other state with Invoice value more than 2.5 lacs

B2C Small Invoices
Invoice to consumer and unregistered persons who do not have GSTN
Intra State Supply : Any Value
Inter State Supply : Value less than  or equal to 2.50 lacs

Export Invoices
Export Supplies
Supplies to SEZ/SEZ  Developers
Deemed Exports

Nil Rated/Exempted and Non GST Supplies

Credit Note/ Debit Note Registered
Credit Note/Debit Note/ Refund Vouchers issued to the registered Taxpayer

Credit Note/ Debit Note Unregistered
Debit Note/ Credit Note issued to unregistered person

Tax Liabilities on advances
Tax Liabilities arising on account of receipt of consideration for which invoices have not been issued.
Tax liabilities as of now is only on advances against services and it is exempted for goods.

Advance Adjustments
Adjustment of Tax liability for tax already paid

HSN Summary
HSN/SAC wise Supply Summary

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 List of Document issued by the Tax payer

• GSTR 1 needs to be filed even if there is no business activity (i.e. Nil Return) during the period of return.
• In Invoices for IGST, CGST/SGST will be issued separately (in other words, one invoice can’t have IGST as well as SGST/CGST).
• An invoice can’t have two different places of supply. POS should be a mandatory field in the inter-state invoice.
• GSTR 1 can either be filed online by login, through tax payer login ID or through offline through Excel offline Tool where you need to prepare GSTR 1 in Excel offline Utility and creating a json file which can be uploaded on common portal in tax payer login ID.

The Last date of filing GSTR 1 is typically 10^th of next month, however right now the GSTR 1 is extended for various months as compared to original date due to various technical issues on the common portal of GST.
GSTR 2A/GSTR 4A/GSTR 6A

In GST system, whatever invoices are uploaded by sellers are made available to the purchaser/ recipient.

• Invoice wise details of Outward Supplies i.e. Goods/Services supplies to recipient make available to recipient in form GSTR 2A on common portal and in the login id of recipient in case recipient is a normal tax payer.
• In case purchase/recipient is a composition dealer ,Invoice wise details of Outward Supplies i.e. Goods/Services supplies to recipient  is made available to composite recipient in Form GSTR 4A in his login id.
• In case purchase/recipient is the Input service distributor ,Invoice wise details of Outward Supplies i.e. Goods/Services supplies to Input Service Distributor is made available to Input Service Distributor in his login id.
• It is made available on the 11th of the next month to the recipients and recipients have time between 11th – 15th of the next month to accept, reject, and modify the information. However, They cannot delete any Invoice available in GSTR 2A/4A/6A. Right of delete is with creator only i.e. who has filed GSTR 1 against those Invoices.

GSTR 2- Statement of inward supplies/Purchases(under GST)

 GSTR 2 is the statement under GST that is to be filed by a Tax payer which contains inward supply details for the month.

FORM GSTR-2 shall include following inward Supplies :

B2B Supplies:Details of invoices of Taxable supplies received  from other registered taxpayers.
B2BUR:Details of Inward supplies received from an unregistered supplier.

IMPS
Details of Import of Service

IMPG
Details of Import of Inputs/Capital goods from Overseas/SEZ

 Credit Note and Debit Note
Details of Credit/ Debit Notes/Refund vouchers issued by the registered supplier during the tax period but not added by him in his GSTR-1.
Debit or credit note issued against invoice will be reported here against original invoice, hence fill the details of original invoice also which were furnished in  earlier/current period tax period.

 Credit Note and Debit Note for persons not registered under GST
Credit/ Debit Notes/Refund vouchers issued to the unregistered supplier.

Advance Adjustments
Adjustment of tax already paid on advance receipt of consideration and invoices issued in the current period for the supplies attracting reverse charge.

 Supplies from Composition Taxable person, Nil Rated, Exempted and Non GST Supplies received.
Details of supplies received from composition taxable person and other Nil Rated, Exempted and Non GST Supplies received.

Input Tax Credit Reversal/Reclaim under GST

 HSN Summary
HSN wise summary of goods /services received during the tax period

GSTR 2 needs to be filed even if there is no business activity (i.e. Nil Return) during the period of return
GSTR 2 can either be filed online by login through tax payer login ID or offline through Excel offline Tool where you need to prepare GSTR 2 in Excel offline Utility and create a json file which can be uploaded on common portal in tax payer login ID.

The Last date of filing GSTR 2 is typically 15^th of next month, however right now GSTR 2 is not required to be filed for any tax period till 31^st March 2018. A new GSTR 2 Form along with simplified procedure will come in future which might change some of the components of GSTR 2 under GST.

GSTR 3- Monthly Return

 A registered tax payer is required to file monthly return in Form GSTR 3 under GST.
GSTR 3 is  in turn filed by the taxpayer based on GSTR-1 and GSTR-2. It provides the details of tax liability  and tax paid for a particular month.
All Details of outward and inward supply information will be auto populated from GSTR-1 and GSTR- 2 of the Taxpayer.
Further GSTR-3 needs to be filed on the GST portal even if there is no business activity (i.e. Nil Return) during the period of return.

GSTR 3 contains the following details and Tables

Based on above, a taxpayer needs to file the return in Form 3 by 20^th of next month. , however, right now GSTR 3 is not required to be filed for any tax period till 31^st March 2018. A new GSTR 3 Form along with simplified procedure will come in future which might change some of the components of GSTR 3.

GSTR 3B under GST

GSTR-3B is a simple return under GST which is to file for each GSTIN. It is a summary of Sales/ Purchase and other tax liabilities  Only total values for each field have to be provided, this value must be for the month for which you are filing.

Every Taxpayer under GST other than composition dealer and input service distributor needs to file this return on monthly basis by 20^th of Next month.

This return has come for the purpose of tax collection by the government on monthly basis in place of GSTR 3 which is right now not required to be filed.

This return form must be filed and submitted by you even if you do not have any transactions under GST.

GSTR 3B contains the following information:
Details of outward supplies and supplies liable to reverse charge
Details of inter state supplies made to unregistered persons, composition tax payer and UIN holders.
Eligible Input Tax Credit
Details of Exempted, Nil Rated and non GST  inward supplies.
Details of payment of tax
TDS/TCS credit.( Not applicable for the time being)

GSTR 4- Return to be filed by Composition Tax payer under GST

• Every Registered person under GST who has opted for composition scheme needs to file only single return on quarterly basis in GSTR 4 by 18^th of next month from the end of quarter.
• Details of inward supplies are auto populated from GSTR 4A based on information filed by suppliers in GSTR 1.
• It also contains details of tax liabilities and tax payment under GST.

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GSTR 6- Return to be filed by Input Service Distributor under GST

• Every person registered as Input Service Distributor under GST needs to file details of all input distributed to its branches.
• Details of inward supplies are auto populated from GSTR 6A based on information filed by suppliers in GSTR 1.
• GSTR 6A form is generated by 11^th of next month.

GSTR 6 is required to be filed on monthly basis under GST by 13^th of next month.