GST Returns


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GST Returns

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SHARE RELEVANT DATA WITH US

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Requirements

Every business entity which has been registered under the GST Act has to be filed the following GST Return on or before specified due dates:

 

GSTR-1: Monthly

- Details of outward supplies of taxable goods and/or services affected. Due date of GSTR-1 is 11th of the next month with effect from October 2018.

GSTR-3B: Monthly

- Simple Return in which summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by the taxpayer. Due date of GSTR-3B is 20th of the next month.

GSTR-4: Quarterly

- Return for a taxpayer registered under the composition levy. Due date of GSTR-4 18th of the month succeeding quarter.

GSTR-5: Monthly

- Return for a Non-Resident foreign taxable person. Due date of GSTR-4 is 20th of the next month.

GSTR-6: Monthly

- Return for an Input Service Distributors. 13th of the next month

GSTR-9: Annually

- Annual Return for a Normal Taxpayer. Due date of GSTR-9 is 31st December of next financial year*

GSTR-9A: Annually

- Annual Return a taxpayer registered under the composition levy anytime during the year. Due date of GSTR-9 is 31st December of next financial year*

Documents

SALE DATA

1. For Preparation of Sales Register following documents or information is required:

- Customers GSTIN; Type of Invoice; Place of Supply; Invoice Number; Invoice Date; Taxable Value; GST Rate; Amount of IGST Applicable; Amount of CGST Applicable; Amount of SGST Applicable; Amount of GST Cess Applicable; If GST Reverse Charge is applicable

2. HSN wise summary of all goods sold during the month

- HSN Code; Description; Unit of MeasurementTotal Quantity &Value; Total Taxable value; Amount of IGST Applicable; Amount of CGST Applicable; Amount of SGST Applicable; Amount of GST Cess Applicable; Summary of documents issued during the tax period; Summary of debit note, credit note, advance receipt and amendments

INPUT DATA

The following information is required for the preparation of Input Data.

- Invoice number; Invoice date; Invoice value; Place of Supply; Applicability of reverse charge; Invoice type; Taxable value; GST rate; Amount of IGST applicable; Amount of CGST applicable; Amount of SGST applicable; Amount of GST Cess applicable; Eligibility for Input Tax Credit; Amount of IGST Input Tax Credit Claimed; Amount of SGST Input Tax Credit Claimed; Amount of CGST Input Tax Credit Claimed; Amount of GST Cess Input Tax Credit Claimed

 

For import purchases from a foreign country or SEZ unit, the taxpayer must provide the following information:

- Is supply for an SEZ; Suppliers GSTIN; Bill of Entry number; Bill of Entry date; Bill of Entry value; Port Code; Taxable value & GST Rate; Amount of IGST/CGST/SGST applicable; Eligibility for Input Tax Credit (IGST/CGST/SGST)

Basic Features of GST Returns

DUAL GST MODEL

GST is a dual taxation model one is Central Goods and Service Tax and another is State Goods and Service Tax. Both Centre & State Govt. levied a tax on Supply of Goods or Services at one point of Time.

DESTINATION BASED CONSUMPTION TAX

GST is said to be a destination-based or consumption-based tax. Hence, the place of consumption will decide the State that will collect the tax. 

SUPPLY IS TAXABLE EVENT

GST is depended upon the supply of goods and services. Supply does not mean sale it is inclusive in nature. It includes all form of Supply Such as Sale, Transfer, Barter, Exchange, license, Disposal, Rental, and Lease.

INPUT TAX CREDIT

Every taxpayer while paying taxes on outputs may take credit for taxes paid earlier by the supplier on inputs. However, this will not be applicable on supplies related to: (i) motor vehicles when used for personal consumption, (ii) supply of food, health services, etc. unless they are further used to make a supply.  The IGST collected will be apportioned between the center and the state where the goods or services are consumed. 

REMOVE CASCADING EFFECT

GST would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. One of the primary goals of a taxation regime is always avoidance of “taxation over taxes” or “cascading-effect” of the incident taxes as it adds to the deadweight loss i.e. slump in total surplus of supply chain consisting of supplier, manufacturer, retailer and consumer.

TAX REVENUE APPROPRIATION

Goods and services tax on supplies in the course of inter-State trade or commerce shall be levied and collected by the Government of India and such tax shall be apportioned between the Union and the States in the manner as may be provided by Parliament by law on the recommendations of the Goods and Services Tax Council. Meeting of GST Council is conducted from time to time.

Important Notes

GSTR-1: Details of Outward Supply

GTTR-2: Details of Inward Supply

GTTR-3: Tax Liability Return

GTTR-9: Annual Return