With GST e filling, the taxpayers enlighten the Goods and Service Tax Network (GSTN) about the inflow and outflow of stocks including the amount of tax given and collected. While reporting the taxable transactions with the Government, the taxpayer is also needed to pay the amount of tax obtained from an outward supplier of goods or services after the reduction of Input Tax Credit (ITC)
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Goods and Service Tax law now directs the major portion of the indirect tax scheme in India. The suppliers registered below this administration need to fulfill the compliance requirement frequently. Based on the turnover and the projects, the specifications and period of filing returns are designated under law.
With online GST return filing, the taxpayers intimate GSTN about the inflow and outflow of supplies including the measure of tax paid and assembled. While recording the taxable activities with the Government, the taxpayer is also expected to pay the amount of tax accumulated from an outside supplier of goods or services after the decrease of Input Tax Credit (ITC).
The GSTR-1 is a monthly return form filed by businesses to report the details of the outward supplies of all services and goods. Every GST-registered entity should file GSTR-1 except Input service distributor and Composition taxpayer. It must be filed even if there is no business activity. The due date for filing GSTR-1 is the 10th of every month. The GSTR 1 acts as the base on which all other form submissions can be made for the month.
GSTR-2A is the return of details of all the inward supplies of goods/services, that is, purchases made by registered suppliers. This form is filed by the 15th of every month. GSTR-2A is auto-populated where the data will be fetched from the GSTR-1 filed by the supplier. It is a read-only return and cannot be edited.
GSTR-2 is the return filed to furnish the details of all the inward supplies of goods/services. This form can be edited but the filing has been suspended by the government.
It is a summarized monthly return of all the details of inward and outward supplies, input tax credits, and the details of all the GST liabilities. It is a self-declaration form filed by all taxpayers for every tax period. The due date for filing the GSTR-3B return form is 20th normally. However, the date may be changed if there are any government notifications.
GSTR-4 is filed every year by all taxpayers under the GST composition scheme. Businesses should provide a summary of the outward supplies and all the taxes paid thereon, details of import of services and supplies that may attract a reverse charge. The due date for filing this form is the 30th of the month succeeding the financial year.
This form is filed by all non-resident taxpayers registered in India and carry out business operations in India. In the GSTR-5 return, businesses should furnish the details of all the inward and outward supplies and the tax liabilities. This form is to be submitted on a monthly basis and has to be filed by every month on the 20th.
Form GSTR-5A is furnished by service providers of Online Information and Database Access or Retrieval (OIDAR). It is filed to declare the services provided to unregistered entities or individuals, from a place outside India to a person in India. It is a monthly return filed by the 20th of every month.
GSTR-6A form is a system-generated “draft” Statement of Inward Supplies for a Receiver Taxpayer. It is a read-only form.
The Input Service provider generates and files GSTR-6 only after all details furnished in GSTR 6A are accepted and verified. This is done on the 13th of every month.
GSTR-7 is filed by the entities who deduct tax at the time of making payment to the suppliers for purchase, that is, inward supplies received. GSTR-7 form contains details of Tax deducted at source (TDS) under GST, the tax liability, and TDS refund. GSTR7 must be filed on the 10th of the subsequent month.
GSTR 7A is better known as the TDS certificate which is generated as soon as the GSTR filing in done by the tax deductor in Form GSTR-7. The assessee uses it for keeping records.
The form GSTR-8 is filed by e-commerce businesses that collect tax at source (TCS) to furnish the details of the supplies made through the e-commerce platform. It is filed on the 10th of every month.
The GSTR 9 form is filed annually by entities to furnish the details of all purchases, sales, input tax credit or refund claimed or demand created, etc. GSTR-9 is filed by normal taxpayers, SEZ unit, SEZ developer, OIDAR service providers, and the taxpayers who have withdrawn from the composition scheme to normal taxpayers. Annual return purposes. It has to be duly filled by all taxpayers by the coming financial year 31st. This mainly consists of all the details of the 12 GSTR3 filed during the financial year.
GSTR-9A is filed by entities who have opted for a composition scheme any time during the financial year. The details furnished in GSTR-9A are inward and outward supplies, taxes paid, demand created, refund, input tax credit availed, or reversed.
The tax already paid by the supplier is deducted from the liability to pay taxes. If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time.
Under the GST regime, three different types of taxes are collected – IGST, CGST & SGST. The information about all three taxes paid or collected is required to be recorded in a single form itself. The online filing system is simplified under this regime which and is further proposed to be more simplified through one form of filing for recording all transactions.
To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfiling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings.
For delay in filing return, the taxpayer is charged with a late fee of Rs 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay. The taxpayers with no tax liability also have to file the returns to avoid the late fee of Rs 20 for each day of delay. Gst filing charges is proportional to Interest at the rate of 18% p.a. is payable on the outstanding tax liability.
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