Goods and Services Tax (GST) was introduced in India on July 1, 2017, with the aim of simplifying the indirect tax structure and fostering a unified tax system. GST has replaced and subsumed multiple indirect taxes that existed earlier and compliance is a crucial aspect for businesses operating under the GST regime. GST returns play a pivotal role in this compliance process, providing a systematic way for businesses to report their sales and purchases and discharge their tax liabilities.
However, there are different type of return under GST as per the GST law, each having its own unique significance. Let’s understand the different types of GST returns in India, their applicability and due dates.
Different Types of GST Returns in India
Following are the different types of GST returns and due dates as per the GST Act:
Sr. No.
GSTR Types
Applicability
Purpose
Frequency and Due Date
1
GSTR-1
Regular taxpayer
It includes details of outward supplies i.e., sales made by the taxpayer during a specific period.
Monthly: 11th after the end of the month Quarterly: 13th after the end of the quarter
2
Invoice Furnishing Facility
Optional facility for taxpayers who have opted for the Quarterly Return Monthly Payment (QRMP) scheme
It allows QRMP taxpayers to file details of outward supplies on a monthly basis i.e., sales made by the taxpayer during a specific period.
Monthly 13th after the end of the month
3
GSTR-3B
Regular taxpayers
A monthly self-declaration summarising the details of both outward and inward supplies along with the input tax credit claimed. It serves as a return to fulfil tax payment obligations.
For regular taxpayers: 20th after the end of the month For QRMP: 22nd/24th of the month (depending upon the state) after the end of the quarter
4
CMP-08
Composition taxpayer
Statement cum challan to enable composition registered person to pay tax on a quarterly basis
Quarterly 18th of the month after the end of the quarter
5
GSTR-4
Composition taxpayer
Return for a person registered under the composition scheme
Annually 30th of the month after the end of the financial year
6
GSTR-5
Non Resident Taxable Person (NRTP)
Non-resident foreign taxpayers supplying goods or services in India need to file GSTR-5. It includes details of their outward supplies, tax liability, and input tax credit (if any).
Monthly 20th of the succeeding month
7
GSTR-5A
OIDAR service providers
Return to be filed by OIDAR service providers
Monthly 20th of the succeeding month
8
GSTR-6
Input Service Distributors (ISD)
ISDs, which distribute input tax credits to their branches, need to file GSTR-6. It includes details of input tax credit received and distributed during a specific period
Monthly 13th of the succeeding month
9
GSTR-7
TDS deductors
Tax Deducted at Source (TDS) deductors are required to file GSTR-7, which includes details of TDS deducted and deposited with the government.
Monthly 10th of the succeeding month
10
GSTR-8
E-commerce operators
E-commerce operators are required to file GSTR-8, providing details of supplies made through their platforms and the tax collected.
Monthly 10th of the succeeding month
11
GSTR-9
Regular taxpayer
Annual return to be filed by regular taxpayer summarising the entire information on an annual basis
Annually 31st December after the end of the financial year
12
GSTR 9C
Regular taxpayer
Self-certified reconciliation statement to be filed by regular taxpayers
Annually 31st December after the end of the financial year
12
GSTR-10
All taxpayers
Final return to be submitted by the taxpayer willing to surrender their GST registration
Within 3 months of the date of cancellation or date of cancellation of GST order, whichever is later
13
GSTR-11
Unique Identification Number (UIN) holders
Details of the inward supplies received by the UIN holders willing to claim a refund
28th after the end of the month
14
ITC-04
Principal / Job worker
Statement to be filed by the principal or job worker disclosing details of goods being sent or received from the job worker
Annually: For turnover up to Rs. 5 crores 25th April after the end of the financial year Half Yearly: For turnover above Rs. 5 crores 25th October and 25th April after the end of each half of the year
Ensure Timely Filing of GST Returns
Understanding the various types of returns in GST is crucial for businesses to ensure timely compliance and avoid penalties. The GST regime aims to create transparency and accountability in the taxation system and proper filing of returns is a key component of achieving this objective. Businesses should stay updated with the latest changes in GST regulations to fulfil their tax obligations accurately and efficiently.
You shall ensure the timely filing of GST returns. Any delay can attract late fees and penal interest. Significant delays or non-filing of GST returns can even attract departmental proceedings. Therefore, you should ensure that you file all the applicable GST returns within the due date.
How Business Loans Can Help?
GST is an indirect tax law that is applicable to all the people engaged in the supply of goods or services. To ensure uninterrupted supply, capital plays an important role. If you are facing capital issues, you can avail of business loans with TATA Capital. With minimal documents required, you can seamlessly avail of business loans at affordable interest rates.
If you wish to know the EMIs in advance, you can use a business loan EMI calculator. You just need to enter the loan amount, tenure and interest rate to know the exact amount of EMI you need to pay to avail of the loans. Apply for affordable business loans now with TATA Capital.
28 February 2024
5 mins read
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