What Is A GST Return?
A GST return is a document that contains information about income, sale, expense or purchase. With the help of this information, the tax authorities calculate the net tax liability of an individual or entity.
Different Types Of GST Return
There are different GST return types that the taxpayers need to be aware of in order to know which return needs to be filed. Here is an overview of the different types of GST returns:
GSTR-1
GSTR-1 is the return that is related to the details of the outward supply of goods and services. All the taxpayers who are registered under GST, need to file GSTR-1. Any sort of amendments made in the sales invoices that are related to the previous tax periods as well, need to be announced in the GSTR-1.
GSTR-2A
GSTR-2A is a read-only return that the recipient or the buyer needs to deal with. It contains information about the inward supply of goods and services. The data for this return is based on the data provided by the supplier in their GSTR-1 returns.
GSTR-2B
This is a view-only return that is applicable to the recipient or the buyer of goods and services. This return is made available on the 12th of every month so that the taxpayer receives enough time to file GSTR-3B. GSTR-2B allows action against any invoice that is reported and amendments can be made.
GSTR-2
This is a suspended GST return that was applicable to the buyers in order to report inwards supply of goods and services. It deals with the purchases that were made during a tax period.
GSTR-3
This falls under the GST return types that are suspended at the current moment. It is a summary of the monthly return that contains information about all outwards and inward supplies. It also contains details about the tax credit, tax liability and the taxes that were paid.
GSTR-3B
GSTR-3B is a monthly self-declaration that needs to be filed in order to provide summarised details of outward supplies, input tax credit, tax liabilities and taxes that need to be paid. All the taxpayers registered under GST need to file this GST return.
GSTR-4
The composition taxable person under GST needs to file this annual return. GSTR-4 should be filed on a quarterly basis.
GSTR-5
This return has to be filed by non-residential foreign taxpayers. People who carry out business transactions in India and are registered under GST, need to file GSTR-5 in order to provide summarised details of all the outward supplies, inward supplies, tax liabilities and taxes paid.
GSTR-5A
It is a summary return that contains details of outward taxable supplies and tax that is payable by Online Information and Database Access or Retrieval Services.
GSTR-6
It is a monthly return that needs to be filed by an Input Service Distributor. It contains information about input tax credit that is received and distributed by the ISD.
GSTR-7
This return is filed by people who deduct TDS that is registered under GST.
GSTR-8
It is a monthly return filed by the operators of e-commerce registered under GST who collect TCS. It contains information about all transactions through e-commerce.
GSTR-9
This is the annual return filed by taxpayers under GST. It contains information about all outward and inward supplies.
GSTR-9A
This GSTR is also suspended, earlier the composition taxpayers were required to file it.
GSTR-9C
All taxpayers registered under GST whose turnover exceeds Rs 2 crore need to file this GST return.
GSTR-10
This is to be filed by a taxpayer whose registration has been cancelled or surrendered.
GSTR-11
It is to be filed by people who have been issued a Unique Identity Number in order to receive a refund under GST.
By now there is an idea that the various GST return types that need to be filed depend on the types of taxpayers. There are numerous GST return types that have different due dates and every taxpayer needs to abide by them.