(GST Returns) Returns To Be Filed Under GST
Once GST goes live on July 1st 2017, every business or person registered with GST will have to file monthly and yearly GST returns. This articles covers the details of returns to be filed under GST.
Please note that initially all the GST systems will not work that well and hence government has said that delayed returns for the first 2 months will be accepted.
Monthly Returns To Be Filed Under GST
A normal business or GST entity need to file three returns every month.
- GSTR-1 by 10th of the next month
- Details of outward supplies of taxable goods and/or services effected
- GSTR-2 by 15th of the next month
- Details of inward supplies of taxable goods claiming input tax credit
- Details of services effected claiming input tax credit.
- GSTR-3 by 20th of the next month
- Monthly return on the basis of finalization of details of outward supplies and inward supplies
- Payment of tax
Apart from these standard returns, there are other monthly returns that need to be filled by few people.
- GSTR-4 by 18th of the month succeeding quarter
- Quarterly return for compounding taxable person.
- GSTR-5 by 20th of the next month (For NRI)
- Return for Non-Resident foreign taxable person
- GSTR-6 by 13th of the next month
- Return for Input Service Distributor
- GSTR-7 by 10th of the next month
- Return for authorities deducting tax at source
- GSTR-8 by 10th of the next month
- Details of supplies effected through e-commerce operator and the amount of tax collected (for E-commerce Operator/Tax Collector)
Yearly Returns To Be Filed Under gst
There is a single Annual Return (GSTR-9) that needs to be filled yearly.
- GSTR-9 Annual Return
- By: every Registered Person
- Last Date: 31st December of next financial year