Introduction
In India, every individual or entity needs to file a GST (Goods and Services Tax) return for the smooth operation of the business. Moreover, it is also necessary to file the different types of GST returns on time to avoid any penalties or legal consequences.
Therefore, in this blog, we will understand what is a GST return and the different types of GST returns that every business owner should know in 2024.
What is a GST Return?
A GST return is a type of document that consists of all the details such as income, sales, purchases, and expenses that a taxpayer must file under GST law. The main purpose of GST returns is to allow tax authorities to calculate taxpayer tax liability. Every person or business that has been registered under the GST regime has to file their returns based on different transaction types. GST Return Filing in Jaipur ensures that businesses in the region comply with these regulations.
What are the Types of GST returns?
Generally, there are a total of 22 types of GST returns that are listed under the GST rules. Out of which, currently 11 are active, 4 have been suspended, and 8 GST returns are in ‘view-only’.
The type of GST return depends on the transaction type such as regular taxpayer, composition taxable persons, TDS deductor, non-resident taxpayer, and others under which the taxpayer has registered.
Let’s look at different types of active GST returns:
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GSTR-1: Outward Supplies
This GST return is for reporting all the details of outward supplies or sales that have been made monthly. This return needs to be filed by all the taxpayers who have registered for GST.
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GSTR-3B: Summary Return
This return is filed for reporting the summary of outward supplies along with the claimed input tax credit, tax liability, and taxes paid. This return also needs to be filed every month and quarterly for taxpayers who have registered under the QRMP scheme.
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GSTR-4: Composition Scheme Return
This return is for taxpayers who have registered under the Composition Scheme under Section 10 of the CGST Act. The taxpayers have to file this return annually. It consists all the summary of outward supplies, inward supplies, and tax payable.
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CMP-08
This is a quarterly return for taxpayers that has registered under the composition scheme under Section 10 of the CGST Act. The main purpose of CMP-08 is to report the tax liability of the taxpayer.
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GSTR-5: Non-Resident Taxable Person
GSTR-5 is the return that is specially designed for non-resident foreign taxpayers who do business transactions in India, that are registered under GST. This return consists of all the details such as outward supplies that are made in a month, inward supplies received, credit/debit notes, tax liability, and tax paid.
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GSTR-5A: OIDAR Service Provider
GSTR-5A is a return that needs to be filed by an individual under an OIDAR service provider. This return also needs to be filed every month.
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GSTR-6: Input Service Distributor
This return is especially for input service distributors and consists of information on input tax credits received and distributed in a month.
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GSTR-7: TDS Return
This return is filed every month by those registered individuals involved in TDS (Tax Deducted at Source) deduction.
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GSTR-8: TCS Return
This is the monthly return that needs to be filed by e-commerce operators that involves details, like the amount of TCS (Tax Collected at Source) collected.
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GSTR-9: Annual Return
This is an annual return that needs to be filed by regular taxpayers during the financial year.
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GSTR-9C: Self-Certified Reconciliation Statement
This is a self-certified reconciliation statement that is to be filed by every individual registered under GST. Mainly, this return is filed by those persons whose sales are greater than Rs 5 Crore during a financial year.
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GSTR-10: Final Return
GSTR-10 needs to be filed by those taxpayers whose GST registration has been canceled. This return is to be filed once within three months of GST cancellation.
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GSTR-11: UIN Holders
UIN refers to a Unique Identification Number. Hence, the person with this number needs to file GSTR-11. This return needs to be filed monthly and consists of details like inward supplies received and tax paid.
Importance of Filing GST Return
Filing GST return is not just a legal requirement but also an important part of operating a business. It ensures transparency, enables the smooth flow of input tax credits, and helps to maintain proper records of business transactions. In addition, filing returns on time helps to avoid any penalties and legal consequences.
Conclusion
Understanding the different types of GST returns and their filing requirements is important for every business to avoid any legal penalties.
Confused, about how to file GST returns or which types of GST returns need to be filed? No need to worry! Contact one of the best CAs Umesh Jethani in Jaipur at Apkireturn and get all your problems resolved.
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In a busy everyday life, free yourself from the complex work of filing a GST return and let Apki Return handle it for you. Contact us at +91 766 515 6000 for expert assistance related to all your legal work for your business.
