GST rollout: All you need to know about monthly, quarterly, annually tax return filing

Highlights

• Goods and Service Tax (GST) to be rollout from July 1, 2017
• There are 11 Goods and Service Tax Return (GSTR) forms
• Eight GSTR forms needs to be filed monthly, one form quarterly, one form annually and one final form

With Goods and Service Tax (GST) coming into effect from July 1, it is very important to understand the new tax returns structure. 

Last week, the government set the rates of 1,211 items under the tax slabs of 5%, 8%, 18% and 28%. With this announcement, the government has come one step closer to the reality of new tax regime. 

ALSO READ: How does GST rates impact your monthly household budget?

Now, every taxpayer might have various questions like what information is required to be filed, who has the onus to file these returns and what are the timelines for submission of these returns post GST?

Here are your answers.

According to ClearTax.com, under GST law, a normal taxpayer will be required to furnish eight returns monthly and one annual return and one quarterly basis. 

This will include forms which are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).

The most common used return will be Goods and Service Tax Return (GSTR) 1, 2,3, 4 & 9. GSTR 1, GSTR 2 and GSTR 3 is required to be filed on monthly basis, GSTR 4 is required to be filed on a quarterly basis whereas GSTR 9 should be filed on an annual basis.

ALSO READ: GST to cut inflation by 2%, create buoyancy in economy, says Revenue Secretary Hasmukh Adhia

Monthly return forms

GSTR-1: This return form will have details of outward supplies of taxable goods and/or services effected. It needs to be filed by registered taxable supplier on 10th of the next month. 

GSTR-2: This return form should include details of  inward supplies of taxable goods and/or services effected claiming input tax credit. It needs to be filed by registered taxable recipient on 15th of the next month. 

GSTR-3: The return form should include monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. It needs to be filed by registered taxable person on 20th of the next month. 

GSTR-5: The form should have details of return for Non-Resident foreign taxable person. It needs to be filed by Non-Resident Taxable Person on 20th of the next month. 

GSTR-6: The form should have details of return for Input Service Distributor and it needs to be filed by them on 13th of the next month. 

GSTR-7: The form should have return for authorities deducting tax at source. It needs to be filed by tax deductor on 10th of next month. 

GSTR-8: The return form should include details of supplies effected through e-commerce operator and the amount of tax collected. It needs to be filed by E-commerce Operator/Tax Collector on 10th of next month. 

GSTR-11: The form should include details of  inward supplies to be furnished by a person having unique identification number (UIN). It needs to be filed by person having UIN and claiming refund on 28th of the month following the month for which statement is filed.

ALSO READ: GST Impact: Consumer durable firms expect sales of TVs, refrigerators & ACs to dip in July-August, says CEAMA

Quarterly return form

GSTR-4: This is the only form which needs to be filed quarterly. It should include quarterly return for compounding taxable person. It needs to be filed by composition supplier on 18th of the month succeeding quarter.

Annual Return form

GSTR-9: This is an only annual return form which needs to be filed by registered taxable person on 31st December of next financial year. 

Final Return Form

GSTR-10: This will be the final return form which needs to be filed by taxable person whose registration has been surrendered or cancelled. It should be filed within three months of the date of cancellation or date of cancellation order, whichever is later.

All these returns are required to be filed digitally online through a common portal to be provided by GSTN, non-government, private limited company promoted by the central and state governments with the specific mandate to build the IT infrastructure and the services required for implementing GST, as stated by ClearTax.

So, before you file tax returns for the next financial year, do not forget to read about the new forms.