COMPLIANCE WITH RETURNS

 

Under the current indirect tax regime, a taxpayer is obligated to file multiple returns under various statutes which could be manual/online filing. Reporting the same transaction repeatedly in varying formats to multiple authorities has only proven to be cumbersome to the tax payers.

In a move towards ‘Ease of Doing Business’, GST regime is knocking out the multiplicity of return compliance and moving towards paperless tax compliance. Returns under GST envisage that tax payers will freeze the actual credit eligibility and impending tax liability after due co-ordination between the customers and vendors respectively.

List of returns to be filed under GST regime:

GSTR-1

Applicable to: Registered taxable person

Description of form: Details of outward supplies of taxable goods and/or services.

Time limit: 10th of the succeeding month

GSTR-1A

Applicable to: Registered taxable person

Description of form: Auto-populatedDetails of outward supplies as added, corrected or deleted by the recipient form GSTR-2 will be made available to supplier

GSTR-2

Applicable to: Registered taxable person

Description of form: Details of inward supplies of taxable goods and/or services for claiming input tax credit.

Time limit: 15th of the succeeding month

GSTR-2A

Applicable to: Registered taxable person

Description of form: Auto-populated details of inward supplies made available to the recipient on the basis of form GSTR-1 furnished by the supplier

GSTR-3

Applicable to: Registered taxable person

Description of form: Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax

Time limit: 20th of the succeeding month

GSTR-4

Applicable to: Composite tax payer

Description of form: Quarterly return for compounding taxable persons.

Time limit: 18th of the month succeeding the quarter

GSTR-4A

Applicable to: Composite tax payer

Description of form: Details of inward supplies made available to the recipient registered under composition scheme on the basis of form GSTR-1 furnished by the supplier

GSTR-5

Applicable to: Foreign non resident tax payer

Description of form: Furnish details of imports, outward supplies, ITC availed, tax paid, and closing stock

Time limit: 20th of the succeeding month

GSTR-6

Applicable to: Input service distributor

Description of form: Furnish the details of input credit distributed

Time limit: 15th of the succeeding month

GSTR-6A

Applicable to: Input service distributor

Description of form: Details of inward supplies made available to the ISD recipient on the basis of form GSTR-1 furnished by the supplier

GSTR-7

Applicable to: E-commerce companies

Description of form: Details of supplies effected through e-commerce operator and the amount of tax collected on supplies

GSTR-8

Applicable to: Registered taxable person

Description of form: Details of outward supplies of taxable goods and/or services.

Time limit: 10th of the succeeding month

GSTR-9

Applicable to: Registered Taxable Person

Description of form: Annual Return furnish the details of ITC availed and GST paid which includes local, interstate and import/exports.

Time limit: 31st of December of next F.Y

GSTR-9A

Applicable to: Composite tax payer

Description of form: Furnish the consolidated details of quarterly returns filed along with tax payment details.

GSTR-9B

Applicable to: Assessee who’s aggregate turnover exceeds 1Cr

Description of form: Reconciliation Statement audited annual accounts and a reconciliation statement duly certified.

Time limit:

GSTR-10

Applicable to: Final return for assessee who have surrendered or cancelled registration

Description of form: Furnish details of inputs and capital goods held, tax paid and payable.

GSTR-11

Applicable to: United Nations bodies

Description of form: Details of inward supplies to be furnished by a person having UIN