GST Return

What is GST Return?

Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.

Steps for filing GST return:

GST return can be filed in different forms depending upon the nature of transaction and registration.Return Forms that are applicable for Normal Tax payers and their due dates are:

☞ Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.

☞ Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.

☞ Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.

☞ Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.

Process of Return

Types of returns under GST

There are multiple returns under the GST regime. The most common used return will be GSTR 1, 2, 3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis along with GSTR 9 on an annual basis. GSTR 4 is submitted by composition taxpayers on a quarterly basis.