A GST return is a document that a taxpayer is required to file with the tax administration, listing all income/sales, expenses/purchases, and so on. Tax liability (Net) is computed by tax authorities using this.
A registered dealer is required to file GST returns that include the following items:
- GST Output (On sales)
- Credit for inputs (GST paid on purchases)
The different types of GST return
GSTR-1, basically, is the form that must be completed to report all supplies (outward) of goods and services.
GSTR-2 is one of the suspended types of GST (returns) that registered purchasers used to report the inbound supply of services and goods or purchases originating during a tax period.
GSTR-2(A) is a dynamic GST return that is only viewable by the recipient or buyer of services and goods.
GSTR-2B is a static, view-only GST return significant to the recipient or buyer of goods and services.
The GST return ‘GSTR-3’ is presently suspended. It was a summary return that provided summarised information on all supplies (outward) made, supplies (inward) received, and tax credit claims (input), as well as information on tax liabilities and paid taxes.
GSTR-3(B) is an every month self-declaration that must be filed with the IRS to summarise all supplies (outward) made, tax obligation determined, input tax credits claimed, and taxes paid.
GSTR-4 is the yearly return that composition taxable people must file under Goods and Services Tax by April 30th of every year.
GSTR-5, basically, is the return that (non-resident foreign) NRI taxpayers registered for Goods and Services Tax and conducted business in India must file.
GSTR-5A is, basically, a summary return used to record GST and outbound taxable supplies due by providers of OIDAR (Online Information and Database Access or Retrieval Services).
An Input Service Distributor (ISD) is required to file GSTR-6 every month.
GSTR-7 is a return based every month that anyone obligated to deduct Tax Deducted at Source must file as part of the GST system.
GSTR-8 is a return based every month that businesses must file based on e-commerce, obligated to collect TDS under the GST (TCS).
GSTR-9 is a return based on an annual basis that GST-registered taxpayers must file. According to GST rules, it must be submitted by December 31st of every year following the relevant financial year.
GSTR-9A is a suspended yearly return that composition taxpayers were previously required to file. It was a compilation of all quarterly returns submitted during that fiscal year.
According to the GST rules, all registered taxpayers under GST who have a turnover of more than Rs.2 Cr. in an annual financial year must file GSTR-9C.
A taxable individual whose registration has been relinquished or cancelled must file GSTR-10. This return must be filed within a speculated time of three months of the cancellation order or cancellation date, whichever comes first.
GSTR-11 basically returns that individuals who have been issued a (UIN) Unique Identity Number must complete receiving a GST refund for services and goods purchased in India.
With this article, you learned what GST return is, and the types of GST returns. Following are the different types of GST slabs in India:
- The 5% Tax Slab
- The 12% Tax Slab
- The 18% Tax Slab
- The 28% Luxury GST Slab