GST Returns

Reviewed by Anjaneyulu | Updated on Aug 27, 2020

Introduction

Every law requires that the registered person file the return in a certain format and within the period specified in the specific law. In the same way, the GST Act provides a taxable individual with provisions to furnish information for filing returns.

In GST, registered individuals self-assess the returns. A taxable person can take the GST Practitioners' aid in filing returns. GST taxpayers can file return via Suvidha Providers of GST (GSP).

Types

The GST law has prescribed the following number of returns, and these returns have specified due dates for filing, with its provisions laid in CGST Act 2017.

  • GSTR-1: Details of outward supplies
  • GSTR-2A: Auto populated details of inward supplies
  • GSTR-3B: Summary of outward supplies, input tax credit and tax payment
  • CMP-08: Return for a composition taxpayer
  • GSTR-5: Return for a non-resident foreign taxable person
  • GSTR-6: Return for an input service distributor
  • GSTR-7: Return for authorities deducting tax at source
  • GSTR-8: Supplies made by e-commerce operator and the tax collected
  • GSTR-8: Annual return for a normal taxpayer
  • GSTR-4: Annual Return a composition taxpayer
  • GSTR-10: Final Return
  • GSTR-11: Details of inward supplies by UIN holder

New GST Return System

It was decided at the 31st GST Council Meet for taxpayers to implement a New Return System under GST. This return system will include simpler return forms to ease filing among GST registered taxpayers.

In this new return scheme, there will be one main GST RET-1 return, and two GST ANX-1 and GST ANX-2 annexures. The return will be filed on a monthly basis, except for small taxpayers who may opt to file the same annually. Small taxpayers are taxpayers in the preceding financial year with a turnover of up to Rs 5 crore.

As per the decision taken in 39th GST Council meeting held on 14th March 2020, the implementation of the new GST return system has been postponed to October 2020. However, the present return filing system (GSTR-1,2A & 3B) will continue until September 2020.