All the GST Registered person have to file monthly, quarterly and/or annual GST Returns based on the type of business. The details in GST Returns includes purchases, Sales , Output GST & Input Tax Credit (GST paid on purchases. GST compliant sales and purchase invoices are required in order to file GST returns .
DETAILS OF RETURNS TO BE FILED UNDER GST LAW :-
GSTR-1 – GSTR-1 contains details of outward supplies (sales) of taxable goods and/or services. GSTR-1 can either be filed quarterly or monthly.
Quarterly GSTR 1
Registered persons with an aggregate turnover up to Rs. 1.5 crore may opt for quarterly return filing
Monthly GSTR 1
Registered persons with aggregate turnover of more than 1.5 crore must file a monthly return.
For those with aggregate turnover of less than 1.5 crore, the monthly return is optional.
PROPOSED NEW RETURNS (w.e.f July 2019 )
GST council in its 27th meeting on 4th May 2018 has approved principal for filing new return and approved the new return formats and associated changes in law on 28th council meeting held on 21st July 2018 .In the 31st Council meeting dated 22nd December 2018, the new return filing system has been proposed to be introduced on a trial basis with effect from April 2019 and make it mandatory from July 2019. The formats along with detailed instructions were made available on the GST Portal on 8th March 2019
Businesses that have an annual turnover of up to Rs 5 crore have the option to file one of the three quarterly returns—Sahaj, Sugam and Normal Return.
Summary of proposed new returns are as indicated below :-
|Particulars||Threshold Limit||Periodicity of payment||Periodicity of returns|
|Normal ( RET 1 )||Above Rs.5 crore (mandatory) Below Rs.5 cr. (optional)||Monthly||Monthly (above Rs.5 crores turnover) Quarterly (below Rs.5 crores turnover)|
|SAHAJ ( RET 2)
B TO C ONLY
Below Rs.5 crore (optional)
|SUGAM ( RET 3)
B TO B & B TO C
Below Rs.5 crore (optional)
Normal Monthly/Quarterly return is most comprehensive return and is almost similar to existing GSTR 1
Change in periodicity from monthly to quarterly and vice versa will be allowed only once at the time of filing of first return. If once chosen then it cannot be changed for rest of the financial year and can be changed only at the time of filing of first return of the next financial year.
GSTR-2 and GSTR-3 ( SUSPENDED)
GST Council has suspended the requirement to file forms GSTR-2 and GSTR-3
All businesses are required to file a simple GST return in form GSTR-3B. It is required to be filed by the 20th of the next month.
Composition dealers are required to file a quarterly GST return using form GSTR-4 by the 18th of the month following the quarter for which the return is being filed.
The CBIC has notified the simplified ‘statement for payment of self-assessed tax’ in Form GST CMP08 to be filed by taxpayers who have opted for composition scheme, under which businesses have to pay lower rate of tax on their turnover.
The CMP08, which has to be filed by the 18th day of subsequent month following the end of a quarter, will include details like outward supplies, inward supplies attracting reverse charge including import of services; tax, interest payable; and taxes and interest paid.
Composition scheme businesses will file the April-June quarter returns in July as per the new format.
Central Board of Indirect Taxes and Customs (CBIC) notified that composition scheme taxpayers will now file GSTR-4 annually by April 30 for the previous financial year ending March 31.
GSTR-5 is a return for non-resident foreign taxable persons. This return is to be filed on a monthly basis by the 20th of the following month.
This return is for input service distributors. It is to be filed monthly by the 13th of the following month.
Applies to authorities deducting tax at the source. It will need to be filed on a monthly basis by the 10th of the following month.
To be filed by e-commerce operators on a monthly basis by the 10th of the next month.
Every dealer will need to furnish this annual return by 31 December after the end of the financial year.
To be filed only when a taxpayer’s registration is cancelled or surrendered, within three months after the cancellation.
This return is for UIN holders to report details of inward supplies to be furnished by a person having UIN and claiming a refund. It must be furnished by the 28th of the month following the month for which the statement is being filed.