GST Rollout – All You Need To Know About Monthly, Quarterly, and Annually Tax Return Filing

The government of India has fixed the slabs of 5, 8, 18, and 28 percent tax rate and defined 1,211 items based on their type. It was not on news, but without any noise, the government has made a huge step forward for regulating this tax regime.

Steps taken by the government to regulate GST are prompt and there is no doubt in the minds of people that it will be penetrated in the market from 1st July. Taxpayers have various questions regarding the submission of returns with GST regime. They were neglected earlier. What will be the deadlines and how it will be submitted are some of the questions which are worrying the taxpayers.

According to the expert, taxpayers have to submit eight returns monthly, one quarterly, and one annually under GST law. Under the composition scheme, they have to fill separate forms to file returns. They will be registered as service distributors and will be responsible for deducting or collecting tax.

Commonly, taxpayers have to be familiar with 5 types of different forms – GSTR1, GSTR2, GSTR3, GSTR4, and GSTR9. Here, GSTR1/ 2/ 3 are needed to be filed every month; GSTR4 should be filed quarterly while GSTR9 has to be filed once in a year on an annual basis.

Details of Monthly Returns:


GSTR1:
GSTR1 should be submitted by a registered supplier in the next month till the 10th day. The taxpayer has to fill details of outward supplies of goods and services in this GSTR1 form.


GSTR2:
GSTR2 should be submitted by a registered receiver of goods till 15th of next month. This form carries the information regarding inward supplies of goods and services for furnishing the input tax credit.


GSTR3:
This form should be submitted by registered taxpayers with the details of inward and outward supplies on monthly basis. It should be deposited till the 20th of next month with due amount of tax.


GSTR5:
It should be filed by NRI taxable person till the 20th day of the next month.


GSTR6:
It is needed to be filed by Input Service Distributor till the 13th day of the next month.


GSTR7:
This form is needed to be filed by authorities who deduct tax at source. GSTR7 should be filed till the 10th day of the next month by the deducting authority.


GSTR8:
This form should carry details of supplies done through e-commerce operators and submitted with the amount of tax collected from sales. This form should be submitted on the 10th day of the next month regularly.


GSTR11:
This form is meant for a person having a unique identification number (UIN). It has to be submitted with details of inward supplies with claiming a refund. This form should be submitted by the 28th day of next month for which statement is submitted.


Details of Quarterly Return Forms:


GSTR4:
It is only one form which should be submitted quarterly. This form must be filed with return including details of compounding taxable person. GSTR4 should be filed till the 18th day of every quarter uninterruptedly.


Details of Annual Return Forms:


GSTR9:
This is the form submitted by a registered taxable person along with the details of annual return. It should be filed till the 31st December of succeeding financial year.


Details of Final Return Form:


GSTR10:
Taxable person, who has surrendered or whose registration has been cancelled, has to file a final return in the form GSTR10. This form should be submitted within 3 months from the date of cancellation order or date of cancellation.
All these forms are available digitally on GST platform. The taxpayer can visit this common portal and process their returns online.