Filing GST Returns for Your Business

By CA Varun Nirmal

2 min read

As GST will roll out on July 1, 2017, every business will have to file monthly GST returns as part of its GST compliance. Even if there is no activity carried out in business, the business has to still file the returns. Let us check out the various returns to be filed by businesses and their respective due dates. The return has to be e-filed and no paper returns will be acceptable in the GST regime. Below table explains various returns and their due dates which will be required to be filed by businesses in GST regime.

Return For To be filed by 
GSTR 1 Outward supplies made by taxpayer (Sales) 10th of the next month
GSTR 2 Inward supplies received by a taxpayer (Purchases) 15th of the next month
GSTR 3 Monthly return 20th of the next month
GSTR 4 Quarterly return for Composite Taxpayer 18th of the month next to quarter
GSTR 5 Return for Non-Resident Foreign Taxpayer Last day of registration
GSTR 6 Return for Input Service Distributor (ISD) 15th of the next month
GSTR 7 Return for Tax Deducted at Source 10th of the next month
GSTR 8 Return for e-commerce operator 10th of the next month
GSTR 9 Annual Return By 31st December of next financial year

Monthly GST Returns Filing

Regular taxpayers would have to file GSTR-1, GSTR-2 and GSTR-3 (monthly returns).  Taxpayers with multiple registrations within a state would have to file GSTR-1, GSTR-2 and GSTR-3 for each of the GST registrations obtained separately. All the monthly returns has to be filed online through a common portal managed by Goods and Service Tax Network (GSTN).

Annual GST Return Filing

Each business will have to file an annual return, which will be GSTR 9. This will be over and above the monthly returns and is to be filed by 31st December of the next financial year.

Composite Taxpayer and GST Filing

Composite taxpayers will have to file GSTR 4, which will be filed quarterly. The composite tax will be a flat rate of tax, which a business will be paying based on the turnover of the business in a specific period. They will not be able to take input credits for their purchases. Taxpayers eligible for the composite scheme can opt against the composite scheme and file monthly returns and thereby claiming input tax credits on their purchases/supplies as well. Annual return (GSTR-8) will be filed by all normal / regular taxpayers. It will be based on financial records.  Compounding taxpayer will also need to file a simple annual return. With GST, though the taxes are getting simplified which is a good for all the businesses, there may be increased burden of compliances on businesses as they have to file 37 returns in year (3 x monthly returns for 12 months; and one return annually) Related Articles: GST Compliance Rating and Why It is Important for You Composition of Tax Levy Scheme for Small Business in GST GST Impact on IT and Consultancy Services

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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