What’s on a GST Return?
Monthly GST returns contain information related to the previous month. If you file monthly, your GST returns are due as follows:
- 10th – details of your sales and the GST you collected
- 15th – details of your business purchases and the GST you paid
- 20th – monthly GST summary
To illustrate how this works, imagine you sold ₹10,000 worth of goods or services last month and collected ₹1,500 in GST from your customers. You report that on your first return. During that month, you also spent ₹2,000 on goods for your business and paid your suppliers ₹300 in GST. When your suppliers submit their GST returns, they send that information to the government. The government creates your second return based on the information supplied by your vendors. If everything is correct, you sign the second return and remit it to the government.
Finally, the government crunches the numbers to assess your final liability. In this situation, you collected ₹1,500 in GST and paid ₹300 in GST to your clients. As ₹1,500 – ₹300 = ₹1,200, you owe ₹1,200. Note you may have to file additional returns if you’re a nonresident, input service distributor, or e-commerce operator, as well as in other special situations.