Each GST-registered taxpayer (each GSTIN) is required to file a GST return with the tax administration to calculate their net tax liability based on their accrued income/sales/expenses/purchases.
GST returns must include the following items for registered dealers:
- Making purchases
- Increasing sales
- GST Output (On sales)
- Credit for input tax (GST paid on purchases)
If you need to file GST returns or to fill out GST filing returns, check out the software that runs on Tally, Busy, and custom Excel, among other ERP systems. Additionally, Tally users may use the desktop app to upload and file data directly.
What Are the Requirements for Filing GST Returns?
Those businesses with annual aggregate sales above Rs.5 crore (and those without the QRMP scheme) must file two monthly returns and one annual return, for a total of 25 returns annually.
With a turnover of up to Rs.5 crores, the QRMP scheme allows taxpayers to file their returns. In addition to filing 4 GSTR-1 and GSTR-3B returns each year, QRMP filers are required to file an annual return each year. QRMP filers, even though they file returns quarterly, have to pay tax on a monthly basis.
Special cases such as composition dealers are also required to file separate statements/returns annually, with four statement-cum-challan filings in CMP-08 and one annual return in GSTR-4).
In terms of GST returns, how many are there?
A total of 13 returns are available under GST, including GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. However, not all of them apply to all taxpayers. Based on the type of taxpayer and type of registration, taxpayers file returns.
Self-certified reconciliation statements are also required for eligible taxpayers with turnover exceeding Rs.5 crore.
Besides the GST returns that are required to be filed, taxpayers can also file GSTR-2A (dynamic) or GSTR-2B (static) statements of an input tax credit. To furnish their Business to Business (B2B) sales for the first two months of the quarter, small taxpayers registered under the QRMP scheme can use the Invoice Furnishing Facility (IFF). Taxes will still be due on a monthly basis by small taxpayers using Form PMT-06.
The section below explains the various GST returns, as well as when they are due and how they are applied.
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