Monthly/Quarterly GST Return Filing
Monthly/Quarterly GST Return Filing
GST return filing is a mandatory compliance process for all registered businesses under the Goods and Services Tax regime in India. Depending on the business’s annual turnover and the type of taxpayer, GST returns must be filed either monthly or quarterly. Businesses with a turnover above ₹5 crore are required to file monthly returns, which include GSTR-1 (details of outward supplies) and GSTR-3B (summary return of sales, purchases, and tax paid). On the other hand, small taxpayers with turnover up to ₹5 crore can opt for the Quarterly Return Filing and Monthly Payment (QRMP) scheme, under which they file GSTR-1 and GSTR-3B quarterly while paying tax monthly using PMT-06.
What is GST Return?
A GST Return is a comprehensive statement submitted by individuals or businesses registered under the Goods and Services Tax (GST) regime. It records financial transactions, including income and expenses, to help tax authorities assess the correct tax liability.
GST return filing is mandatory for all GSTIN holders and is typically done online. The return provides details such as:
- Purchases: Goods or services bought during the tax period.
- Sales: Goods or services sold.
- Output GST: Tax collected on sales.
- Input Tax Credit (ITC): GST paid on purchases, which can be offset against output GST.
Platforms like Stride Tax offer GST compliance software to make the process easier and more efficient.
Who Should File GST Returns?
All individuals or entities registered under GST are required to file GST returns. This includes businesses whose annual turnover exceeds the prescribed threshold, which varies based on their classification (e.g., regular taxpayers or composition scheme taxpayers). Filing must be done within the specified deadlines to avoid late fees and penalties.
How Many Returns are there under GST?
List of GST Returns:
GSTR-1 – Details of outward supplies (sales).
GSTR-3B – Summary return of sales, purchases, and tax liabilities.
GSTR-4 – Annual return for taxpayers under the Composition Scheme.
GSTR-5 – Return for non-resident taxable persons.
GSTR-5A – Return for OIDAR (Online Information and Database Access or Retrieval) service providers.
GSTR-6 – Filed by Input Service Distributors (ISD) to report ITC distribution.
GSTR-7 – Return for taxpayers deducting TDS under GST.
GSTR-8 – Filed by e-commerce operators to report TCS (Tax Collected at Source).
GSTR-9 – Annual return for regular taxpayers.
GSTR-10 – Final return upon cancellation of GST registration.
GSTR-11 – Filed by UIN holders (e.g., diplomatic missions) claiming GST refunds.
CMP-08 – Quarterly tax statement for Composition Scheme taxpayers.
ITC-04 – Details of goods sent to/received from job workers by manufacturers.
Additional Forms for Input Tax Credit:
GSTR-2A (Dynamic View): Auto-generated, read-only form showing inward supplies based on suppliers’ GSTR-1 and IFF filings.
GSTR-2B (Static View): Fixed monthly statement to assist with ITC reconciliation.
Quarterly Return, Monthly Payment (QRMP) Scheme:
Small taxpayers under the QRMP scheme can file GSTR-1 quarterly while paying taxes monthly using Form PMT-06. They can also declare B2B invoices monthly through the Invoice Furnishing Facility (IFF).
Detailed Overview of Key GST Returns:
GSTR-1 (Outward Supplies)
Who files? Regular and casual taxpayers.
Details included: All sales invoices and credit/debit notes.
Due Dates:
Monthly: 11th of the next month (if turnover > ₹5 crore).
Quarterly: 13th of the month following the quarter (for QRMP taxpayers).
GSTR-2A
A dynamic read-only form generated from suppliers’ GSTR-1 and IFF submissions, showing inward supplies.
GSTR-2B
A static monthly statement, introduced in August 2020, used to reconcile and claim ITC.
GSTR-2 and GSTR-3
Deferred: Initially intended to declare inward supplies (GSTR-2) and summarize tax liability (GSTR-3), these forms have been kept on hold since September 2017.
GSTR-3B
A monthly summary of sales, purchases, ITC, and tax payable.
Due Dates:
Monthly: 20th of the next month (for turnover > ₹5 crore).
Quarterly (QRMP): 22nd or 24th of the month following the quarter, based on the taxpayer’s state.
GSTR-4
Annual return for Composition Scheme taxpayers.
Due Date: April 30 of the following financial year.
Note: Replaced earlier quarterly filing. CMP-08 must still be filed quarterly by the 18th after each quarter.
GSTR-5
Filed by non-resident foreign taxpayers.
Due Date: 20th of each month.
GSTR-5A
Filed by OIDAR service providers (offering digital services to Indian customers).
Due Date: 20th of each month.
GSTR-6
Filed by Input Service Distributors to report and distribute ITC.
Due Date: 13th of each month.
GSTR-7
Filed by entities required to deduct TDS under GST.
Due Date: 10th of the next month.
GSTR-8
Filed by e-commerce operators reporting supplies and TCS collected.
Due Date: 10th of the next month.
GSTR-9
Annual return compiling all GST transactions of the year.
Due Date: December 31 of the next financial year.
GSTR-10
Final return filed when a GST registration is cancelled.
Due Date: Within 3 months of cancellation or cancellation order.
GSTR-11
For UIN holders (e.g., embassies) claiming refunds for GST paid on purchases.