GST Return Filing

GST Return Filing– An Introduction

The businesses registered under GST have to file returns monthly, quarterly and annually based on the category of business through the Government of India's GST portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid.Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of returns will be done online.All registered businesses have to file monthly or quarterly and an annual GST return based on the type of business. All these GSTR filings are done online on the GST portal.

What is GST Return?

GST return is an official document that furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales-related details. The GST returns is required to be filed, following which the taxpayer has to pay off the tax liability.A GST return is a document containing details of all income/sales and/or expense/purchase which a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
Under GST, a registered dealer has to file GST returns that broadly include:

  •  Purchases
  •  Sales
  •  Output GST (On sales)
  •  Input tax credit (GST paid on purchases)

GST returns are different forms that a taxpayer has to file for every GSTIN to which he is registered. There are around 22 types of GST forms available. From these 22 GST forms, there are 11 that are active, 8 view-only and 3 suspended. So the number and type of GST you have to file is based on the type of taxpayer you have registered.There are 7 types of taxpayers. These are: