GST returns are tax return forms that must be filed by various entities with India’s Income Tax authorities. GST Forms are documents that contain information about all purchases, sales, output GST (on sales), and input tax credit (GST paid on purchases) in order to compute an assessee’s GST due for a specific tax period. Currently, GST returns can be filed monthly, quarterly, or annually. It is based on numerous applicable variables, and there are various types of GST returns. One of the most complicated parts or the most common part where people make mistakes while filing GST forms is to figure out which form to file. Tax HelpDesk’s GST Consultation services are one of the most reliable consultation services. The following are the several types of GST return forms, let’s dive into the details by reading this blog
Types of GST Forms in India
GSTR 1 is the official record of all sales. Suppliers will be required to declare their external supplies using this form during the reporting month. According to the rules, all registered taxable persons must file their returns by the 11th of the following month.
Who is required to file GSTR 1?
- Everyone who is a registered taxpayer
- GSTR 1 must be filed on a monthly basis.
- However, if the taxpayer’s total turnover exceeds INR 1.5 crores, he may file on a quarterly basis.
Form GSTR-2 is a statement required by a regular dealer to document all inward supplies made throughout the month. In general, all inward supplies are from registered enterprises. They are including those for which reverse charge tax must be paid, and must be captured at the invoice level.
You must additionally declare the details of advances paid on supplies liable for the reverse charge, as well as the advance amount on which tax was paid in the previous return period but the invoice was received in the current reporting period, in addition to inbound supplies.
GSTR-2A is an auto-populated statement that provides the recipient with visibility into all inward supplies recorded by your supplier in GSTR-1. When the return is submitted in the Portal, the details will be made available. In addition to GSTR-1 information, GSTR-5 (Supplies from Non-resident Taxable Person), GSTR-6 (ISD), GSTR-7 (TDS Deductor), and GSTR-8 (TCS collected by e-commerce operator) information will be auto-populated.
Another type of GST Forms in India
GSTR-3 is a consolidated monthly return that includes data on tax liability, tax collected on outward supplies, and tax paid on inward supplies by a registered person. It is an auto-populated process using the registered person’s GSTR-1 and GSTR-2. There would be little manual interaction, and the system would update records on its own.
GSTR-3B is a monthly self-declaration that a registered dealer must file. It is a streamlined summary return of inward and outward supplies, with the objective of allowing taxpayers to declare their summary GST liabilities for the tax period and settle these liabilities in a timely way.
GSTR-4 is a document that registered taxpayers who have signed up for the composition scheme must file once every three months (they are known as composition vendors). The Composition Scheme allows taxpayers with a turnover of up to Rs.1.5 crores to opt-in and pay taxes at a fixed rate on the declared turnover. GSTR 4 has been superseded by Form GST CMP 08. CMP-08 is a statement cum challan that requests information on outward and inward supplies, as well as taxes paid on such outward supplies and imports, as well as interest payable.
CMP-08 is a welcome move that began in April 2019. The CMP-08 return is to be filed on a quarterly basis by GST consultation.