GST Return Filing

At last, we are all set to rollout Goods and Services Taxes (GST), considered as biggest tax reforms in the recent past. The implementation date for the same is July 01. Every transaction has to be reported from the seller to recipient of any single goods and services. An extensive IT system has been deployed by the Government to cope up with huge influx of data, called the GSTN (Goods and Service Tax Network) that will house all the information of sellers and buyers together, collaborate the details submitted and even maintain 3 registers for future reference and anytime reconciliation. A robust reporting structure has been put in place. Let’s understand the various types of GST returns, forms and the process of filing.


The return filing of normal taxpayers starts with this form. The taxpayer records the outward supplies of goods and services. To be done by 10th of the succeeding month, this form has details such as GSTIN, Name, Annual Turnover, Filing Period, Taxable Outward, Tax Liability and Tax paid.


This return is available on the 11th of the succeeding month to recipients for validation. The validation can be done upto 15th of that particular month.


This form is of all inward supplies of goods and services as approved by the recipient and auto populated with details of GSTR-2A. It has details such as, GSTIN, Name, Filing Period, Inward Supplies, Debit/Credit Notes, TDS/TCS Credits, Tax Liability and Tax paid. The final date is 15th of the succeeding month.


The return shall be auto-populated after filing of GSTR-2 on the 15th of the succeeding month. The supplier shall have the choice to accept or reject the changes made by the recipient. Following such acceptance, the GSTR-1 shall be revised to such extent.


This return is auto prepared by 20th of the succeeding month. It will have the details of all outward as well as inward supplies of goods and services as furnished in GSTR-1 and GSTR-2. After considering both the details, GSTN will determine the input tax credit availability or the amount of tax payable. It will have details, such as, GSTIN, Name, Filing Period, Total turnover, Taxable & Non-Taxable Turnover and Inter & Intra State Supplies/Receipts,


This is the annual return, which the taxpayer has to file by 31st December of the upcoming financial year. It is nothing but the accumulation of all 12 monthly GSTR-3 of the taxpayer. It would also include the amount of tax paid during the year, including details of exports or imports.

Apart from the above, there are exclusive returns for composition tax payers, non-resident tax payers and e-commerce portals.

Any business, manufacturer, trader or service provider, has to file these mandatory returns. While, the automation is an attempt towards process simplification, it may also complicate matters for businesses without requisite resources.

LexHive Consultants help in computing payments and ensuring on-time payments & return filings.

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