21 Things You Must Know About GST Returns

As we all know GST is going to be implemented very soon. As per the current tax regime, every tax payer has to file various returns. Similarly, under GST every tax payer has to file various returns. So, let’s have a view of the basic things related to the GST returns. Following are the various points related to the basics of the GST returns:

  1. Under GST, the input tax credit and the control over the tax paid is given through filing the returns. So, the returns will play very important role under GST. All the returns need to be filed in electronic way.
  2. As per section 37 of CGST Act, the taxable person is required to furnish all the details of outward supplies within 10 days of end of the month in GSTR-1.
  3. These details will be cross-checked by the purchaser and will be auto-populated in GSTR-2A of the recipient.
  4. Recipient can accept, reject or add or modify and prepare details of his receipts in GSTR-2 by 15th of month
  5. Unmatched details will be in GSTR-1A of supplier. He can accept or reject these up to 17th.
  6. The credit of the tax paid of matched invoice will be provided to recipient but will be on provisional basis.
  7. Matching of input tax credit and final acceptance of input tax credit will be in form GST ITC 1.
  8. Payment of tax on self-assessment basis and filing of return by 20th in form GSTR-3.
  9. Dealers paying tax under composition scheme to file return in form GSTR-4.
  10. As per section 38 of CGST Act, the taxable person is required to furnish details of inward supplies within 15 days of the end of the month.
  11. If one wants to claim the credit of tax paid then provisions under section 42 & 43 of CGST Act are to be complied with.
  12. As per section 39 of CGST Act, monthly return is to be filed by 20th of the next month.
  13. As per section 44 of CGST act, annual return is to be filed by 31st December of the next financial year. The registered person has to file return who is supplying goods or services. But there are some exceptions i.e. Input service Distributor, person paying TDS under section 51, e-commerce operator paying TCS under section 52, casual taxable person and a non-resident taxable person are not required to file annual return. So, we can also conclude that the taxable person who is paying tax under composition scheme is also required to file Annual return.
  14. All the returns are required to be filed i.e. Later return can only be filed when earlier returns are filed.
  15. The record of cash deposited in ‘Electronic Cash Ledger’ should be kept in form GST PMT-05.
  16. The record of input tax credit in ‘Electronic Credit Ledger’ should be kept in form GST PMT-02.
  17. The supplier has to pay the tax in full for the outward supplies within 60 days and if not made then the credit of tax paid will be reversed with interest.
  18. The payment which is made in Electronic Cash Ledger could only be first utilized for earlier tax dues, penalty, interest and late fee then for the current tax dues.
  19. Unmatched invoices can be adjusted up to return of following September or due date of filing Annual return.
  20. Another tern which is commonly used under GST is common portal. As per section 2(26) of CGST act, Common portal is the common goods and services electronic portal. The central government with the recommendation of the council may notify the Common Goods and Services tax electronic portal for facilitating registration, payment of tax, furnishing of returns, computation and settlement of integrated tax, electronic way bill and for carrying out such other functions and for such purposes as may be prescribed. All the functions under GST may be facilitated through online portal.
  21. Every person has to file a valid return. Valid return means a return furnished under Section 39(1) of CGST act on which self-assessment tax has been paid in full. A return will not be said to be valid unless all tax dues as shown in the return are paid in full.

(Tax include current period, previous period, interest and penalty)

  1. GST is payable by taxable person on self-assessment basis.
  2. Taxable person can take help of GST Practitioner in filing returns etc.
  3. Taxable person can file return through Suvidha Providers (GSP).
  4. The payment of taxes is to be made in electronic way. The permitted way of payment of taxes are Internet Banking, Credit/Debit Note, NEFT or RTGS. Over the counter payment up to Rs. 10,000 can be made by challan generated in form GST PMT-06.
  5. The Tax Liability Register should be in form GST PMT 01.
  6. The persons required to furnish Audit Report shall furnish the same in form GSTR-9B.

About the Author
Arpit Goyal is pursuing CA and B.com & also working as an article assistant in Gurgaon. He has an immense interest in Taxation. He loves to use technology to spread knowledge about taxation & accounts.

Categories GST

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