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FILING OF GST RETURNS

In India GST came from 1st July , 2017. And with the advent of it came many confusions and problems too. However now the system is smoothening. The processes of returns are becoming easier and understandable too. However in this blog I will recap the whole procedure of filing of GST Returns. 

There are basically 5 types of persons under GST. They are - Regular Dealer , Composition Dealer , Non Resident Person , Input Service Distributor , Casual Taxable Person , UIN Holder(i.e. United Nations , Embassy or any International Organisations). 




REGULAR DEALER AND COMPOSITION DEALER

Whenever the turnover of a business entity crosses 10 lakhs / 20 lakhs as applicable then a person is compulsorily required to get registered under GST. He may opt for either Regular Scheme or for Composition Scheme. Regular scheme does not have any maximum limit , however Composition scheme has a maximum limit of turnover of 1.5 crore i.e. when the turnover of the business entity crosses 1.5 crore then the person earlier registered under Composition scheme has to convert to regular scheme. In the course of this change the GST Number remains same. Composition scheme is beneficial for small business entities who dont to want to get out of the hussel of filing monthly returns. They pay a flat rate @1% / 3% / 5% on turnover as applicable. 

Now coming to the return forms and details to be supplied. Firstly I will talk about the Regular Scheme. Under this scheme three monthly returns are to be filed viz GSTR 1/2/3 and one annual return viz GSTR 9 is to be filed. The detailed process is as follows:

FOR REGULAR DEALER - First of all GSTR -1 is filed by the supplier sharply by 10th of next month. The portal opens on 1st of next month so he has a time of 10 days. The details of sales furnished by supplier is shown in GSTR - 2A of receipient. GSTR 2A contains all the details of purchases made by receipient from all the suppliers. Then from GSTR - 2 is to be filed by recepient from 11th to 15th. During this time the facilty to file GSTR - 1 closes. In GSTR - 2 recepient can accept , reject , add , modify the bills furnished by the supplier in case of any discrepancies. Then from 16th of the month portal of GSTR - 2 closes and of GSTR  - 1 again opens till 17th. Also any modifications made by the recepient in GSTR - 2 is shown in GSTR - 1A of supplier. Then supplier after rectifying the mistakes made in GSTR - 1 if any files it again. After filing of GSTR - 1 & 2 its time to furnish GSTR - 3. In GSTR - 3 all the details of sale and purchase are auto populated. We have to just confirm the figures and pay the tax / claim ITC if accruing due to the modifications as discussed earlier. This completes the process of filing of GSTR -1/2/3. 

(However it is to be noted government has till date not activated all the forms. Instead of the above it has come up with a consolidated summary form viz GSTR - 3B and also supplies form GSTR - 1)

FOR COMPOSITE DEALER - In case of composite dealers there is only one form to be filed i.e. GSTR -4. It is to be furnished quarterly. It is one of the easiest form. In it only the aggregate turnover of the concerned quarter is to be given. Tax is calculated at flat rate as percentage of turnover. It is to be filed by 18th of next month of the end of quarter. Also government for the facility of these taxpayers has given a form GSTR - 4A. It is just a facilitative form. It contains the details of all purchases made by composite dealers. 






Comments

  1. SuperCA17 August 2021 at 07:27

    Thanks for sharing such a nice blog it will help others.
    We provides the tools and resources to connect and grow. We offer the very best financial advice for Online GST Registration, Online GST Return Filing, and online sole proprietorship registration.

    ReplyDelete

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