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Basic Features of Proposed GST Return

Get your GST featured mentioned in the return – smooth submission would make your work smoother and longer

GST is implemented on 1st July, 2017. GST replaced many taxes like VAT, Excise, Service and sale tax. For Businessmen, they do not need to file distinct returns. Like previous tax return system which contained the details of income of taxpayers, GSTR also has the details of the purchases, sales, Output GST and Input Tax Credit, of taxpayers.

Filing of GST Return

The process of filing GSTR is fully online in a common portal, provided by the GST Network. The whole process of filing GST Returns contains in the following 5 steps:

  • A registered taxable person has to file the return by himself or by his representative at GSTN and has to submit the return.
  • The 2nd step of this entire process is the matching of the Input Tax Credit.
  • The 3rd step of this process is final acceptance of Input Tax Credit.
  • The 4th step is, in Inpu Tax Credit, the refinement of discrepancies.
  • The last step is the matching of the claim to reduce in output Tax Liability.

Basic features of this Proposed GST Return

Below are some of the prominent features of the proposed returns under GST:

  1. For Central Goods and Services Tax, State Goods and Services Tax, Integrated goods and Services tax and Additional tax, there is a common E- Return.
  2. Even in the case of Nil Return the registered taxpayer has to file during the prescribed tax period of return.
  3. Maintenance of electronic cash, ITC and tax liability ledger.
  4. The time of filing the returns may vary with different types of taxpayers. The explanation for some of them are said briefly here:
  • GSTR–1 form is for the normal taxpayers. This return has to be done by 10th of the next month. This is made by the taxable person for the outward supplies for goods and services.
  • GSTR–2 form is also for the regular taxpayers which need to be done by 15th of the succeeding month. This is about the inward supplies details received by the taxable person who is claiming ITC.
  • GSTR–3 form, which is for the normal taxpayers too, has to be done by 20th of next month. This is the monthly return of the taxpayer which is on the basis of final details of the outward and inward supplies. And along with the tax payment, it is auto-populated.
  • GSTR–4 is for the composite taxpayer, need to be done by 18th of the next month to quarter, to furnish all the outward supplies of all goods and services.
  • GSTR–5 is for the foreign non-resident taxpayers which consumes to be done within 7 days of expiration of registration or 20th of the succeeding month, to furnish outward supplies details, imports details, tax paid details, ITC availed details and also the details of closing stock.
  • GSTR–6 is for the ISD which need to be done by 13th of the succeeding month to furnish the input credit distributed details.
  • GSTR-7 is for any registered taxpayer required tax deduction at source. This need to be done monthly and by 10th of the succeeding month to return for tax deduction at source.
  • GSTR-8 is for E-commerce operators for the details of effected supplies through the e-commerce operators and the collected tax on supplies. It has to be done annually.
  • GSTR-9 is to furnish the availed ITC details and paid GST by normal taxpayer annually.

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