RETURNS UNDER GOODS & SERVICES TAX :

RETURNS UNDER GST : EIGHT FORMS: GSTR-1 TO GSTR-8

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 GSTR-1

(Sales Register)

  • This is a sales register of goods and services
  • we can enter the details of sales and services there.
  • For each transaction it is important to classify the goods or services with his SAC or HSN code.
  • (Later on we will discuss abt SAC or HSN CODE)

 

 GSTR- 2

(Purchase Register)

  • This is a purchase register. Here we can enter the data of both purchase of service and goods.
  • In GSTR-2 the data of the goods purchase from register dealer including debit/credit note will automatically populated there as the respective dealers upload there sales register on due date. Due to this we can match our purchases against the sales register and the impact of this in current scenario where tax credit mismatch is hard to match and a time taking process, in GST there we will check our data as per seller return so mismatch issues will be solve easily
  • As well as here we will amend our purchase bill too as we received in earlier periods
  • Here a separate details information will be required for input service distributors
  • Due date of filling the return is 15th of the next month. But we can upload our data on daily, fortnight, weekly too. Soon the last date of return filing the workload should be lesser than before

 

GSTR-3

(Monthly Return Form)

  • In this GST return form maximum data of this return is auto populated from purchase and sales registers.  Only adjustment entries and challan information will enter after these entries
  • Here cash ledger (tax deposit in cash and TDS/ TCS) will made separately for CGST, SGST and IGST
  • Basically its looks like PLA register of Excise and Service tax

 

 GSTR-4

(Quarterly return for compounding dealers)

  • For those compounding dealers  assesses whose turnover is less than Rs. 50 lacs and there is no interstate transaction )
  • File return on and before 18th of the month after the quarter
  • In this return, data will be automatically populated after filing of GSTR-1

 GSTR-5

(Return file by the Non-Resident)

  • This will be a monthly return filed by the non –resident within 18th day after end of the month and within the 7 days after expiry of registration ( plz refer registration rule or will be shared with u later on)
  • In this return HSN/SAC code should be mention because these are classify the transaction as a sales and purchase of goods and services

  GSTR-6

(Return for Input Service Distributor)

  • This return will be filed by the Input Service Distributors within 15 days after end of the month
  • In this return form input service distribution ledger will be maintained. In this ledger credit of CGST, SGST, IGST  will maintain separately of each tax amount

GSTR-7

(TDS Return)

  • Tax deductor will be liable to file this TDS return within the 10 days after end of the month
  • This return form is almost similar to TDS return of income tax (26Q/24Q etc) as in this return deductee information and transaction information is mention with the related challan in which the TDS amount is paid to department

 GSTR-8

(Annual Return)

  • This return form will be filed on or before 31st December of the next financial year
  • In this return the total annual returns information will be matched by the department with the monthly /quarterly return filled by the assesse
  • In this return auditors information will submitted
  • In this return all the transaction will bifurcated within goods and services. This bifurcation should be match with the HSN/SAC code given by the assessee in his monthly/ quarterly return

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This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

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