An Overview of Different Types of GST Return Filings: What You Need to Know

For each registered GSTIN, a taxpayer registered under the Goods and Services Tax (GST) statute is required to file a GST return. Additionally, if the taxpayer files returns on a regular basis, the GSTIN status needs to be active.

GST Rules specify 22 different kinds of GST returns. Eight of these GST return filings are view-only, four are suspended, and just eleven are currently active. Depending on the type of registered taxpayer, a business or professional must file a certain number and type of GST returns. Regular taxpayers, composition taxable individuals, e-commerce operators, TDS deductors, non-resident taxpayers, input service distributors (ISD), casual taxable persons, and others are among these categories.

Additionally, if GSTR-1 and GSTR-3B filers choose to participate in the QRMP system, their filing frequency for certain GST return filing may vary.

GST Types Returns and Due Dates

GSTR-1

The return that must be submitted for reporting information on all outgoing supplies of goods and services is called GSTR-1. To put it another way, it includes the debit-credit notes and invoices generated from sales transactions for a given tax period. GSTR-1 must be filed by all regular taxpayers having a GST registration, including those who are casually taxable.

All suppliers or sellers who are registered under GST are required to declare any changes they make to sales invoices in their GSTR-1 return, even if they relate to prior tax periods.

The current GSTR-1 filing frequency is as follows:

• (a) Monthly, by the eleventh* of the month, if the business has an annual total turnover above Rs. 5 crore or has not opted to participate in the QRMP program.
• (b) Quarterly, if the company has chosen to participate in the QRMP program, by the 13th of the month after each quarter.

Note: The deadline was the tenth of each month until September 2018 while the deadline was the end of the month that followed the quarter until December 2020.

GSTR-2A

GSTR-2A (view-only dynamic GST return) that is relevant to the person who purchases or receives goods and services. It includes information on all purchases made from GST-registered suppliers during a tax period as well as inward supplies of goods and services.

Based on information submitted by the relevant suppliers in their GSTR-1 reports, the data is automatically updated. Additionally, information submitted by the QRMP taxpayer in the Invoice Furnishing Facility (IFF) is automatically filled in.

Since GSTR-2A is a read-only return, there is nothing that can be done with it. The buyers, however, advise claiming an exact Input Tax Credit (ITC) for each fiscal year, spanning several tax years. The buyer can get in touch with the seller to promptly upload any missing invoices to their GSTR-1.

Up to August 2020, it was widely utilized to collect ITC for each tax period. After that, to claim the input tax credit for each tax period, the buyers must consult the GSTR-2B, a static return. Nonetheless, some taxpayers still find it helpful to consult the GSTR-2A while submitting their yearly GST return.

Conclusion

Understanding the various types of GST return filings is crucial for maintaining compliance with tax regulations in India. Whether you’re a small business owner, a large corporation, or an individual taxpayer, timely and accurate filing of GST returns ensures transparency and avoids penalties.

At Shah and Doshi, we specialize in providing expert guidance as trusted GST return filing consultants. Our team simplifies the complexities of GST return filing, ensuring your business meets all regulatory requirements with ease. Contact Shah and Doshi today for hassle-free tax solutions designed to suit your needs!