The Goods and Services Tax (GST) in India requires businesses to file various returns depending on their nature of operations, turnover, and specific compliance needs. Here’s a comprehensive overview:

1. Applicability of GST Returns

• Registered Taxpayers: Every registered person under GST is required to file GST returns. This includes regular businesses, composition scheme taxpayers, e-commerce operators, Non-Resident Foreign Taxpayers, Input Service Distributors (ISD), and others.
• Turnover-Based Filing: The frequency and type of GST returns vary based on the annual turnover of the taxpayer. Small taxpayers with a turnover up to ₹5 crore have the option to file returns quarterly, while others must file monthly returns.

2. Due Dates for Filing GST Returns

• GSTR-1 (Outward Supplies): This return is for reporting the details of all outward supplies of goods and services made during the month. The due date is the 11th of the following month. For quarterly filers, it is the 13th of the month following the quarter.
• GSTR-3B (Summary Return): This is a summary return that provides details of outward and inward supplies, along with the tax liability and input tax credit. The due date is the 20th of the following month. For quarterly filers, the due date is the 22nd or 24th of the month following the quarter, depending on the state.
• CMP-08 (Composition Scheme): Taxpayers under the composition scheme need to file this return quarterly, by the 18th of the month following the quarter.
• GSTR-9 (Annual Return): This is an annual return that must be filed by 31st December of the following financial year. It includes a summary of all monthly or quarterly returns filed during the year.
• GSTR-9C (Audit Report): Taxpayers with an annual turnover exceeding ₹5 crore need to file this along with GSTR-9. It includes audited financial statements and reconciliation of the tax paid and returns filed.

3. Types of GST Returns

• GSTR-1: Filed monthly or quarterly, it details all outward supplies of goods and services.
• GSTR-2A/2B: Auto-drafted returns that reflect the inward supplies received by a taxpayer, based on the suppliers’ GSTR-1.
• GSTR-3B: A self-declared summary return that captures the net tax liability.
• GSTR-4: Annual return for composition taxpayers, detailing the summary of outward and inward supplies.
• GSTR-5: Monthly return for Non-Resident Foreign Taxpayers providing details of outward and inward supplies.
• GSTR-6: Monthly return for Input Service Distributors (ISD) capturing details of credit distributed to the recipients.
• GSTR-7: Filed by taxpayers who are required to deduct TDS (Tax Deducted at Source) under GST.
• GSTR-8: Filed by e-commerce operators who are required to collect TCS (Tax Collected at Source) under GST.
• GSTR-9: An annual return summarizing the monthly or quarterly returns filed throughout the year.
• GSTR-9C: A reconciliation statement that must be filed along with GSTR-9 by taxpayers subject to GST audit.

Conclusion

Understanding the applicability, due dates, and types of GST returns is crucial for businesses to ensure compliance with GST laws in India. Timely and accurate filing of GST returns helps avoid penalties and ensures the smooth functioning of business operations.

GST Return Type	Description	Applicable To	Filing Frequency	Due Date
GSTR-1	Details of outward supplies of goods and services	Regular taxpayers	Monthly / Quarterly	11th of the following month (Monthly) / 13th of the month following the quarter (Quarterly)
GSTR-2A / 2B	Auto-drafted return showing inward supplies based on suppliers’ GSTR-1	Regular taxpayers	Monthly	Auto-generated
GSTR-3B	Summary return of outward and inward supplies, tax liability, and input tax credit	Regular taxpayers	Monthly / Quarterly	20th of the following month (Monthly) / 22nd or 24th of the month following the quarter (Quarterly)
CMP-08	Statement-cum-challan for composition scheme taxpayers	Composition scheme taxpayers	Quarterly	18th of the month following the quarter
GSTR-4	Annual return for composition scheme taxpayers	Composition scheme taxpayers	Annually	30th April of the following financial year
GSTR-5	Return for Non-Resident Foreign Taxpayers	Non-Resident Foreign Taxpayers	Monthly	20th of the following month or within 7 days of expiry of registration
GSTR-6	Return for Input Service Distributors (ISD)	ISD	Monthly	13th of the following month
GSTR-7	Return for taxpayers required to deduct TDS under GST	Taxpayers deducting TDS	Monthly	10th of the following month
GSTR-8	Return for e-commerce operators required to collect TCS under GST	E-commerce operators	Monthly	10th of the following month
GSTR-9	Annual return summarizing all monthly/quarterly returns filed	Regular taxpayers	Annually	31st December of the following financial year
GSTR-9C	Reconciliation statement and audit report for taxpayers subject to audit	Taxpayers with turnover > ₹5 crore	Annually	31st December of the following financial year

This table provides a clear and concise summary of the various GST returns, who needs to file them, and when they are due.

Gross and Net GST revenue collections for the month of Aug, 2024

Introduction of RCM Liability/ITC Statement

Aug 23rd, 2024

To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called “RCM Liability/ITC Statement” has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table 4A(2) and 4A(3) of GSTR-3B for a return period. This statement will be applicable from tax period August 2024 onwards for monthly filers and from the quarter, July-September-2024 period for quarterly filers. The RCM Liability/ITC Statement can be accessed using the navigation: Services >> Ledger >> RCM Liability/ITC Statement.

Reporting Opening Balance in RCM ITC Statement.

RCM ITC opening balance can be reported by following below navigation:

     Login >> Report RCM ITC Opening Balance or Services >> Ledger >> RCM Liability/ITC Statement >> Report RCM ITC Opening Balance

  •  In case the taxpayers have already paid excess RCM liabilities by declaring the same in Table 3.1(d) of GSTR-3B however he hasn’t availed corresponding ITC through Table 4(A)2 or 4(A)3 of GSTR-3B, due to any reason, in such cases taxpayer need to fill Positive value of such excess paid liability as RCM ITC as opening balance in RCM statement.

  •  In case the taxpayers have already availed excess RCM ITC through Table in Table 4(A)2 or 4(A)3 of GSTR-3B however he hasn’t paid corresponding liability by declaring the same in table 3.1(d) of GSTR-3B, in such cases taxpayer will be needed to fill a negative value of such excess claimed ITC as RCM as opening balance in RCM Statement.

  •  In case taxpayer need to reclaim the RCM ITC, which was reversed in earlier tax periods through Table 4(B)2 of GSTR-3B, if eligible, he can reclaim such RCM ITC in Table 4A(5) of GSTR-3B. Please note that such RCM ITC shall not be reclaimed through Table 4(A)2 and 4(A)3 of GSTR-3B. Such RCM ITC reversal need not to be reported as RCM ITC opening balance.

For Opening Balance pls reconcile till tax Period:

        •  Monthly filers:Report the opening balance considering RCM ITC till the July-2024 return period.

        •  Quarterly filers:Report the opening balance up to Q1 of FY 2024-25, considering RCM ITC till the April-June, 2024 return period.

  •  Deadline to declare Opening Balance:Opening balance can be declared till 31.10.2024.

  •  Amendments in Opening Balance:Taxpayers can rectify any errors committed while declaring the opening balance on or before 30.11.2024, he shall be provided three opportunities for the same.

This amendment facility shall be discontinued after 30.11.2024.

Advisory for furnishing bank account details before filing GSTR-1/IFF Notification No. 38/2023 – Central Tax New Delhi, the 4th August, 2023

Aug 23rd, 2024

1.  As per Rule 10A of Central Goods and Services Tax Rules, 2017 notified vide notification no. 31/2019 dated 28.06.2019, a taxpayer is required to furnish details of a valid Bank Account within a period of 30 days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both in FORM GSTR-1or using Invoice Furnishing Facility (IFF), whichever is earlier.

2.  Advisory and various communications have already been issued time to time to inform the taxpayers regarding furnishing the details of a valid Bank Account detail in the GST Registration.

3.  Now, from 01st September, 2024 this rule is being enforced. Therefore, for the Tax period August-2024 onwards, the taxpayer will not be able furnish GSTR-01/IFF as the case may be, without furnishing the details of a valid Bank Account in their registration details on GST Portal.

4.  Therefore, all the taxpayers who have not yet furnished the details of a valid Bank Account details are hereby requested to add their bank account information in their registration details by visiting Services > Registration > Amendment of Registration Non – Core Fields tabs on GST Portal.

5.  It is informed that in absence of a valid bank account details in GST registration, you will not be able to file GSTR-1 or IFF as the case may, be from August-2024 return period.