A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. Return is a very critical aspect of any tax administration since it is the formal mode for submission of information important for administration of tax in a structured and time bound manner. Return provides a framework for working out the tax that become payable in the prescribed period applying the legal principles laid down in the tax law to the transaction during the period. A taxable person has a legal obligation:
(i) To declare his tax liability for a given period in the return;
(ii) Furnish about the taxes paid in accordance with that of return;
(iii) File correct and complete return within stipulated time frame.
The submission and processing of return is an important link between the taxpayer and tax administration as it is an important tool for:
(i) Compliance verification program of tax administration
(ii) Providing necessary inputs for taking policy decision
(iii) Management of audit and anti- evasion programs of tax administration
(iv) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation
GST is a self assessed destination based taxation system. It is a transaction based tax and the unit for calculation of tax liability is individual transaction, both outward as well as inward. This document explains the legal provisions with respect to returns , the underlying principles and processes involved. Returns in GST are totally electronic without any requirement of physical submission. The efforts has been to make it as transaction based as possible so that once the tax payer gives the details of transactions, most part of the return is auto generated from details of underlying individual transactions. There shall be one common retrun for IGST, CGST and SGST that shall be submitted on the GST common portal and tax departments will pull the return data relevant to them from the portal for further processing and analysis.
Periodicity of Return Filing
Common periodicity of returns for a class of taxpayer is enforced.There is different frequency for filing of returns for different class of taxpayer, after payment of due tax, either prior to or at the time of filing return.The return can be filed without payment of self assessed tax as per the return but such return would be treated as an invalid return and would not taken into consideration for matching of invoices and for inter governmental fund statement among states and the center. The periodicity of return for different categories of tax payer is as follows:
1. GSTR 1 It is used for outward supplies made by taxpayer(other than compounding taxpayer
and input service distributor . To be filed by 10th of next month
2.GSTR 2 It is used for inward supplies received by a taxpayer ( other than compounding
taxpayer and ISD) .To be filed 15th of the next month
3. GSTR 3 Monthly return (other than compounding taxpayer and ISD). 20th of next month
4. GSTR 4 Quarterly return for compounding taxpayer . To be filed 18th of the month next to
quarter
5. GSTR 5 Periodic return by Non- Resident Foreign Taxpayer. To be filed within seven days from
last day of registration.
6. GSTR 6 Returns for Input Service Distributor. To be 13th of the next month
7. GSTR 7 Returns for Tax Deducted at source. To be filed 10th of next month
8. GSTR 8 E commerce Operator. To be filed 10th of next month
9. GSTR 9 Annual Return. To be filed by 31 December of next FY
10. GSTR 10 Final Return . To be filed 3 months from the date of cancellation
Other Important Points relating to periodicity of return filing
to be continued.......................
(i) To declare his tax liability for a given period in the return;
(ii) Furnish about the taxes paid in accordance with that of return;
(iii) File correct and complete return within stipulated time frame.
The submission and processing of return is an important link between the taxpayer and tax administration as it is an important tool for:
(i) Compliance verification program of tax administration
(ii) Providing necessary inputs for taking policy decision
(iii) Management of audit and anti- evasion programs of tax administration
(iv) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation
GST is a self assessed destination based taxation system. It is a transaction based tax and the unit for calculation of tax liability is individual transaction, both outward as well as inward. This document explains the legal provisions with respect to returns , the underlying principles and processes involved. Returns in GST are totally electronic without any requirement of physical submission. The efforts has been to make it as transaction based as possible so that once the tax payer gives the details of transactions, most part of the return is auto generated from details of underlying individual transactions. There shall be one common retrun for IGST, CGST and SGST that shall be submitted on the GST common portal and tax departments will pull the return data relevant to them from the portal for further processing and analysis.
Periodicity of Return Filing
Common periodicity of returns for a class of taxpayer is enforced.There is different frequency for filing of returns for different class of taxpayer, after payment of due tax, either prior to or at the time of filing return.The return can be filed without payment of self assessed tax as per the return but such return would be treated as an invalid return and would not taken into consideration for matching of invoices and for inter governmental fund statement among states and the center. The periodicity of return for different categories of tax payer is as follows:
1. GSTR 1 It is used for outward supplies made by taxpayer(other than compounding taxpayer
and input service distributor . To be filed by 10th of next month
2.GSTR 2 It is used for inward supplies received by a taxpayer ( other than compounding
taxpayer and ISD) .To be filed 15th of the next month
3. GSTR 3 Monthly return (other than compounding taxpayer and ISD). 20th of next month
4. GSTR 4 Quarterly return for compounding taxpayer . To be filed 18th of the month next to
quarter
5. GSTR 5 Periodic return by Non- Resident Foreign Taxpayer. To be filed within seven days from
last day of registration.
6. GSTR 6 Returns for Input Service Distributor. To be 13th of the next month
7. GSTR 7 Returns for Tax Deducted at source. To be filed 10th of next month
8. GSTR 8 E commerce Operator. To be filed 10th of next month
9. GSTR 9 Annual Return. To be filed by 31 December of next FY
10. GSTR 10 Final Return . To be filed 3 months from the date of cancellation
Other Important Points relating to periodicity of return filing
to be continued.......................
