Execution of the comprehensive Income Tax framework like GST in India has made certain that the taxpayer services like registration, returns, and compliances are transparent and straightforward. Individuals filing their GST returns will be using 4 types of forms: the return for supplies, return for purchases, monthly returns, and annual returns. The taxpayers who have opted for a composition scheme will have to file the GST returns quarterly and all the filings will be done online.
What is a GST Return?
A GST Return is a report containing details of all income/sales and expenses/purchases which a taxpayer is required to file with the tax authorities. Under GST, an enrolled vendor needs to document GST returns that extensively include:
- Purchases
- Sales
- Output GST (On sales)
- Input Tax Credit (GST paid on purchase)
Who Should File GST Returns?
In the GST system, any standard business having more than Rs. 5 crores as yearly turnover needs to file two monthly returns and two annual returns, this amounts to 26 returns in a year. The numbers of GSTR filing vary for quarterly GSTR-1 filers under the QRMP plot. They need to file a total of 9 GSTR in a year, including the GSTR – 3B and annual return.
Types of Taxpayers
While understanding GST Returns, it is additionally important to comprehend the type of taxpayers. There are seven kinds of taxpayers.
- Regular Taxpayer
- Composition Taxable Persons
- TDS Deductor
- Non-Resident Taxpayer
- Input Service Distributor
- Casual Taxable Persons
- e-Commerce Operators
So now that we are clear about GST return filing, let’s get started on understanding the different types of GST returns.
Here is a list of all the 13 types of returns to be filed as prescribed under the GST Law:
- GSTR-1
- GSTR-2
- GSTR-3B
- CMP-08
- GSTR-4
- GSTR-5
- GSTR-6
- GSTR-7
- GSTR-8
- GSTR-9
- GSTR-9C
- GSTR-10
- GSTR-11
How GST Returns are Filed?
- At the GST portal, based on your state code and PAN number, a 15 digit number will be generated and issued to the individual filing the GST.
- Each invoice that you have needs to be uploaded. Against each invoice, a reference number will be issued.
- The next step is to file the outward returns, inward returns, and cumulative monthly returns. All errors can be rectified.
- File the outward supply returns.
- The recipient has to verify the details of the outward supplies and file details of credit or debit notes.
Why Alankit?
To smoothen out the process of GST compliance across the country, Alankit has introduced Alankit GST Muneemji, a cloud-based solution for all GST compliance. It serves as high utility-based GST software India, with amazing features to ease-out the process for the customers.
- Invoice management, including bulk upload of invoices, invoice validation, and integration with ERP/ Accounting Software.
- Reconciliation, including pre & post-filing reconciliation, automated reconciliation of Inward/Outward Supplies.
- Return filings, including Automated Return Filings and GST Return preparations. Thus, it serves as the best GST return software in the country.
- Dashboard & reports, including an integrated view of fillings, tax liability and payment view, and analytics and trends.
- Miscellaneous email alerts with appropriate escalations, DSC & eSign preparation.
- User Management, including Multi GSTIN access control, Multi-user control.
We have also introduced the one-of-its-kind e-Way bill generation software, e-Raahi to instantly create the e-Way bills without any hassle and in an affordable manner.
Know More: Merits and Demerits of Goods and Services Tax