What is a GST Return?
A GST return is a form that every GST-registered person must file to report:
- Sales (outward supplies),
- Purchases (inward supplies),
- Input Tax Credit (ITC),
- And tax payable to the government.
Returns must be filed monthly, quarterly, or annually depending on your registration type.
Why is Filing Returns Important Under GST?
It helps the government track your tax liability and lets you:
· Claim ITC,
· Avoid penalties or interest,
· Maintain compliance to avoid GST registration cancellation.
Summary of GST Return Forms You Should Know
|
Form |
Purpose |
Frequency |
|
GSTR-1 |
Details of outward supplies (sales) |
Monthly/Quarterly |
|
GSTR-3B |
Summary of sales, purchases, tax, and ITC |
Monthly/Quarterly |
|
GSTR-2A |
Auto-drafted purchases from supplier returns |
Auto (Read-only) |
|
GSTR-2B |
Static monthly ITC summary |
Auto (Read-only) |
|
GSTR-4 |
Return for Composition Dealers |
Annually |
|
GSTR-5 |
Return for Non-Resident Taxable Persons |
Monthly |
|
GSTR-6 |
Return by Input Service Distributors (ISD) |
Monthly |
|
GSTR-7 |
Return for TDS deductors |
Monthly |
|
GSTR-8 |
Return for TCS collectors (e-commerce) |
Monthly |
|
GSTR-9 |
Annual Return for Regular Taxpayers |
Annually |
|
GSTR-9C |
Reconciliation Statement for turnover > ₹5 Cr |
Annually |
|
GSTR-10 |
Final return after cancellation |
One-time |
|
SRM-II |
Monthly return for tobacco/pan masala makers |
Monthly |
|
IMS |
Invoice reconciliation tool |
Optional |
What is the QRMP Scheme?
Quarterly Return and Monthly Payment (QRMP) scheme is for taxpayers with turnover up to ₹5 Crores:
· File GSTR-1 and GSTR-3B quarterly.
· Pay tax monthly.
· Use Invoice Furnishing Facility (IFF) to report sales in the first 2 months.
What Is a First Return?
When you file your GST return (GSTR-1 or GSTR-3B) for the first time after registration, it’s called your First Return.
Important points:
· You can issue revised invoices for sales made between the date you became liable and the date of registration.
· You can claim ITC for purchases made before registration—on unsold stock held the day before registration takes effect.
What’s the Difference Between GSTR-2A and GSTR-2B?
|
Feature |
GSTR-2A |
GSTR-2B |
|
Nature |
Dynamic (keeps updating) |
Static (fixed for the month) |
|
Purpose |
Reconcile ITC with supplier invoices |
Shows eligible & ineligible ITC |
|
Update Time |
Live updates |
Generated on 13th of next month |
Who Doesn’t Need to File Certain Returns?
Some entities are exempt from annual returns and reconciliation statements, such as:
· Input Service Distributors (ISD)
· TDS/TCS registered persons
· Non-Resident and Casual Taxable Persons
· OIDAR service providers
What is the Invoice Management System (IMS)?
Coming October 14, 2024, IMS is a tool to:
· Match invoices received with those reported by suppliers,
· Accept/reject/pending invoices for better ITC control.