The GST annual return filing is a necessary compliance you have to make under the GST Act. It is through these returns that your tax liability is calculated. These returns keep track of your transactions and make sure that you are at all times in disclosure of your liabilities regarding the taxes you need to pay. Another important thing that ensures this is your GST invoices. These invoices are vital and must be maintained in the prescribed GST Bill Format so that they meet the requirements of the law.

What is GST Bill Format?

GST Invoice or Bill has to follow a specified format, which is in the form of an excel sheet. The following information needs to be mentioned on the bill.

1. The date and day of the issuance of the invoice.

2. Name and other details of the customer, including the address and GSTIN (if any).

3. The list of the products sold or services provided

4. The product description or the service details and all other relevant information such as price and quantity.

5. The signature of the seller for authentication of the invoice.

Now moving on to the returns, these are, as said above, very important to be filed. And you cannot file them at any time. There are due dates for the same. But before I brief you about those due dates, let me tell you what these returns are.

What is GST Returns?

GST return is a document, more like a form that the taxpayers need to fil to disclose their transactions made under the GST Act and the tax they need to pay as per those transactions. This form also contains the details of the input tax credit claimed. So, you need to fill these forms very carefully because a single mistake can lead to big problems for your business and run it into losses. 

Due Dates of Filing the Returns

There are many different GST returns that the taxpayers need to file under the GST Act. Here is a comprehensive list of all these returns, along with the due dates of filing them.

GSTR 1

You need to file this return to report your sales transactions during a particular period. All the amendments made to invoices, debit, and credit notes issued are all in this return.

This return filing is on a monthly basis. However, small businesses can even file the return on a quarterly basis.

GSTR 2A

This is for reporting the purchases. All the inward supplies that is the raw materials and other services taken by a supplier are reported in this form. This is only a reporting form; no action is taken on this return. It is just a compliance requirement.

The due dates of filing this form are consistent with those of the GST 1 form.

GSTR 2

This is an editable version of the GSTR 2A form and is filed along with that form on the same due dates.

GSTR 3B

This form is more like a declaration. It gives out details of all the transactions made by the regular taxpayers, be it the inward supplies, outward supplies, debit, or credit notes. The input tax claim details are also included in this form.

GSTR 4

This form is for small businesses, yet not for all small businesses. Only the small businesses that have taken up to the composition scheme will fill this return disclosing the details of their transactions.

The due date to file such return comes every three months.

GSTR 5

This return is for the non-resident foreign Indians who carry out their transactions within India without a place of business. They have to disclose all the relevant and necessary details regarding their business and transactions in the form.

The due date of filing is the last date of every quarter.

GSTR 6

The input service distributors have to file this return in which they have to give out details of ITC received and distributed by them. The documents evidencing the receipt and distribution of the credit should also accompany the return.

The return is a monthly return, and the due date of filing it is the end of every month.

GSTR 7

This return is to give out the details of tax deducted at source by the suppliers of goods and services. So, the suppliers who are liable to deduct tax at source have to file this return monthly.

GSTR 8

This return is for information regarding the tax collected at source by the e-commerce operators. The e-commerce operators need to file it every month, disclosing all the tax collected by them on the sales made through the e-commerce channels.

GSTR 9

This is the most comprehensive return under the GST Act. It contains every small detail relating to GST. The taxpayers have to fill in the details of outward as well as inward supplies made by them along with the tax payable under CGST, SGST, and IGST, separately.they also have to mention the tax already paid by them and also the tax payable by them.

Due to the comprehensiveness of this return, the Act has given sufficient time to fill it and file it on an annual basis.

However, those who have opted for composition scheme need not file this return.

GSTR 9A

The people who have opted for composition scheme have to file this return in lieu of the GSTR 9 return. It contains the same details that are in the GSTR 9 return and is also an annual return.

GSTR 9C

This is a reconciliation statement. All the taxpayers whose turnover is more than Rs.2 crore have to get their accounts audited by a qualified Chartered Accountant and file this return in the form of a reconciliation statement on an annual basis.

GSTR 10

Any taxable person who has surrendered his/her registration or in case of cancellation of registration of such person, they have to file GSTR 10 return within 3months of such surrender or cancellation.

GSTR 11

This is for the foreign diplomatic mission or embassies. Any such mission or embassy is not liable for tax in India. So, if they have a UIN, they can file this return and claim a refund of the GST they have paid.

Conclusion

So, the categories of returns are basically for different types of taxpayers. There is one single GST annual return that every taxpayer must file, and then there are monthly and quarterly compliances. The taxpayers must take care that they stick to the due dates. Also, they should maintain proper invoices in the GST bill format to keep it easy for themselves to file the returns.