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New Indirect Tax Regime – GST
Goods and Services Tax is considered as the poster boy of Indian Economic Reforms. It is expected to revolutionize the way Indian’s do business. Businesses small and large are expected to get impacted by its implementation. The new regime will unify the return filing process across the country. Until June 2017, businesses were required to file their sales tax/ VAT return on monthly, quarterly or half-yearly basis depending on the business they were doing and the state they were operating from. However, now under the new regime monthly/quarterly return will need to be filed. Here we are providing a list of all the returns notified under the GST law. Though these returns have been notified, however, the filing process for some of these returns have been postponed indefinitely to bring ease of transition for businesses.
Returns Applicable Under GST
In the table below, we have provided details of all the returns which are required to be filed under the GST Law.
Return Form | What to file? | By Whom? | By When? |
GSTR-1 | Details of outward supplies of taxable goods and/or services effected | Registered Taxable Supplier | 10th of the next month |
GSTR-2 | Details of inward supplies of taxable goods and/or services effected claiming input tax credit. | Registered Taxable Recipient | 15th of the next month |
GSTR-3 | Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. | Registered Taxable Person | 20th of the next month |
GSTR-4 | Quarterly return for compounding taxable person. | Composition Supplier | 18th of the month succeeding quarter |
GSTR-5 | Return for Non-Resident foreign taxable person | Non-Resident Taxable Person | 20th of the next month |
GSTR-6 | Return for Input Service Distributor | Input Service Distributor | 13th of the next month |
GSTR-7 | Return for authorities deducting tax at source. | Tax Deductor | 10th of the next month |
GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | E-commerce Operator/Tax Collector | 10th of the next month |
GSTR-9 | Annual Return | Registered Taxable Person | 31st December of next financial year |
GSTR-10 | Final Return | Taxable person whose registration has been surrendered or cancelled. | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
GSTR-11 | Details of inward supplies to be furnished by a person having UIN | Person having UIN and claiming refund | 28th of the month following the month for which statement is filed |
GSTR-3B | Monthly Summary Return of Purchase and Sale | Registered Taxable Person | 20th of the month following the month for purchase and sale |
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