GST MONTHLY RETURNS

One of the key aspects of the GST era is that most of the indirect taxes – for which returns had to be filed separately for various businesses, have been subsumed. Today, irrespective of whether one is a trader, manufacturer, reseller or service provider, one needs to file GST returns online, in the prescribed formats. More importantly, the monthly compliance activity has significantly gone up in the GST regime.

Under GST, there are 19 GST return forms, which tax payers can use to file GST returns online. All these forms are required to be e-filed as per the GST return filing process laid down in the GST return rules section of the GST Act. While most of them are monthly returns, there are quite a few which are quarterly and annually as well.

GST MONTHLY RETURNS DATES OVERVIEW

Under GST, every registered taxable person will need to file GST monthly returns – which are specifically via filing a set of GSTR (GST Returns ) forms. For a particular month, the GST monthly returns format will need to be adhered to, filed and submitted in the subsequent month. The following will help understand the GST monthly returns dates in a given month:

•  By the 10th - All outward supplies need to be populated in Form GSTR 1
•  On the 11th - The inward supplies starts becoming visible to a recipient in the GST portal, in the auto-populated Form GSTR 2A
•  From 11th to 15th - All corrections (additions, modifications and deletion) in Form GSTR 2A need to be done by the recipient and submitted via Form GSTR 2t
•  On the 16th - The corrections (addition, modification and deletion) by the recipient in Form GSTR 2 will be made available to the supplier in Form GSTR 1A . The supplier has to accept or reject the adjustments made by the recipient. The Form GSTR 1 will be amended according to the extent of correction accepted by supplier.
•  On the 20th- The auto-populated return GSTR-3 will be available for submission along with the payment. After the due date of filing the monthly return Form GSTR-3 , the inward supplies will be matched with the outward supplies furnished by the supplier, and then the final acceptance of input tax credit will be communicated in Form GST MIS-1 . Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated in Form GST MIS-1 . Discrepancies not ratified will be added as output tax liability along with interest. However, within the prescribed time, if it is ratified, the recipient will be eligible to reduce this output tax liability.

ELIGIBILITY

Monthly GST return must be filed by all taxpayer except for small taxpayers (Taxpayers having a turnover of less than Rs.5 crores), composition dealers, input service distributors, non-resident registered persons and person liable to deduct tax at source. Hence, any person having GST registration and a turnover of more than Rs.5 crores per annum would be required to file monthly GST return. The taxpayer would be able to determine if the account falls in the small category taxpayer by checking the GST portal. In case of a newly registered taxpayer, the account would be classified on the basis of self-declaration of the estimated turnover.