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Step-up on GST: Returns to be filed under GST

Blog Post created by www.withdia.com Your Intelligent Assistant on Jun 14, 2017

With GST set to be implemented, www.withdia.com brings to you collaborative wisdom on the GST law and potential impact areas for your business. In this blog, we look at a query on the number and types of returns to be filed by a registered person.

 

Query:

What are the returns that a Company in the IT ITeS sector be required to file, in a financial year?

 

Response:

The following returns would be required to be filed by every registration (i.e., if operations in two States, by each of the two registrations):

  1. Form GSTR-1: Details of outward supplies (By 10th of every month, for the previous month) – 12 returns
  2. Form GSTR-2: Details of inward supplies (By 15th of every month, for the previous month, based on acceptance/ rejection/ modification/ deletion/ addition of entries to those auto-populated from the GSTR-1 of the various suppliers) – 12 returns
  3. Form GSTR-3: Return for the month (By 15th of every month, for the previous month, based on auto-populated details from furnished Form GSTR-1 & GSTR-2, and payment of taxes through electronic credit ledger or electronic cash ledger) – 12 returns
  4. Form GSTR-9: Annual return (By 31st December of the following financial year) along with audit accounts and a reconciliation statement between the details furnished in the returns and the figures ion the audited accounts (Annual return alone would suffice where the aggregate turnover in the year does not exceed Rs.2 Crore) – 1 return

 

Additionally, where applicable, the below returns would also have to be filed:

  1. Form GSTR-6: Return for distribution of credits by every registration as an Input Service Distributor (By 13th of every month, for the previous month, based on acceptance/ rejection/ modification/ deletion/ addition of entries to those auto-populated from the GSTR-1 of the various suppliers of service) – 12 returns
  2. Form GSTR-8: Only if the Company acts as an e-commerce operator for the supply of goods or services by other suppliers for tax collected at source (By 10th of every month, for the previous month) – 12 returns, if applicable 

 

Legislative reference: Section 37, 38, 39 and 44 read with Section 20 and 52 of the CGST Act, 2017

Authors: Meghana Belawadi and NR Badrinath

 

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