Types of GST Returns

The GST return or Goods and Services Tax return is a format wherein the taxpayers who are registered under the GST laws must file for each registration separately. Also, the number of GST returns filed by the taxpayer differs based on the taxpayer category they belong, like e-commerce business owner, regular citizen, non-resident Indian, composition dealer, etc. Generally, an ordinary taxpayer is obliged to file two returns every month and an annual return for each registered GST separately.

• GSTR -1 This is a kind of GST return that is filed by all taxpayers registered under the GST. It is filed every month, except if the taxpayer has recorded a turnover of Rs. 1.5 crore in the previous financial years, it can be filed every three months.
• GSTR – 2A GSTR-2A return is a read-only return that contains details of the supplies purchased by the business owner from the registered supplier during the tax period.
• CMP-08 CMP-08 is a type of GST returns specially meant for taxpayers who have opted for the Composition Scheme , and it must be filed every quarter. The CMP-08, which replaced the GSTR-4 is a scheme wherein the taxpayers who have an annual turnover up to 1.5 crores can pay taxes at a fixed rate on the declared turnover.
• GSTR-5 This GST return is to be filed by non-resident foreign taxpayers who carry out business transactions in India. The returns must have details of the outward and the inward supplies, taxes paid, debit/credit note, etc. The returns must be filed every month for each month that the taxpayer is registered under GST.
• GSTR-6 GSTR-6 is a monthly return that is to be filed by the ISD or Input Service Distributor, and it contains details of the input tax credit received by the ISD. It also includes details of the documents issued for distributing the input credit and how it was distributed.
• GSTR-7 It is a monthly return that is filed by taxpayers to deduct TDS (Tax Deducted at Source) under the GST. It contains details of the TDS amount deducted, the TDS liability, and the TDS refund claimed by the taxpayer.
• GSTR-8 The GSTR-8 is specially meant for e-commerce businesses that are registered under the GST and are required to collect TCS or Tax Collected at Source. It contains details of all the supplies that were made through the e-commerce platform, and the TCS collected on it.

Thus, there are different types of GST returns in India that are meant for different kinds of taxpayers. So, while filing your GST returns, make sure that you submit the correct returns that are applicable to you.Ready to make the most of your money? Start your tax planning journey now!

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