GST: All the Forms Related to GST

Goods and Service Tax or GST refers to an indirect tax which has been passed by the Parliament on March 29, 2017. GST has replaced several indirect taxes such as VAT, service tax and excise duty etc. It is a comprehensive, destination-based and multi-stage tax and imposed on every value-added. The Government of India has issued several forms for compliances related to GST services.

GST Returns

GST forms are issued by the Government of India on a regular basis on the GST site. A GST Return form refers to a document that contains all related to sales, purchase, input tax credit and output GST. This form helps in calculating the GST liability of a person for a particular time period.

GST Returns need to be filed by all business owners and dealers to have a GST registration. The application can be filed both online and offline. The online process is more common nowadays. The process of GST filing online is available on the official portal of GSTN, which includes details regarding paying GST online.

Till now, 158 different types of forms have been issued by the government. Under GST, the system of naming forms is quite impressive. The forms have been named in a very simple manner and understanding the nature of the form has become very easy. All the forms for the purpose of return filing are named as GSTR-1, GSTR-3 while the forms to be applied by practitioners are named as GST PCT-1, GST PCT-2 and so on.

Types of GST Returns

The following are the different GST Returns or GSTR that needs to be filed by a taxpayer:

GSTR 1:

This type of form refers to the return that needs to be furnished to report all the sale transactions that have been made during a specific tax period. It also includes reports for the issue of debit and credit notes.

GSTR 2A:

It is a return that contains details regarding all the purchases made during a specific tax period.

GSTR 2:

Includes all the purchases that have been made in a tax period and can be audited.

GSTR 3:

This refers to the monthly summary return that includes details of all purchases and sales made during a particular tax period. It is auto-generated based on GSTR 1 and GSTR 2.

GSTR 3B:

GSTR 3B refers to a monthly self-declaration that includes details of every sale made, tax liability ascertained or tax paid.

GSTR 4/ CMP 08:

GSTR 4 Refers to a return that has to be furnished by taxpayers opting for the GST Composition scheme. This return has been replaced by CMP 08.

GSTR 5:

It has to be furnished by foreign taxpayers who carry out business in India and are registered under GST. It contains details of all sales and purchase made, debit and credit notes and taxes.

GSTR 6:

GSTR 6 has to be furnished by an ISD or an Input Service Provider. It includes details of all the input tax credit that is received and distributed by ISD.

GSTR 7:

GSTR 7 is to be furnished by a person who needs to deduct Tax Deducted at Source or TDS under GST.

GSTR 8:

GSTR 8 has to be furnished by e-commerce operators who are registered under GST and need to collect TCS or Tax at Source. It contains details of all the supplies that have been made through the platform of e-commerce.

GSTR 9:

GSTR 9 refers to an annual return that includes details of all sales and purchases made under various tax heads. It has to be filed by taxpayers who are registered under GST.

GSTR  9A:

It refers to the return for taxpayers who are registered under a Composition scheme. It includes all quarterly returns filed for a specific financial year.

GSTR 9C:

GSTR 9C refers to the reconciliation statement that has to be filed by taxpayers who are registered under GST and has a turnover of more than Rs 2 crores.

GSTR 10:

GSTR 10 is a return that has to be furnished by a person whose registration has been surrendered or cancelled.

GSTR 11:

GSTR 11 refers to the return that needs to be furnished by a person who has a Unique Identity Number or UIN issued.

Late filing of GST Returns

It is compulsory to file a return under GST. In case of no transaction, a Nil return has to be filed. A GST return cannot be filed if there is no file for the previous month’s return. If the GST return is filed late, it can result in the implementation of both heavy penalty and fine.

Late fees or Interest to be paid

The rate of interest to be paid is 18% pa. It is calculated based on the amount of tax that is still to be paid. According to the GST Act, the late fine is Rs 100 /day.

Thus, GST has the power of bringing a corruption-free and transparent administration. It is business-friendly and can help in removing the shortcomings of the indirect tax system in India. GDP can help in the reduction of tax and thereafter, increase profits. It can help improve the country’s GDP.

The above article contains all the updated information related to GST that can help a taxpayer understand it well. It also contains all the GST details regarding different forms associated with GDP.

Besides forms for filing GST returns, there are also GST registration forms, forms for GST practitioners, forms for payers of composition tax, forms for input tax credit (ITC), payment forms under GST and forms for tax refunds under GST.

Also read:
How to Check Your GST Application Status?
GST for Every Business

FAQs

Q. What are the different types of GST?

A. At present, there are three types of GST- CGST, SGST and IGST. This division helps in distinguishing between Intra and inter-state supplies. It also helps in mitigating indirect taxes. A person can register for GST based on his economic activity.

Q. What are the rules of GST?

A. There are certain rules that have to be kept in mind while GST filing. One should never buy from unregistered dealers and take a tax invoice on every purchase made. Make sure that advance payments are mentioned. GST should not be charged as a tax but split correctly between IGST, SGST and CGST. One should be careful while calculating GST.

Q. What are the items that are excluded from GST?

A. Fish, meat, eggs, honey, milk products, fruits and vegetables, tea, coffee, edible grains, oil, seeds, gum and raisins, sugar, baked products, salt, water, minerals, fertilisers, essential oils, fabric, decorative items are some of the items that are not included in the GST bill.

Q. What is the purpose of GST?

A. Goods and Services Tax or GST is an indirect tax which is inflicted on the value computed to goods and services in every stage. It helps in mitigating the cascading effect and also in the abolition of multiple taxation layers. GST can help in creating a unified marketing system and ease the process of doing business.