GST Returns and their Due Dates

Under 

the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS)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

Composition Scheme under GST

Meaning of Composition Scheme: 
A scheme which is made for the benefit of small dealer, small manufacturer and small service provider by reducing their burden of compliance. Like: Less number of returns, less maintenance of books and records as compared to general dealer. 

Who can opt for Composition dealer? 
Dealers and manufacturers, who are supplying goods and whose aggregate turnover does not exceed Rs. 75 Lakh in the preceding financial year. In the previous law there is no benefit to manufacturer but the same is given in GST law. 

No benefit is given to the service providers but there is an exception is given to the restaurant service providers as mentioned in clause (b) of paragraph 6 of schedule II. If a restaurant service provider is providing services and aggregate turnover does not exceed 75 lakh in the preceding financial year then he is entitled to opt for composition scheme.

Below are some of the prominent reasons why you should choose to get registered as a supplier under the composition scheme:

• Limited Compliance:  Under the composition scheme, the taxpayer is required to furnish quarterly return only, and thus he need not worry on record keeping and can focus on his business more rather than being occupied in compliance procedures.

• Limited Tax Liability : Another benefit of getting registered under the composition scheme is that the tax rate for such taxpayer is nominal under the GST Law.