GST DUNIYA. (Part – 6)

GST DUNIYA. (Part – 6)


Hello Readers,

Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:

Part 1

Part 2

Part 3

Part 4

Part 5

Today we will discuss about Returns in GST

Let’s start:

Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return, It means total 37 returns need to be file in GST law.. 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).Below are 11 kind of GST returns which are explained in the manner of who is required to file, what information is required to file, and relevant date of filing.

GSTR 1 : It is required to file by Registered taxable supplier by 10th of next month. And in GSTR 1,it is required to file details of outward supplies of taxable goods and/or services effected.

GSTR 2 : It is required to file by Registered Taxable Recipient by 15th of next month. And in GSTR 2, it is required to file Details of inward supplies of taxable goods and/or services effected claiming input tax credit.

GSTR 3 : It is required to file by Registered Taxable Person by 20th of next month. This return is required to file on the basis of monthly details of outward supplies and inward supplies along with the payment of amount of tax.

GSTR 4 : This return is required to be file by composition supplier by 18th of the month succeeding quarter. And it is required to file Quarterly return for person under composition scheme.

GSTR 5: This return is required to file by Non-Resident Taxable Person by 20th of next month.

GSTR 6: GSTR 6 will be file by Input Service Distributor by 13th of the next month.

GSTR 7 :  GSTR 7 will be file by  Tax Deductor.This return is related to persons deducting atx at source. It is to filed by 10th of next month.

GSTR 8 : This retusrn is required to file by E-commerce Operator/Tax Collector by 10th of next month.It will contain information regarding details of supplies effected through e-commerce operator and the amount of tax collected.

GSTR 9:  Annual return of a registered taxable person shall be filed under GSTR 9 by 31st Dec of next financial year.

GSTR 10 : This return is required to be filed by Taxable person whose registration has been surrendered or cancelled.Date for filing this return is Within three months of the date of cancellation or date of cancellation order, whichever is later.

GSTR 11 : This return will be filed by Person having UIN and claiming refund. Date for filing this return is  28th of the month following the month for which statement is filed. It will furnish Details of inward supplies to be furnished by a person having UIN.

All these returns are required to be filed online through a common portal to be provided by GSTN, non-government, private limited company promoted by the central and state governments with the specific mandate to build the IT infrastructure and the services required for implementing Goods and Services Tax (GST).

Now Next topic of this part is Impact of GST on various sectors:

  • Impact on Traders: The impact of tax on the wholesaler or retailer would be limited

to the value addition. The tax paid at earlier stages (except CGST & SGST of other

States) would be available as set off for payment of GST on supplies. Therefore, traders

would prefer to buy/receive supplies with invoice pre-and post GST. It is important to note that CGST and SGST will levy on Intra state Trade and IGST will levy on Inter State Trade.Another impact on small scale traders is that they are eligible for the composition scheme provided their aggregate turnover in the preceding financial year did not exceed Rs. 50 lakh.

  • Impact on Manufacturers: At present, excise duty is paid on the event of

manufacture of excisable goods and VAT on the sale of goods. VAT/CST is computedon sale price+ excise duty paid. With the shift of taxable event from manufacture tosupply of goods, the valuation of goods could be simplified. Under GST, actual valuereceived as a consideration for the supply of goods would be subject to GST with some exceptions. Under present Excise law Manufacturers having a value of clearances of less than Rs. 150 Lakhs are exempt .The matter of administration has not been resolved as on date.

  • Impact on Service Providers:In present service tax,it is a destination based levy, the burden of which is borne by the end customer. GST is Consumtion Based levy is consumption based tax. And under earlier taxation system, VAT credit was not available to service provider but in GST, it is available.


  • Impact on Consumers: There would be free trade and commerce between States andthroughout the country which would provide more options to the consumer.In VAT system, it was seen that price of a same product was different in different states due to variation in taxes. But with GST, this problem will be solved.


  • Impact on Work Contract : Work contact is a combination of contracts involving material and labour. On Material portion, VAT is levy and on service Portion, Service tax is levy but under GST regime, on whole amount, GST will be levy.


  • Impact on leasing companies: Under earlier law,if there is transfer of right to use goods involving transfer of effective controland possession, then it is subject to VAT; otherwise, it is subject to service tax but Under GST it would be a service.


  • Impact on Country : GST law will impact country in various ways like expected increase in FDI, Single point taxation, Increase in revenue, Simplified tax laws,etc.


Under GST,the basis of charge is SUPPLY.In part 7, we will understand this concept.

So, Don’t miss it.

In case of any query related to above article, the questions can be asked by commenting in the comment box or the author can be contacted personally at [email protected]com or 

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