What information needs to be included in each type of return?
The information required in each type of Goods and Services Tax (GST) return may vary depending on the specific return form and the nature of the taxpayer’s business. As of my last knowledge update in January 2022, the GST return system may evolve, and new forms or changes in requirements may occur. However, as of that time, here is a general overview of the key information typically required for some common GST return forms in India:
- GSTR-1 (Outward Supplies Return):
- Details of outward supplies made during the reporting period.
- Invoice-wise details of sales, exports, and other supplies.
- HSN (Harmonized System of Nomenclature) code of goods.
- Debit and credit note details.
- GSTIN (Goods and Services Tax Identification Number) of recipients.
- GSTR-2 (Inward Supplies Return):
- Details of inward supplies received during the reporting period.
- Invoice-wise details of purchases.
- HSN code of goods.
- Debit and credit note details.
- GSTIN of the supplier.
- GSTR-3 (Monthly Return):
- A consolidated return based on GSTR-1 and GSTR-2.
- Summary of outward and inward supplies.
- Input tax credit details.
- Tax liability computation.
- Payment of tax.
- GSTR-4 (Composition Scheme Return):
- Quarterly return for taxpayers opting for the composition scheme.
- Summary of outward and inward supplies.
- Tax payable and paid.
- Details of payment of tax.
- GSTR-9 (Annual Return):
- A yearly return consolidating the details furnished in monthly/quarterly returns.
- Comprehensive details of outward and inward supplies for the entire financial year.
- Input tax credit details.
- Auditor’s recommendations (if applicable).
- GSTR-9C (Reconciliation Statement and Certification):
- A reconciliation statement between the audited financial statements and the GST returns.
- Certifications by a Chartered Accountant or a Cost Accountant.