ACCOUNTS AND

RECORDS
RETURNS & ITS
TYPES
RETURNS :
► The term “ Return ” ordinarily means statement of
information ( facts ) furnished by the taxpayer, to tax
administrators , at regular intervals . The information
to be furnished in the return generally comprises of the
details pertaining to the nature of activities / business
operations forming the subject matter of taxation ; the
measure of taxation such as sale price,turnover,or
value ; deductions and exemptions ; and determination
and discharge of tax laibility for a given period .
►‘ Return ’ is a very important aspect of GST as all
control over tax paid and input tax credit availed
, is on the basis of return filed by taxable person.
►A return is a document that a tax payer is
required to file as per law
GSTR – 1 ( Return for outward
Supplies )
► GSTR – 1 is the return to be furnished for
reporting details of all outward supplies of goods
and services made.
► Any amendment to sales invoices made , even
pertaining to previous tax periods , should be
reported in GSTR -1 return.
► GSTR – 1 is to be filed by all normal taxpayers
who are registered under GST.
GSTR – 2 ( Returns for inward
Supplies )
► GSTR – 2 is the return containing details of all
inward supplies of goods and services i.e.
purchase made during a tax period .
► GSTR - 2 return can be edited.
► GSTR - 2 is to be filed by all normal taxpayers
registered undet GST , however , the filling of
the same has been suspended even since the
inception of GST.
GSTR – 3 ( Monthly Returns )

► GSTR – 3 is a monthly summary return for furnishing

summaried details of all outward supplies made ,
inward supplies received and input tax credit cl
aimed , along with details of the tax liability and tax
paid.
► This return is auto generated on the baiss of GSTR –
1 & GSTR – 2 returnd filed.
► GSTR – 3 is to be filed by all normal taxpayers
registered under GST , howerver, the filing of tha
same has been suspended ever since the inception
of GST .
GSTR – 4 ( Annual Return By
Composition Taxpayers )
► GSTR – 4 is the return that was to be filled by taxpayers
who have opted for the Composition Scheme under GST
.
► CMP – 08 is the return which has replaced the now
ersthwhile GSTR – 4 .
► The Composition Scheme is a scheme in which
taxpayers with turnover up to Rs. 1.5 croces can opt
into and pay taxes at a fixed rate on the turnover
declared.
► The CMP – 08 return is to be filed on a quarterly basis
GSTR – 5 ( Non – Resident Foreign
Taxpayer )
► GSTR – 5 is the return to be filed by non – resident
foregin taxpayers , who are registered under GST
and carry out business transactions in India .
► The return contains details of all outward supplies
made, inward supplies received, credit / debit
notes, tax liability and taxes paid.
► The GSTR – 5 return is to be filled monthly for each
month that the taxpayers is registered under GST in
India.
GSTR – 6 ( Input Service
Distribution )
► GSTR – 6 is a monthly return to be filed by an
Input Service Distribution ( ISD ). It will contain
details of input tax credit received and
distributed by the ISD .
► It will further contain details of all documents
issued for the distribution of input credit and
the manner of distribution.
► GSTR- 6 return is to be filed on monthly basis.
GSTR – 7 ( TDS Return )

► GSTR – 7 is a monthly return to be filed by a

persons required to deduct TDS ( Tax deducted
at source ) under GST .
► GSTR – 7 will contains details of TDS deducted
,the TDS liability payable and paid and TDS
refund claimed and details of payment of any
other amount interest / penalities / fee etc , if
any.
GSTR – 8 ( Return By E-Commerce
Operator )
► GSTR – 8 is a monthly return to be filed by e –
commerce operators registered under the GST
who are required to collect tax at source ( TCS ).
► GSTR -8 will contain details of all supplies made
through the E – commerce platform , and the TCS
collected on the same.
► The GSTR – 8 return is to be filed on a monthly
basis.
GSTR – 9 ( Annual Return )
► GSTR – 9 is the annual return to be filled by taxpayer
registered under GST.
► It will contain details of all outward supplies made ,
inward supplies received during the relevant previous
year under different tax heads i.e. CGST , SGST & IGST
and HSN codes , along with details of taxes payables
and paid .
► It is consolidation of all the monthly or quarterly return
( GSTR 1 , GSTR 2A , GSTR 3B ) filed during that year.
► GSTR – 9 is required to be filed by all taxpayers
registered under GST except taxpayers who have opted
for – Composition Scheme , Casual Taxable Persons,
Input Service Distribution , Non – Resident Taxable
Persons and persons paying TDS under section 51 of
CGST.
GSTR – 9 A ( Annual Return For
Composition Taxpayers )
► GSTR– 9A is the annual return to be filed by
taxpayers who have registered under the
Composition Scheme in a financial year . It is a
consolidatiom of all the quarterly returns filed
during that financial year.
GSTR -9 C
► GSTR – 9 C is the reconciliation statement to be filed by
all taxpayers registered under GST whose turnover
exceeds Rs. 2 crore in a financial year .
GSTR – 10 ( Final Return )

► GSTR-10 is to be filed by a taxable person

whose registered has been cancelled or
surrendered.
► Thisreturn is also called a final return and has
to be filled within 3 months from the date of
cancellation or cancellation order, which is
earlier.
GSTR – 11

► GSTR -11 is the return to be filed by persons who

have been issued a Unique Identity Number ( UIN )
in order to get a refund under GST for the goods
and services purchased by them in India .
► UIN is a classification made for foreign diplomatic
missions and embassies not liable to tax in India, for
the purpose of getting a refund of taxes .
► GSTR -11 will contain details of inward supplies
received and refund claimed.
Every registered person is required to keep and maintain
all records at his principal place of business.
Who must maintain accounts under GST

It is the responsibility of following persons to

maintain specific records-

1- The owner
2- Operator of warehouse or godwon or any other
place used for storage og goods
3- Every transporter
Every registered person whose turnover during a
financial year exceeds the prescribed limit (2 crore) will
get his accounts audited by a chartered accountant or a
cost accountant.

What records must be maintained under GST?

Every registered person must maintain records of:
• Production or manufacture of goods
• Inward and outward supply of goods or services or
both
• Stock of goods
• Input tax credit availed
• Output tax payable and paid and
• Other particulars as may be prescribed
What are the accounts which must be maintained
under GST?
various accounts to be maintained that businesses need
to keep under GST.
For example, under GST, a trader has to maintain the
following a/cs (apart from accounts like purchase, sales,
stock) –
• Input CGST a/c
• Output CGST a/c
• Input SGST a/c
• Output SGST a/c
• Input IGST a/c
• Output IGST a/c
• Electronic Cash Ledger (to be maintained on
Government GST portal to pay GST)
Electronic Cash and Credit Ledger
Every registered taxpayer will have 3 ledgers under GST which will be
generated automatically at the time of registration and will be
maintained electronically.

• Electronic Cash Ledger

• Electronic Credit Ledger
• E-Liability Ledger
Period for Retention of Accounts under GST
As per the GST Act, every registered taxable person must maintain
the accounts books and records for at least 72 months (6 years). The
period will be counted from the last date of filing of Annual Return
for that year.
The last date of filing the Annual return is 31st December of the
following year.
Consequences of Not Maintaining Proper
Records

If the taxpayer fails to maintain proper records in respect of

goods/services, then the proper officer shall treat such
unaccounted goods/services as if the taxpayer had supplied
them. The officer will determine the tax liability on such
unaccounted goods.
The taxable person will be required to pay the tax liability
calculated along with penalty.
 Conclusion
The information to be furnished in the return generally comprises of the
details pertaining to the nature of activities/business operations forming the
subject matter of taxation; the measure of taxation such as sale price,
turnover, or value; deductions and exemptions; and determination and
discharge of tax liability.

Following are the records that need to be maintained by the taxpayers:

Accounts and stock, Advanced received and paid , Tax liability and ITC ,
Details of supplier , Warehouse and Customers , Details of goods produce, Records
of service supplied ,Accounts in respect of work contract.