GST Return Filing Online In India
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GST Return Filing
Here are the steps mentioned below for GST Return Filing:
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GST Return Filing Overview
GST (Goods and Services Tax) return filing is a process mandated by the Government of India for
registered businesses to provide details of their sales, purchases, tax collected on sales (output tax), and
tax paid on purchases (input tax). It involves the submission of various forms containing information
related to business transactions to the tax authorities.
Here's a simplified explanation of what GST return filing entails:
Input Tax Credit (ITC) Claim -
Registered businesses can claim input tax credit (ITC) on the GST they have
paid on purchases. To claim ITC, businesses need to report their purchases accurately in their GST
returns.
Reporting Output Tax -
Businesses need to report the details of their sales and output tax collected on
those sales in their GST returns.
Tax Liability Calculation -
Based on the sales and output tax reported, businesses calculate their total tax
liability for the tax period. This involves applying the applicable GST rates to the taxable supplies made
during the period.
Filing Frequency -
The frequency of GST return filing depends on the type of registration and turnover of
the business. Generally, regular taxpayers are required to file monthly returns, while composition dealers
and businesses with turnover below a certain threshold may file quarterly returns.
Online Filing -
GST return filing is done online through the GST portal (https://www.gst.gov.in/).
Businesses need to log in to the portal using their credentials, fill out the relevant return forms with the
required information, and submit them electronically.
Verification and Payment -
After filling out the return forms, businesses need to verify the details
provided and ensure accuracy. Once verified, the return is submitted, and any tax liability is paid through
the GST portal using available payment options.
Late Filing and Penalties -
Failure to file GST returns within the specified due dates may attract penalties
and late fees. These penalties are levied on a daily basis for delayed filing of returns and can vary based on the duration of the delay and turnover of the business
Record-Keeping -
Registered businesses are required to maintain proper records, documents, and
accounts related to their business transactions for a specified period as per GST laws. These records
should be readily available for inspection by tax authorities and for reference during GST return filing.
Benefits
Here are some key benefits of GST return filing:
Claim Input Tax Credit (ITC) -
One of the significant benefits of GST return filing is the ability to claim
Input Tax Credit (ITC) on the GST paid on purchases. Businesses can offset the GST paid on inputs against
the GST collected on sales, resulting in reduced tax liability and lower cost of goods or services.
Legal Compliance -
Filing GST returns is a statutory requirement under the GST regime. Compliance with
GST return filing obligations helps businesses avoid penalties, late fees, and legal consequences imposed
by the tax authorities for non-compliance or late filing of returns.
Facilitates Business Operations -
Timely filing of GST returns ensures continuity of business operations by
maintaining good standing with the tax authorities. It enables businesses to claim ITC, avoid disruptions
in input credit flow, and maintain smooth supply chains and vendor relationships.
Avail Benefits of Composition Scheme -
Businesses opting for the Composition Scheme under GST can
enjoy simplified compliance requirements and lower tax rates. However, to avail of the benefits of the
Composition Scheme, businesses need to file quarterly.
Streamlined Tax Administration -
GST return filing promotes transparency in business transactions and
ensures compliance with GST laws. By accurately reporting their sales, purchases, and tax liabilities,
businesses contribute to a transparent and efficient tax system, which helps prevent tax evasion and
promotes tax compliance
Ease of Doing Business -
GST return filing aims to simplify tax compliance procedures and reduce the
compliance burden on businesses.
Documents Required
Here are the documents commonly required for GST return filing:
Sales Invoices -
GST return filing aims to simplify tax compliance procedures and reduce the
compliance burden on businesses.
Ease of Doing Business -
Invoices issued for all outward supplies of goods or services during the tax period need to
be maintained.
Purchase Invoices -
Invoices received for all inward supplies of goods or services, including purchases
from registered suppliers, imports, and purchases from unregistered persons.
Credit and Debit Notes -
Any credit notes issued for the reduction in value or quantity of supplies made,
as well as debit notes received for the increase in value, should be maintained.
Export Invoices and Shipping Documents -
Invoices and shipping documents related to export of goods
or services, including export invoices, shipping bills, and export declarations, should be maintained for
reporting zero-rated supplies in GST returns.
Input Tax Credit (ITC) Register -
A register containing details of eligible input tax credit (ITC) availed on
purchases of goods or services, including invoices, credit notes, and debit notes, should be maintained
Receipts and Payment Vouchers -
Receipts and payment vouchers for all business transactions, including
receipts from customers, payments to suppliers, expenses, and other financial transactions, should be
maintained.
Bank Statements -
Bank statements for all bank accounts maintained by the business should be retained
as supporting documents for transactions reported in GST returns.
Tax Challans -
Copies of tax payment challans for GST paid on output supplies, reverse charge
mechanism, and any other tax payments made to the government should be retained as proof of tax
payment.
E-Way Bills -
E-Way Bills generated for the movement of goods, where applicable, should be maintained
as supporting documents for interstate and intrastate supplies.
Registers and Ledgers -
Various registers and ledgers, such as sales register, purchase register, stock
register, accounts receivable ledger, accounts payable ledger, and general ledger, should be maintained
to track business transactions and reconcile with GST returns.
GST Registration Certificate -
A copy of the GST registration certificate issued by the tax authorities
should be retained for reference and verification purposes.
Other Relevant Documents -
Any other relevant documents, correspondence, agreements, contracts, or
records related to business transactions and GST compliance should be retained for audit, verification,
and reference purposes.
Steps
Here's a general outline of the steps involved in GST return filing:
Step 1:- Gather Necessary Information -
Collect all relevant information and documents required for GST return
filing, including sales invoices, purchase invoices, credit notes, debit notes, e-way bills, and other
financial records.
Step 2:- Access GST Portal -
Log in to the GST portal (https://www.gst.gov.in/) using your username and
password. Ensure that you have an active GSTIN (Goods and Services Tax Identification Number) and
valid credentials to access the portal.
Step 3:- Select Return Form -
Choose the appropriate GST return form based on your registration type, turnover,
and filing frequency. Common GST return forms include GSTR-1 (for outward supplies), GSTR-3B
(monthly summary return), GSTR-9 (annual return), and GSTR-4 (for composition dealers).
Step 4:- Fill Out Return Form -
Fill out the selected GST return form with the necessary details such as outward
supplies, inward supplies, tax payable, input tax credit (ITC) claimed, and other relevant information.
Step 5:- Validate Data -
Validate the data entered in the GST return form to ensure accuracy and completeness.
Verify that all mandatory fields are filled correctly and cross-check the information against your business
records to avoid errors or discrepancies
Step 6:- Compute Tax Liability -
Calculate your total tax liability for the tax period based on the transactions
reported in the GST return form.
Step 7:- Reconcile Input Tax Credit (ITC) -
Reconcile the input tax credit (ITC) claimed on purchases with the
eligible ITC available as per GST rules.
Step 8:- File Return and Submit -
Once the GST return form is filled out accurately and verified, file the return by
clicking on the ‘File Return’ button on the GST portal.
Step 9:- Generate ARN -
After successful submission of the GST return, a unique Acknowledgement Reference
Number (ARN) is generated by the GST portal
Step 10:- Payment of Tax -
If there is any tax liability payable after filing the return, make the payment through the
GST portal using the available payment options such as online banking, credit/debit cards, or NEFT/RTGS.
Step 11:- Verify Return -
After filing the GST return and making the tax payment (if applicable), verify the return
using the electronic verification code (EVC) or digital signature certificate (DSC) to complete the filing
process.
Step 12:- Receive Acknowledgement -
Upon successful verification, a GST return filing acknowledgement is
generated, confirming the submission of the return to the tax authorities
Step 13:- Monitor Filing Status -
Monitor the status of your filed GST returns on the GST portal using the ‘Track
Return Status’ option. Ensure that the return is processed by the tax authorities and any discrepancies or
notices, if received, are addressed promptly.
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Frequently Asked Questions
A. All individuals, businesses, and entities registered under the Goods and Services Tax (GST) regime need
to file GST returns. This includes regular taxpayers, composition dealers, Input Service Distributors (ISDs),
and non-resident taxpayers.
A. The GST regime in India has several types of GST returns catering to different categories of taxpayers and
transactions. Some of the commonly filed GST returns include GSTR-1 (for outward supplies), GSTR-3B
(monthly summary return), GSTR-9 (annual return), and GSTR-4 (for composition dealers).
A. The frequency of GST return filing varies based on the type of registration and turnover of the taxpayer.
Regular taxpayers typically file monthly returns (GSTR-1 and GSTR-3B), while composition dealers may
file quarterly returns (GSTR-4). Additionally, an annual return (GSTR-9) is filed by all registered taxpayers.
A. The penalty for late filing of GST returns is Rs.50 per day (Rs.20 per day for nil return filers) for each act
of non-compliance, subject to a maximum of Rs.5,000. Additionally, interest may be charged on any tax
payable after the due date.
A. Taxpayers can track the status of their filed GST returns on the GST portal using the 'Track Return Status' option. This allows taxpayers to monitor the processing status of their returns and verify compliance
with GST laws.
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