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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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