GST Return Filing

GST return filing involves reporting details of outward and inward supplies, tax collected and paid, and claiming input tax credit. Businesses gather invoices, log into the GST portal, select the appropriate return form, and enter the required details accurately.

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Process to File GST Return

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Overview of GST Return Filing

GST return filing involves reporting details of outward and inward supplies, tax collected and paid, and claiming input tax credit. Businesses gather invoices, log into the GST portal, select the appropriate return form, and enter the required details accurately. After verification, the return is submitted, and any tax liabilities are paid through available payment methods. Filing deadlines vary based on the type of return and turnover. Non-compliance may lead to penalties. Seeking assistance from a chartered accountant or GST practitioner ensures adherence to regulations and facilitates smooth filing processes, contributing to efficient tax compliance for businesses in India.

GST Return Filing Process

The government has been actively promoting innovation and automation, facilitating online GST return filing through the GST portal, managed by the Goods and Service Tax Network (GSTN).

Step 1: Visit www.gst.gov.in 

Step 2: Obtain a 15-digit GST Identification Number (GSTIN) based on your state code and PAN.

Step 3: Upload relevant invoices on the portal, receiving an invoice reference number for each.

Step 4: After uploading all invoices, inward and outward returns, and monthly GST filing returns, verify the data and proceed to file your returns.

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Benefits of GST Return Filing

Seamless flow of ITCC: The tax already paid by the supplier is deducted from the liability to pay taxes. If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time.

Simple and common form for all taxes: Under the GST regime, three different types of taxes are collected – IGST, CGST & SGST. The information about all three taxes paid or collected is required to be recorded in a single form itself. The online filing system is simplified under this regime which and is further proposed to be more simplified through one form of filing for recording all transactions.

Score higher compliance rating: To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfilling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings.

Avoid penalty and interest: For delay in filing return, the taxpayer is charged with a late fee of ₹ 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay. The taxpayers with no tax liability also have to file the returns to avoid the late fee of ₹ 20 for each day of delay. Interest at the rate of 18% p.a. is payable on the outstanding tax liability.

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Frequently Asked Questions

Who can file a GST return?
Any individual, business, or entity registered under GST is required to file GST returns. This includes regular taxpayers, composition scheme taxpayers, Input Service Distributors (ISD), Non-Resident Taxable Persons (NRTP), and others who are liable to pay GST.
What are the types of returns under GST?
There are various types of returns under GST, some of the common ones are:
a. GSTR-1: Monthly statement of outward supplies.
b. GSTR-3B: Monthly summary return to declare GST liability and pay taxes.
c. GSTR-4: Quarterly return for composition scheme taxpayers.
d. GSTR-9: Annual return providing a summary of transactions during the financial year.
What is the benefit of GST return?
GST returns serve as a mechanism to report the details of sales, purchases, and taxes paid. Filing GST returns ensures compliance with tax laws, facilitates claiming input tax credit, and enables the government to track taxable transactions, leading to a more transparent and efficient tax system.
GST returns serve as a mechanism to report the details of sales, purchases, and taxes paid. Filing GST returns ensures compliance with tax laws, facilitates claiming input tax credit, and enables the government to track taxable transactions, leading to a more transparent and efficient tax system.
 
What is the monthly return of GST?
GSTR-1 and GSTR-3B are the two primary monthly returns under GST. GSTR-1 is used to report outward supplies, while GSTR-3B is a summary return used to declare the tax liability and make payments.

It is similar to a PAN Card number.DIN is to be mentioned in documents while appointing a person as a director of a company.

 
 
Do you need a CA for GST filing?
Hiring a Chartered Accountant (CA) for GST filing is not mandatory, but it can be beneficial for businesses with complex transactions or those seeking professional guidance to ensure accurate and compliant GST filings.