gst return filing process step by step
GST Return Filing Process in India: A Step-by-Step Guide
GST (Goods and Services Tax) is a comprehensive and significant tax reform introduced in India on July 1, 2017. It replaced multiple indirect taxes such as VAT, Service Tax, and Central Excise Duty. Under the GST regime, businesses are required to file regular returns to ensure compliance with the provisions of the law. In this article, we will provide a detailed step-by-step guide on the GST return filing process in India.
1. Registration under GST:
The first step in the GST return filing process is to register for GST. Every business that has a turnover exceeding the threshold limit of Rs 20 lakhs (Rs 10 lakhs for northeastern states) is required to register under GST. Businesses can register through the GST portal by providing all the necessary details, including PAN, Aadhaar, business documents, and bank account information.
2. Maintaining Books of Accounts:
After successful registration, businesses need to maintain accurate and up-to-date books of accounts. This involves recording all transactions, including purchases, sales, and taxes paid, in a systematic manner. It is essential to keep these records organized as they will be used while filing GST returns.
3. Types of GST Returns:
There are various types of GST returns applicable to different categories of taxpayers. The most common types include GSTR-1, GSTR-3B, and GSTR-9. GSTR-1 is a monthly or quarterly return that captures the details of outward supplies made by the taxpayer. GSTR-3B is a monthly self-declaration return that includes the summary of outward and inward supplies along with tax liability and tax paid. GSTR-9 is an annual return that provides a summary of all transactions for the financial year.
4. Filing GSTR-1:
GSTR-1 is the return that needs to be filed by businesses to report their outward supplies of goods and services. The due date for filing GSTR-1 depends on the turnover of the business. For businesses with an annual turnover of up to Rs 1.5 crores, the return can be filed quarterly. For businesses with a higher turnover, the return is filed on a monthly basis. To file GSTR-1, businesses need to provide invoice-wise details of all outward supplies made during the given tax period.
5. Filing GSTR-3B:
GSTR-3B is a summarizing return that needs to be filed by businesses to report their tax liability and make the payment of the same. It is required to be filed on a monthly basis by the 20th of the following month. To file GSTR-3B, businesses need to provide consolidated details of their outward and inward supplies, along with the amount of tax payable and tax already paid. This return can be filed easily by logging into the GST portal and filling in the required information.
6. Payment of Taxes:
After filing GSTR-3B, businesses need to make the payment of taxes due. The payment can be made through online banking modes or through the authorized GST Suvidha Provider (GSP). It is important to ensure that the correct amount of tax is paid within the due date to avoid penalties and interest charges.
7. Reconciliation of Inward and Outward Supplies:
It is crucial to reconcile the details of inward and outward supplies to ensure the accuracy and completeness of data. This involves matching the details of purchases mentioned in GSTR-2A (auto-populated from the supplier’s return) with the purchases recorded in the books of accounts. Any discrepancies need to be rectified, and the correct details should be provided in the relevant returns.
8. Preparation and Filing of GSTR-9:
GSTR-9 is an annual return that consists of the final details of inward and outward supplies made during the financial year. It also includes the information regarding input tax credit availed and paid for the year. Businesses are required to reconcile the data mentioned in the GSTR-9 return with their books of accounts and make necessary adjustments if any discrepancies are found.
9. Annual Audit and Certification:
Businesses with an annual turnover exceeding Rs 2 crores are required to get their accounts audited by a qualified Chartered Accountant or Cost Accountant. After the audit, the audited financial statements, along with the reconciliation statement, need to be filed on the GST portal.
10. Maintenance of Records:
It is important to maintain all relevant records and documents for at least six years from the due date of filing the annual return. These records may be required for future reference or during any audit conducted by the tax authorities.
In conclusion, the GST return filing process in India involves various steps, starting from registration to maintaining books of accounts and filing different types of returns. Adhering to the correct procedures and timelines is crucial to ensure compliance with the GST law. By following this step-by-step guide, businesses,
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gst return filing process step by step
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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