how to file gst return
Step-by-Step Guide on How to File GST Return in India
Introduction
Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In India, businesses with a turnover exceeding a prescribed limit are required to register under GST and file returns. GST returns are documents that contain the details of income which a taxpayer is required to file with the tax administrative authorities. This guide will simplify the process of filing GST returns in India.
Understanding GST Returns
A GST return is a document containing the details of income which the taxpayer is required to file with the GST authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that include:
Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)
Steps to File GST Return
GST Return Forms
Depending on your business, there are various returns to be filed, the most common being GSTR-1, GSTR-2, GSTR-3B, and GSTR-9.
Gather the Required Information
Sales invoices and purchase invoices are required for filing GST returns.
Organize all invoices according to the dates and ensure they are GST-compliant.
Access the GST Portal
Go to the official GST portal (www.gst.gov.in).
Log in to the GST portal with your username and password.
Navigate to the Returns Dashboard
Once logged in, click on the ‘Services’ > ‘Returns’ > ‘Returns Dashboard’ menu.
Select the Financial Year & Return Filing Period
Select the financial year and the filing period for which you are preparing the return.
Prepare the Return
For GSTR-1:
Click on Prepare Online under GSTR-1.
Enter the details of outward supplies of goods or services or both.
For GSTR-2:
This return has been suspended for now, but it involved details of inward supplies.
For GSTR-3B:
Click on Prepare Online under GSTR-3B.
Fill in the consolidated details of outward supplies and input credits.
Upload Invoices
For GSTR-1, the invoice-level data can be uploaded either individually or by using the offline utility tool.
Pay the Tax Due
After confirming the details entered, proceed to payment.
Utilize the cash and credit ledger to pay off the liabilities.
File the Return
After payment, file the return using a Digital Signature Certificate (DSC), or an Electronic Verification Code (EVC).
Deadlines for Filing GST Returns
GSTR-1 is due on the 11th day of the subsequent month with details of outward supplies.
GSTR-3B is due on the 20th day of the subsequent month with the summary of outward supplies along with Input Tax Credit.
Penalty for Late Filing
Late filing of GST returns will result in a penalty called a late fee. The GST law has fixed a late fee of ?100 per day per act. So, it is ?100 under CGST & ?100 under SGST, the total being ?200/day.
Conclusion
Filing GST returns is a critical activity that must be performed by all businesses that are registered under GST. It ensures compliance with the tax laws and helps in the proper administration of the tax. Keeping accurate records and understanding the return process can make the task much simpler and more efficient. With the advent of technology, the process has become user-friendly, and the online GST portal has streamlined the process, making it accessible for all taxpayers.,
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