How to File for GST Return in India?

Are you a business owner or a Taxpayer? Either of these, I hope you know that you need to declare the income you receive from carrying out business transactions in your GST return.

If you are still a little puzzled, I will explain. A GST return is a document that contains all of the details of your sales, purchases, a tax that has been collected on sales, and tax paid on purchases. Once that is done, you need to file your GST returns and pay the resulting tax liability that you owe the government.

What is TDS?

TDS – Tax deducted at source is when a person is liable to make payments to any other person, and deducts tax at source, and transfers the balance to the deductee. This TDS will be remitted to the State’s government. Now everyone does not need to pay TDS, but a few. Let’s find out who that is along with what is TDS.

Who Needs to File a GST Return?

1. Amendments.
2. Auto-drafted Returns.
3. Tax Notice.
4. Regular Businesses.
5. Businesses registered under the Composition Scheme.
6. Other types of business owners and dealers.

If you are one of these, you are wondering how to file GST returns. Well, no worries. This article will show you how to do it step by step and have you covered.

How to File GST Return?

Every taxpayer, from manufacturers and suppliers to dealers and consumers, is required to file a tax return with the GST department each year. Filing tax returns has become more streamlined under the new GST regime. GST returns can be filed online utilizing Goods and Service Tax Network (GSTN) software or apps, which will auto-populate the details on each GSTR form.

Here are the steps you need to follow

Step 1: Go to the GST portal (www.gst.gov.in).

Step 2: Based on your state code and PAN number, a 15-digit GST identity number will be given.

Step 3: Submit invoices to the GST gateway or software. Each invoice will be assigned an invoice reference number.

Step 4: Following the submission of bills, the outward return, inward return, and cumulative monthly return must be filed online. If there are any problems, you can repair them and resubmit the returns.

Step 5: On or before the 10th of the next month, file the outward supply returns in GSTR-1 form via the information part of the GST Common Portal (GSTN).

Step 6: The recipient will get details of outward supplies given by the supplier in GSTR-2A.

Step 7: The recipient must verify, authenticate, and alter the specifics of outbound supplies, as well as file credit or debit note details.

Step 8: In the GSTR-2 form, the recipient must include details about inward supplies of taxable goods and services.

Step 9: The provider can approve or reject the recipient’s adjustments to the details of inbound supply in GSTR-1A.

There are different types of GST returns, and you need to know which category you belong to, in order to finish this process with ease, and perfectly.

GSTR – 1

• Who is it for?

A registered taxable supplier must file information on outbound supplies of taxable goods and services as they occur.

• When do you Pay?

• Monthly

GSTR – 2

• Who is it for?

In order to obtain the input tax credit, registered taxable recipients must file information of inbound supplies of taxable goods and services.

• When do you pay?

• Monthly

GSTR – 3

• Who is it for?

A registered taxable person must make a monthly return based on the finalization of details of outward and inward supplies, as well as the payment of tax.

• When do you pay?

• Monthly

GSTR – 4

• Who is it for?

The composition supplier files this return.

• When do you pay?

• Quarterly

GSTR – 5

• Who is it for?

It is for a non-resident taxable person.

• When do you pay?

• Monthly

GSTR – 6

• Who is it for?

This return is for the input service distributor.

• When do you pay?

• Monthly

GSTR – 7

• Who is it for?

The return is for authorities that carry out tax deductions at the source.

• When do you pay?

• Monthly

GSTR – 8

• Who is it for?

The e-commerce operator or tax collector must file information on the supplies made and the amount of tax collected.

• When do you pay?

• Monthly

GSTR – 9

• Who is it for?

Every registered taxable person is required to file an annual return.

• When do you pay?

• Annual

GSTR – 10

• Who is it for?

Taxable individuals whose registration has been terminated or relinquished must file a final return.

• When do you pay?

• After the cancellation of the GST.

GSTR – 11

• Who is it for?

The person with the UIN who is demanding a refund must enter details of inward supply.

• When do you pay?

• Monthly

Conclusion

Well, there are penalties when you do not file GST returns, and this article would have covered all aspects of how to do that from the comfort of your home. Moreover, you can even check the status of your GST returns online through the portal. So, you might not want to miss out on the specific dates to file your returns.