The GST (Goods and Services Tax) return filing process is a critical aspect of the GST system in India, which is designed to streamline and simplify the tax structure for goods and services across the country. Under GST, businesses are required to file returns that include details of their sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). The process ensures transparency and compliance, allowing for the proper administration of the tax regime.
Types of GST Returns:
GSTR-1:
Filed by registered taxpayers to report their sales transactions. It needs to be filed monthly or quarterly, depending on the turnover.
GSTR-2A & 2B:
These are auto-drafted returns that provide details of purchases made by a business. GSTR-2A is a dynamic statement, while GSTR-2B is static, generated every month for each recipient.
GSTR-3B:
A monthly summary return that includes details of sales, purchases, input tax credit (ITC) claimed, and the payment of tax. It is a crucial return for most taxpayers.
GSTR-4:
Filed by taxpayers who have opted for the GST Composition Scheme. It is filed annually by the 30th of April, following the end of the financial year.
GSTR-5:
For non-resident taxable persons. This return is filed monthly.
GSTR-6:
Filed by Input Service Distributors (ISDs). It contains details of input credit distributed and is filed monthly.
GSTR-7:
Filed by authorities deducting tax at source (TDS). It is a monthly return.
GSTR-8:
E-commerce operators who collect tax at source file this return monthly.
GSTR-9:
An annual return filed by regular taxpayers, summarizing the information furnished monthly or quarterly in other returns.
GSTR-9C:
A reconciliation statement, filed annually, required from taxpayers whose turnover exceeds a specified limit. It is essentially an audit form for the GST returns filed.
GSTR-10:
A final return filed by taxpayers who cancel their GST registration.
GSTR-11:
Filed by individuals who have been issued a Unique Identity Number (UIN) to claim a refund for goods and services purchased in India.
GST Return Filing Process:
GST Portal Registration:
The first step is to register on the GST portal. This is mandatory for all businesses exceeding the specified turnover threshold.
Login and Navigate:
After registration, log in to the GST portal. Navigate to the 'Returns Dashboard' to find the returns due.
Fill in the Returns:
Select the financial year and the return filing period. The portal will display the form. Enter the required details, such as sales, purchases, input tax credit, etc.
Upload Invoices:
For certain returns like GSTR-1, uploading invoice-wise details of outward supplies is necessary.
Verify and Submit:
After entering all details, recheck the information for accuracy. Then, submit the return using a Digital Signature Certificate (DSC) or an Electronic Verification Code (EVC).
Payment of Tax:
If any tax is due, it must be paid before submitting the return. The portal calculates the tax liability automatically.
Acknowledgement:
Once the return is successfully filed, an acknowledgement is generated.
Key Points:
Filing GST returns within the due date is crucial to avoid penalties.
Regularly reconcile your invoices and purchase statements to ensure accurate claim of input tax credit.
Stay updated with any changes in GST laws and filing procedures.
The GST return filing process is dynamic and subject to updates and changes by the government. Always refer to the official GST portal or consult with a GST practitioner for the latest information and compliance requirements.