GST has simplified the tax return filing process by integrating the sellers’ and buyers’ information about goods & services. GST council along with finance ministry came up with a mechanism of GSTN (goods and services tax network) where all the details about invoices, buying, selling, date, location are duly reported by the taxpayers.
This serves a smooth platform to taxpayers registered under GST to get interlinked and easily avail and file the GST return form, claim ITC and so on, all in accordance to the taxpayers’ category they fall under.
What is GST Returns?
Goods and services tax is an indirect tax applicable from July 1st, 2017 across India. Under the GST return filing online, the taxpayers running their firms and business across India, whether it is interstate or intrastate, they are liable to file for GST return as prescribed by the GST council and indirect tax department. GST return is the filing of taxes through GSTR forms according to the slabs and eligibility criteria.
Who Should File GST Returns?
GST returns must be filed by every business units whose turnover exceeds 20 or 40 lakh (Optional) annually. Taxpayers are also supposed to go through various eligibility criteria for different slabs.
Process to File GST Returns Online
All the taxpayers that may vary from manufacturers & suppliers to retailer & consumers, have to file GST return in India every year. In the digital era, the government is also pressing pedals towards innovation & automation and has started facilities for e-filing or online filing of GST returns on common GST portal.
The returns can be filed online through applications & software introduced by Goods and Service Tax Network (GSTN). These innovative facilities by government automate the fling process and auto-populates the details in GSTR forms.
Step by Step to file the GST return online are as follows:
Step 1: Go to GST portal — www.gst.gov.in
Step 2: Obtain a 15-digit GSTIN (GST identification number) which will be issued based on your state code and PAN.
Step 3: Upload the relevant invoices on the software or the GST portal. An invoice reference no. against each invoice will be allotted to you.
Step 4: Once all the invoices, inward, outward return and cumulative monthly return are uploaded, check all the errors and file the returns.
Points to ponder before filing the returns
- GSTR-1 is an outward supply return which has to be furnished via information section on the GST Common Portal (GSTN) by the 10th of the following month.
- The supplier may or may not accept modifications of the details of inward supplies given by the recipient in GSTR-1A.
- The supplier has to furnish & made available the details of outward supplies in GSTR-2A to the recipient.
- The details of outward supplies have to be verified, validated and modified by the recipient, followed by filing the details of credit or debit notes.
- The details of inward supplies of taxable goods and services have to be furnished by the recipient in GSTR-2 form.