GST Return Filing Online: Benefits and Procedure
GST Return includes the filing of various returns and forms that every taxable person registered under GST is required to file in a financial year.
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Explaining GST Return Filing
A GST is an indirect tax imposed by both the central government and state governments depending upon the type of transaction on the consumption and supply of goods and services. Generally, GST is a mandatory amount paid either at the time of receiving payment, upon issuance of an invoice after the purchase of a service or a product, or at the end of supply. GST can also be paid periodically if you are a business owner by following a process for GST return filing.
A GST return filing is a set of documents Containing the details of the sales, purchases, and previous taxes collected by your business on sales and the tax paid on Purchasing of any goods or services within the country. Once you file your GST return, you will need to pay the prescribed amount that you owe to the government.
Here is a fun fact for you:
In India, July 1st of every year is celebrated as GST Day.
Benefits of GST Return Filing
Since its introduction, GST has been hailed as one of the India’s biggest reforms in taxation services. The tax helped the Indian government simplify various indirect taxes that were imposed by the center and state governments. Here are some of the many benefits that GST has brought:
- Eliminates the cascading effect of tax.
- Easy compliances
- Harmonization of tax payment and interest rate structure
- Simple administration
- Seamless transfer of input tax credit
- Higher revenue efficiency
- Decrease the cost of tax collection
- Improved transparency
- 100% online process
- Relief in tax burden
Who Should File GST Returns?
Ideally, any business owner with an annual turnover of Rs. 40 lakhs or Rs. 20 lakhs (for hilly areas and North-Eastern states) should file a GST return accordingly. However, there is a classification as to which you should file for your GST return. Let’s see them.
Classification of GST Returns
A GST return is typically filed depending on the type of tax structure you fall under. For example, there are 7 categories of taxpayers as mentioned in the Income Tax Act 1961, such as regular taxpayers, composition taxpayers, E-Commerce operators, TDS deductors, non-resident taxpayers, Input Service Distributor (ISD) and casual taxable persons.
Based on the type of taxpayer you are, you need to file the GST return, which is as follows:
Type of GST return | Taxpayer category |
GSTR-1 |
|
GSTR-2 | Suspended |
GSTR-3 | Suspended |
GSTR-3B |
|
CMP-08 (earlier known as GSTR-4) | Composition taxpayer with composition scheme |
GSTR-5 | Non-resident foreign taxpayers (with business in India) |
GSTR-5A |
|
GSTR-6 |
|
GSTR-7 | TDS deductors under Section 51 of CGST Act |
GSTR-8 | Registered E-commerce operator who collects TCS |
GSTR-9 |
|
GSTR-9A | By Composition taxpayer. Currently suspended |
GSTR-10 | Taxpayers whose GST registration got surrendered or canceled |
GSTR-11 | Taxpayers with Unique Identification Number |
Step by Step GST Return Online Filing Process
It is not a difficult task if you are wondering how to file your GST return. The Indian government has made the process very easy for online applicants.
- Step 1: Get the GSTIN: Once you have decided you want to file your GST return, you can either get help from a professional return filing service provider like JustStart or just get counseling. The service provider will get you your GSTIN based on your choice. This process includes completing the forms and uploading them to the portal within a specific period.
- Step 2: Uploading Invoices: After you get your 15-digit GSTIN, it’s time to scan and upload the invoices on the GST portal. You will receive a reference number for each invoice you upload.
- Step 3: Filing outward, inward, and cumulative returns: This step involves filing an outward return, an inward return, and cumulative monthly returns.
- Step 4: Filing Outward supply return: Once you have uploaded the scanned outward returns, invoices, inward returns, or cumulative returns, you need to file the Outward supply return of GSTR-1. The information provided is editable. Therefore, you can check the information filled in and make sure to make edits before final submission. (Please note that after final submission, no changes will be allowed.
- Step 5: GSTR-2 form: Once you have filed the outward supplies form, all the details will be available on GSTR-2A of the form.
- Step 6: Verifying the details: This stage asks the applicants to ensure all the details are correct.
- Step 7: Filing inward supplies information: On the GSTR-2 form, provide the details of the inward supplies of taxable goods and services.
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- JustStart consists of qualified CS, CA, lawyers, and business administrators.
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LET'S CLEAR ALL THE DOUBTS!
Who files for GSTR-1?
Form GSTR-1 is to be furnished by all normal and casual taxpayers, every registered taxable person other than ISD, composition taxpayers, and persons liable to collect tax under Section 52 and A person liable to deduct tax under Section 51.
Is there a penalty for filing late GST returns?
Yes. The applicants may be penalized for late GST return filing There are different kinds of penalties prescribed for each kind of delayed return filing.
Can I check the status of my GST return file?
Yes. Since GST return filing is an online process, the portal also gives you the opportunity to know your GST return’s status via three modes:
- Application Reference Number (ARN)
- Return Filing Period
- Status
To do that, you can simply
Step 1: Navigate to gst.gov.in.
Step 2: Enter your login information.
Step 3: Choose a mode from the drop-down list.
Step 4: Click “search”
What are the different GST Return statuses I may encounter?
After successful submission of the application, you may see either of the following 4 status reflected on the screen:
- To be filed
- Submitted but not filed
- Filed-Valid: Return Filed
- Filed-Invalid: Return Filed but tax not paid or short paid
Does someone need to file a GST return even if there is no business activity in a particular year?
Typically, yes. GSTR-1 and GSTR-3B should be filled in by all registered GST applicants even when there is no business activity. Here, you can mention that there were NIL Sales.
Who is exempted from filing GSTR-1 returns?
Taxpayers under a composition scheme, NRI taxpayers, input service distributors, and e-commerce operators deducting TCS are exempted from filing GSTR-1.
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