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GST Return Filing

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GST Return Filing, Process and Documents You Must Know

A key aspect of GST compliance is GST return filing. These are the periodic reports mandated under the GST Act. You must file these returns no matter what size or how much turnover your business has. You may file GST returns on sales, purchases, ITC and output GST. If you have an annual turnover of less than Rs. 5 crores, you must file 9 returns a year. On the other hand, if your annual turnover is more than Rs. 5 crores, you must file 25 returns a year.

How To File GST Return

GST return filing is done via the same portal as GST registration. However, you may require a different set of documents for the GST return filing process.

Step 1: Prepare to File the Returns

Verify the accuracy of your sales and purchase records to ensure they match your invoices. Calculate the total tax liability according to your transactions.

Step 2: Login to GST Portal

Login to the GST portal as that of registration. You will get user manuals and answers to your FAQs via the ‘Help and Taxpayer Facilities’ option on the navigation bar. Click on the ‘GST Knowledge Portal’ card and choose the ‘File Returns’ option to learn more.

Step 3: Select Return Type

Return to the form and choose the appropriate GST return form based on your business category.

Step 4: Fill Out the Return Form

Enter your GSTIN, tax period, outward and inward supplies, tax liability, ITC claimed and other details.

Step 5: Upload Scanned Documents

Thoroughly review the entered information and upload scanned copies of relevant documents.

Step 6: Submit the Return

Once everything is verified, digitally sign and submit the return form electronically.

You will get a confirmation message upon a successful GST return filing and you can download a formal receipt for your records.

Documents Required to File GST Returns

- 1. GST Invoices (Sales and Purchases)
  2. Bank Statements
  3. E-way Bills (if applicable)
  4. Payment Challans
  5. Input Tax Credit (ITC) Ledger
  6. Amended Invoices
  7. Accounting Data
  8. Credit and Debit Notes
  9. Purchase and Sales Registers

Proceed to the registration procedure if you have all GST registration documents.

Are You Worried of Penalties in GST Return Filing? Reach Out to an Efficient Tax Consultant

Importance of GST Return Filing Process

Input Tax Credit (ITC) claim
Record keeping and analysis
Claiming GST refunds
Improved business reputation
Availing benefits offered by the government
Avoidance of penalties

Final Words

There are 13 GST returns according to your financial dealings, and returns should be filed monthly, quarterly, or yearly. A timely GST return helps businesses to operate compliantly and optimize their tax liabilities. Consulting a tax professional can be highly beneficial to withstand the complexities and seeking personalised guidance.

FAQs

What Is ITC?

Input Tax Credit (ITC) regime in India allows businesses to claim credit for the GST they have paid on purchases used for their business activities.

How to Check GST Return Filing Status?

You may check the GST return filing status by visiting the same GST portal your used for registration and returns filing. Log in using your Application Reference Number (ARN) or your GST Identification Number (GSTIN).

Which Form Do I Fill for the TDS Return?

Fill the GSTR-7 form and mention the TDS deducted, refunds (if available) and paid and due amounts.

What Will Happen If I Miss a Deadline for Filing the GST Returns?

You cannot file GST returns for the current month until you file that for the previous one. So, a delay leads to another one. You discontinue filing even if you did not have business activities. Moreover, you will face penalties with increasing interest if you keep it pending.

Who Cannot File GST Returns?

Businesses below the threshold limit, individuals making occasional supplies, specific exempt categories and unregistered suppliers cannot file GST returns.

Documents Required