Goods and services tax is an oblique tax applicable from July 1st, 2017 throughout India. GST return is the submitting of taxes by means of GSTR forms in accordance to the slabs and eligibility criteria. A return is a document containing details of earnings that a taxpayer is required to file with the tax administrative authorities.
To file GST returns or GST filing, GST compliant gross sales and purchase invoices are required. That is utilized by tax authorities to calculate tax liability. Below GST, a registered supplier has to file GST returns that embody purchases, gross sales, output GST (On gross sales), enter tax credit (GST paid on purchases).
Who has to file GST return:
All registered companies have to file month-to-month, quarterly, and/or annual GST returns based mostly on the type of business.
Below the GST returns, the taxpayers operating their corporations and enterprise throughout India, whether or not it’s interstate or intrastate, they’re liable to file for GST return as prescribed by the GST council and indirect tax department.
List of GST returns:
GSTR-1 – The registered taxable provider ought to file details of outward supplies of taxable goods and services as affected.
GSTR-2 – The registered taxable recipient ought to file particulars of inward provides of taxable goods and services claiming the enter tax credit score (At the moment Submitting facility of GSTR-2 isn’t accessible on the portal).
GSTR-3B – The registered taxable individual ought to file the month-to-month return on the basis of finalization of Summarized details of outward supplies & inward supplies plus the fee of a quantity of tax.
GSTR-4 (CMP 08) – Composition supplier ought to file the quarterly return for depositing the fee.
GSTR-5 – Return for the non-resident taxable foreign taxpayer.
GSTR-5A – Return for the OIDAR.
GSTR-6 – Return for input service distributor.
GSTR-7 – Return for authorities carrying out tax deduction at source.
GSTR-8 – E-commerce operator or tax collector ought to file details of supplies effected and the quantity of tax collected.
GSTR-9 – The registered regular taxpayer ought to file an annual return.
GSTR-9A – The composition traders ought to file an annual return.
GSTR-9C – Turnover Above 2 crores (Regular Taxpayers) in a Particular FY.
GSTR-10 – The taxable individual whose registration has been cancelled or surrendered ought to file the final return.
GSTR-11 – The individual having UIN claiming the refund ought to file details of inward supplies.
How to file GST return online:
- Go to the GST portal (www.gst.gov.in).
- A 15-digit GST identification number will likely be issued based in your state code and PAN number.
- Add invoices on the GST portal or the software. A invoice reference number will likely be issued against each invoice.
- After uploading invoices, outward return, inward return, and cumulative month-to-month return have to be filed online.
- File the outward provide returns in GSTR-1 form through the information part on the GST Common Portal (GSTN) on or earlier than the tenth of the following month.
- If there are any errors, you’ve got the choice to correct it and refile the returns.