The implementation of the Goods and Services Tax (GST) made waves in the Indian economy in many ways. The GST act was introduced to subsume the indirect taxes that were added to goods and services and different stages, thereby resulting in a cascading effect. These taxes include Value Added Tax (VAT), Entertainment Tax, Sales Tax, and others. Due to double taxation, the prices of goods and services under the old regime were exorbitant. However, this is not the case with GST in India.
If you are a business owner in India under the GST regime, you will have to educate yourself on the basics of GST, GST registration, GST return filing, and so forth.
What is the process of filing GST returns online?
If you find GST return filing to be a daunting task, here’s how you do it:
- Visit the official GST portal online and make sure you have your Goods and Services Tax Identification Number (GSTIN) as per your GST state code and Personal Account Number (PAN).
- Then, upload your GST invoices with their corresponding reference numbers on the GST portal online.
- Once you upload the GST invoices, you need to file the inward returns, outward returns, and cumulative returns, and fix any errors you may find.
- You need to file the outward supply returns on the GSTR-1 GST form using the information section displayed on the GST portal by the 10th of the next month.
- The recipient will find the information on the outward supplies furnished by you via the GSTR-2A form. Now, the recipient needs to verify, validate, and modify the information received.
List of GST returns that you need to file
If you are filing GST returns, you may want to know the significance of each GST return and find out which ones apply to you and which ones do not.
If you are a normal taxpayer, you will have to file the GSTR-1 every month, unless you are a small taxpayer or your business has a yearly turnover of Rs. 1.5 CR. In such a case, you will have to file GST returns every quarter.
This GST return happens to be read-only.
The GSTR-2 return has been suspended.
The GSTR-3 return is computed based on your GSTR-1 and GSTR 2 returns.
You are liable to file this monthly return if you happen to be a normal taxpayer under the GST tax regime.
GSTR-4 / CMP-08
You are liable to file this GST return if you happen to be a part of the composition scheme under GST. As per this scheme, you may set a particular GST tax rate on your turnover if your turnover in a financial year is Rs. 1.5CR or more.
The GSTR-5 return primarily concerns non-resident foreign taxpayers. If you reside abroad but are running a business in India, you are liable to file the GSTR-5 return.
If you happen to be an Input Service Distributor, you are required to file the GSTR-6 return. Be sure to submit all the Input Credit Distribution and System of Distribution-related information.
You are liable to file the GSTR-7 every month if you are deducting TDS.
If you are an E-commerce operator and have a GST number to your name under the GST tax regime and want to collect taxes at the source, you need to file this monthly return.
This GST return is an annual tax return that you are liable to file with details like your Central Goods and Service Tax (CGST), State Goods and Service Tax (SGST), and Integrated Goods and Service Tax (IGST).
If you make tax payments while being a part of the GST composition scheme during the 2017-2018 and 2018-2019 financial years, you do not have to file this GST return.
If your company amasses a turnover of two crores or more in a financial year, you have to file the GSTR-9C GST return.
If you find that your GST registration is canceled, file this return, and be sure to get this done within three months from the cancelation date.
The GSTR-11 concerns foreign diplomats and embassies who do not have to pay taxes in the country.