GST Return - What is GST Return, How to file GST Return?

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GST Return - What is GST Return, How to file GST Return?

Companies (Businesses) that are registered under GST must regularly report their sales and purchases to the Government of India using the GST portal. Registered companies will have to provide complete details of sales and purchases as well as tax collected and paid on the GST portal.

What is GST Return?

GST return is official document that businesses registered under the GST (Goods and Services Tax) system have to file with the government. It includes details about sales, purchases, taxes collected on sales (output tax), and taxes paid on purchases (input tax). Essentially, it shows the financial activity of a taxpayer for a specific period. The frequency of filing GST returns depends on the type of business and its turnover, with options for monthly, quarterly and annual filing. These returns help the government track tax liabilities, ensure compliance, and facilitate the process of tax collection and refunds.

Who should file GST Returns?

Businesses registered under GST are required to file GST returns. This includes regular taxpayers, composition scheme taxpayers, Input Service Distributors (ISDs) and others as per GST law.
Generally, entities with annual turnover above the prescribed limit are required to register for GST and file GST returns.

How to file GST Return Online?

Filing GST returns involves several steps, and it can be done online through the GST portal. Here's a general guide on how to file GST returns:

Step 1 : Visit the official website of GST Portal

Step 2 : Login with your credentials

Step 3 : Click on the 'Return Dashboard', Now fill in the financial year and the return filing period

Step 4 : Choose the return that you want to file and click on 'Prepare Online'

Step 5 : Fill all the necessary details, like amount and late fees, if applicable.

Step 6 : Now click on 'Save', after this you will see success message on your screen.

Step 7 : Click on 'Submit' button at the bottom of the page.

Step 8 : Now status of return changes to 'submitted'. After this search the ‘Payment of tax’ file. This file will show you the credit balance on you GST account.

Step 9 : Click on 'offset liability' and click 'Ok' to make a payment.

Step 10 : Check the box against the declaration and select the authorised signatory. Click 'File Form with DSC' to file the GST and make the payment.

Note : You can also apply for GST Return on Web Online CA.

Required Documents for GST Return Filing

Sales Invoices

Purchase Invoices

Invoice Date

Bank Statement

other debit or credit notes or advance receipts

Importance of GST Returns

Compliance: Filing GST returns ensures compliance with the tax laws of the country.

Input Tax Credit: Timely filing of returns allows taxpayers to claim input tax credit, which helps in reducing tax liability.

Avoid penalties: Non-compliance or late filing may attract penalties and interest.