Goods and Services Tax, GST was implemented on 1st July 2016 to subsume all the indirect taxes and duties on goods and services. GST brought a variety of indirect taxes like VAT, service tax, personal property tax, etc. under it.
The government also made the whole process of filing taxes more accessible by embracing digitalization. GSTN (GST Network) is an online portal committed to the filing, listing, and maintenance of GST records.
It is compulsory for firms and business entities involved in selling or buying of goods and providing services to be registered under GST. Further, business entities whose annual turnover is more than INR 40 lakhs have to register themselves under GST.
Freelancers or other service providers have to register under GST no matter how much their turnover is. GST has simplified the whole process of taxation in India.
GST return is a document which contains details of transaction done by a registered dealer. The dealer has to have GST compliant sales and purchase invoices to file GST returns.
You have to file Output GST, and the input tax credit also with GST returns. Any regular business entity registered under GST has to submit two monthly returns and one annual return.
Since many businesses are new to the concept of online filing of taxes, people are finding it extremely complicated to file for GST returns. There are help desks and customer support numbers, but still, people are facing some problems.
There are 11 types of GSTR (GST Return) forms. Each form of GSTR (GSTR-1 through GSTR-11) has separate specifications and different due dates for filing returns.
Different GSTR Forms Under GST and Information About Who is Eligible to Fill Them and How
Who – Registered taxable supplier
Why – Outward supplies of taxable
When – 10th of the subsequent month
Who – Registered taxable recipient
Why – Input tax credit
When – 15th of the subsequent month
Who – Registered taxable supplier
Why – Details of outward supplies and inward supplies plus the payment of the amount of tax.
When – 20th of the subsequent month.
Who – Composition supplier
Why – Quarterly returns
When – 18th of the month succeeding the quarter
Who – Non-resident taxable person
Why – Tax returns
When – 20th of the subsequent month
Who – Input service distributor
Why – Tax returns
When – 13th of the following month
Who – Authorities
Why – Tax deductions at source
When – 10th of the succeeding month
Who – eCommerce operators
Why – details of supplies effected and tax collected
When – 10th of the next month
Who – Registered taxable person
Why – Annual tax returns
When – 31st December of the next fiscal year
Who – Taxable person whose registration has been cancelled or surrendered
Why – Final tax return
When – Within 3 months of the date of the cancellation order
Who – Person with UIN
Why – Refund for inward supplies
When – 28th of the next month
Here is an Easy 10 Step Process to File Annual GST Returns
Visit the GST Portal
www.gst.gov.in is the official portal for filing GST tax Returns. You can visit this portal for all your needs. Whether you are an already registered user or want to register for the first time, this portal is all you will ever need.
You can also visit the GST helpdesk if you have any queries. selfservice.gstsystem.in is the helpdesk for query address. The government has also issued helpdesk phone numbers where you can lodge your complaints or get your questions addressed.
Register Yourself or Your Business
If you are a new user and haven’t registered for GST, you can do so through this GSTN portal. It provides you with a unique GSTIN, which you will use for future references and tax returns.
The GSTIN provided is a 15 digit unique number consisting of your business state information and your PAN Card details. The last three numbers denote the check code and the number of registration.
However, if you are an existing user, you can log in to your account using the username and password that you had set earlier.
Use the Username and Password
Once you register yourself as a merchant or a business entity on the GSTN portal, you get a username and a password on your registered phone number and your email ID.
Store this username and password somewhere safe. You will use it to log in to the GSTN portal every time you want to file tax returns.
Start uploading your invoices on the GST portal to file your tax return. Once you have done that, the portal will generate unique invoice numbers for each separate invoice.
You have to enter the details in form GSTR-1 manually. The other GSTR forms will get filled automatically based on the details you have provided in GSTR-1.
Inward and Cumulative Returns
After the invoices, you have to file inward returns and cumulative monthly returns. You also have the option to re-verify the details you have filled in the portal.
Outward Supply Returns
There is an information section in the GST portal where you have to file the outward supply returns. Fill the GSTR-1 form for the same, on or before the 10th of the subsequent month.
Details of Outward Supply for the Recipient
After you have filed the outward supply returns, the details filled by the supplier get auto-populated in the GSTR-2 form of the recipient. Such is the beauty of the GST Network.
Verification of Details
The recipient verifies the details entered by you in the GSTR-2 form and modifies or validates it if the need arises. The recipient also needs to enter details of credit or debit notes.
Recipient to Furnish Inward Supply Details
The recipient has to furnish the details of inward supplies in the form of GSTR-2. These modifications and features are available for the supplier to verify in the GSTR-1.
Accept Inward Supply Returns
You can either accept or reject the modifications made by your recipient. The changes made by him will be automatically available in the GSTR-1 form for you.
Filing a GST return is an effortless task and can be done manually too. The government has made sure it remains such by employing a dedicated GST portal.
However, many businesses and institutes employ GST software for a more comfortable transition. If you are a newbie, you can always take the help of these ten easy steps and file your annual or monthly GST returns.