GST is the single indirect tax that is imposed on the supply of goods and services among various companies.
GST returns is a form of Goods and Service Tax which all taxpayers have to file with the income tax authorities of India under the new GST rules.
Implementing a comprehensive income tax system like GST in India will ensure the taxpayer services like a record, returns and compliance transparent and straightforward. All filing of returns will be done online.
What is the Return of GST?
A return is a document, which contains details of income that one taxpayer is required to file with the tax administrative authorities. It is used by tax authorities to calculate tax liability.
A dealer who registered under GST has to file a return of GST, it includes:
- Output GST
- Input tax credit
To file returns of GST, you need a GST compliant sales and purchase invoices. You can generate GST compliant invoices for free on the Clear Tax Bill book.
Who should file returns of GST?
Any regular business in GST has to file two monthly returns and one annual return. That’s amounts to 26 returns in a year.
The beauty of the system is that you have to enter the details of a monthly return manually – GSTR-1. The other return GSTR 3B is automatically populated by receiving information from GSTR-1 filed by you and your vendors.
There are separate returns are required to be filed by special cases like composition dealers.
How to file Returns of GST online?
All taxpayers, from manufacturers, suppliers to dealers, consumers have to file their tax returns every year in the GST sector.
According to the new GST, filing tax returns has become automatic. You can file returns of GST online, using GST’s applications.
Below are the steps to file returns of GST online:
- Visit the GST portal www.gst.gov.in.
- A 15 digit GST identification number will be issued based on your state code and PAN number.
- Upload invoices on the GST portal or the software. An invoice reference number will be issued against each invoice.
- After uploading invoices, outward returns, inward returns, and overall monthly returns must be filed online. If there are any errors, you have the option to fix it and update your returns.
- File the outward supply returns on form GSTR-1 through the information section at the GST common portal.
- Outward supplies details provided by the supplier are available to the recipient in GSTR-2A.
- The recipient has to verify, validate, and modify the details of outward supplies, and also file details of credit or debit notes.
- The recipient must furnish the inward supplies details of taxable goods and services in the form of GSTR-2.
- The supplier may either accept or reject the modifications in the details of the inward supplies available by the recipient in GSTR-1A.