Under the GST regime, all business entities registered within the system are obligated to file GST returns. The process varies based on the nature of the business activities involved. Adhering to GST return filing requirements is essential for all business entities under the GST system. By following the outlined steps and utilising available resources, taxpayers can ensure compliance with regulations and contribute to a smoother taxation process.
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Who Needs to File GST Returns
Business entities engaged in sales, purchases, output Goods and Services Tax (GST) on sales, and Input Tax Credit with GST paid on purchases are required to file GST returns.
Filing GST Returns Online
The filing of GST returns has been streamlined under the new GST regime, with an automated online process provided by the Goods and Service Tax Network (GSTN). Here’s a step-by-step guide:
Visit the GST Portal: Access the GST portal at www.gst.gov.in
Obtain GST Identification Number: Upon visiting the portal, a 15-digit GSTnumber will be issued based on the state code and PAN number.
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Upload Invoices: Upload invoices on the GST portal or using the provided software, obtaining an invoice reference number for each.
File Returns: File outward return, inward return, and cumulative monthly return online, with the option to correct errors and refile returns if necessary.
File Outward Supply Returns: File GSTR-1 form through the GST Common Portal by the 10th of the following month.
Verify and Modify: Recipients verify, validate, and modify details of outward supplies in GSTR-2A, and file details of credit or debit notes.
File Inward Supplies Details: Furnish details of inward supplies of taxable goods and services in GSTR-2 form.
Acceptance or Rejection: Suppliers can accept or reject modifications made by recipients in GSTR-1A.
Complete Filing: Ensure all details are accurately filled and filed within the specified deadlines.
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Various Kinds of GSTR Forms with Explanation
Different GSTR forms are utilised for various transactions and taxpayer registrations, including GSTR 1, GSTR 2, GSTR 2A, GSTR 2B, GSTR 3, GSTR 3A, GSTR 4, GSTR 4A, GSTR 5, GSTR 6, GSTR 7, GSTR 8, GSTR 9, GSTR 10, and GSTR 11. Each form serves specific purposes and must be filed within designated timelines.
Filing GST Returns with GSTN
The Goods and Service Tax Network (GSTN) compiles information from all GST-registered entities, facilitating the filing of three monthly returns and one annual return. To simplify the process, GSTN offers an Excel-based template for data compilation, which can be downloaded from the GST Common Portal. Taxpayers can prepare data offline and upload it to the portal before the deadline, minimising the need for continuous internet access.
