The goods and services tax in India has replaced VAT and Excise duties and others. The Goods and Services Tax or GST is the comprehensive tax levied on the supply of goods and services. The introduction of GST in India is the biggest tax reform in recent days. With the GST, the businessmen find it easier to submit the returns. GST replaces the central excise duty, state VAT, central sales tax, purchase tax, etc. So, as a trader, service provider, or manufacturer, you don’t have to submit all of the returns. You only need the GST Return, and you are good to go. GST returns filing is monthly, quarterly, half-yearly, and yearly. As it is a new tax regime, it is quite tricky for newbies to understand the taxation structure in GST.
If you are not able to understand the Goods and Service Tax and returns filing, then you are at the right place. In this post, we are going to share the information in detail about the GST Returns filing. You’ll learn every bit of information about the GST returns and the filing of the same.
Online GST Return Filing – Types, Compliance, and Procedure
What is GST Return?
GST return is the documentation that you should file with the GST department. It is the document, which has information about the GST invoices, receipts, and payments in the period. On the basis of GST returns, the concerned authorities will calculate the payable tax by the traders, manufacturers, and service providers. Only the eligible taxpayers with valid GSTIN or Goods and Services Tax Identification Number can file the GST return with the authorities.
To file the GST returns, the taxpayer must collect all the details about Total sales, total purchases, output GST and Input Tax Credit. Once he has all the information, he can fill up the return and submit it online. If you are willing to file GST return, then you can do it online. Why get busy in preparing the GST return when you can get professional help? Hiring qualified tax professionals from Efiling.co.in will help you to get away from this tedious task.
Types of GST Returns
Just like the Income Tax Returns, there are multiple types of GST returns. As the Goods and Services Tax is made for the goods and services provider, it is a bit complex. There are more than ten types of GST returns. Here is the information about all of the different types of GST returns.
|1||GSTR 1||The GSTR1 is the first type of GST return. It contains all the information about taxable goods and services. Also, it includes information about outward supplies|
|2||GSTR 2||The GSTR2 includes information about the inward supply of taxable goods. Also, it has details about Input Credit claims.|
|3||GSTR 3||It provides total tax payable. It has the details of inward and outward supplies.|
|4||GSTR 4||It contains information about Quarterly tax liabilities. Also, it has information about the compounded tax liabilities.|
|5||GSTR 5||GST Details for Non-Residential Foreign Individuals.|
|6||GSTR 6||It serves as the Input Credit form for Input Service Distributor.|
|7||GSTR 7||It serves as the Form for Authorities to deduct Tax at Source.|
|8||GSTR 8||It contains Information for E-commerce vendors. Also, it has a tax collection amount as per Sub-Section 52.|
|9||GSTR 9||GSTR 9 is the Annual Return for the Traders, Service Providers, and the Manufacturers.|
|10||GSTR 9A||GSTR 9A Applicable for Individuals Compounding Tax Liabilities.|
Documents Necessary for GST Return Filing
You cannot file the GST return at your convenience. You have to prepare all of the documents and accounts. You then have to file the return in a prescribed way. It is a tedious process for any business owner. It is vital to get professional help from the CA or Tax Consultant for the same. Before proceeding with that, you need the following documents handy.
- Digital Signature Certificate. ( Only Applicable for LLP and Pvt Ltd Directors ).
- Log in Credentials for GST Portal.
- Inward and Outward Supplies Details.
- GST Invoices.
- GST Registration Certificate or GSTIN.
Process of Filing the GST Return Online
The government launched the GST portal for convenient GST Return Filing. You should access the site before GST Return filing Due date. If you have a valid GST registration, then you can register on the portal. Once registered, you’ll have to use the Username and Password to login and file the returns. Here is the exact procedure for GST Return Filing online.
- First of all, open the GST Portal website on your desktop.
- Log in with the correct credentials.
- Select the Appropriate Type of return and then click on “PrepareReturn”.
- Now, you have to enter the critical details. Also, you can upload ready GST Returns files.
- After that, pay the tax liabilities through the challan, and you’ll receive the acknowledgment.
The filing process is easy, but the return preparation is not easy. You need professional help for filing the return. Any mistake in the return will cause the issues to your business. The defective return is liable for hefty fines. That’s why it is vital to get professional assistance from Efiling.co.in. The in-house tax professionals will file GST Returns on your behalf. Once you provide all the details, the experts will immediately file the returns. The entire process will take nearly three days for completion.
Frequently Asked Questions on GST Returns Filing: FAQ
#Q1. Is it necessary to file a GST return?
GST is an indirect tax. It applies to the supply of goods and services. Any business falling under the GST qualifications should compulsorily file a GST return.
#Q2. What are the Four Types of GST?
The government has divided the GST into four parts. The CSGT or Central GST, SGST or State GST, IGST or Integrated GST and UTGST or the Union Territory GST. At the time of invoicing, any two types of GST are applicable. For example, in the case of domestic state supply of goods and services, the CGST and SGST are applicable. For Inter-state supply, the SGST and IGST are applicable.
#Q3. – Can we File GST on Our Own?
Filing GST by yourself is possible. All you need is the knowledge of GST taxation and filing compliances. Although, it is not advised to file GST by yourselves. Hiring the services from Efiling.co.in will ensure prompt GST Return Filing.
#Q4. – Can we file GST Return without Payment?
It is possible to file a GST return without the payment. But I assure you that it will be an invalid return. The GST returns filed without payment is considered Defective return.
#Q5. Are there any Late Fees for GSTR 1 Filing?
Yes. There is a late fee for not filing GSTR 1 in time. Rs.200 per day of delay is the late fees for GSTR 1. In Rs. Two hundred late fees, Rs.100 is for CGST and Rs.100 for SGST.
Professional GST Returns Filing Services from Efiling.co.in
Goods and Services Tax Returns Filing is compulsory for eligible taxpayers. The compliances to GST are strict. Any issues with the returns, or late filing would attract hefty fines. That’s why the professional CA’s and Tax Consultants are serious about GST returns. It is advisable to file GST returns online with the help from tax experts. The in-house tax experts at Efiling.co.in will help you complete the entire process within three days. All you need to do is to provide the necessary documents, share your login credentials, and you are done!