What is the procedure for filing a GST return?

 

The GST return is a document that taxpayers registered for GST must file with the tax authorities. It contains information about the taxpayer's sales and purchases for a given period and the GST amount that is due or payable. Filing a GST return can be a complex process, so it's important to understand the requirements and procedures before you start. Here's a step-by-step guide to filing your GST return.

What is a GST Return?

A GST return is a statement of a taxpayer's liability for a particular period. It is filed with the concerned authorities to reconcile the taxpayer's GST liability with the actual GST paid/collected during the relevant period.

The procedure for filing a GST return involves the following steps:

1. The taxpayer must first register with the concerned authorities to obtain a GST registration number.

2. The taxpayer must then file a monthly or quarterly return, depending on the authority's turnover threshold.

3. The taxpayer must furnish all details relating to their GST liability, including the amount of GST payable and any input tax credit availed, in the return.

4. The taxpayer must make payment of GST due, if any, along with filing the return. Late payment of GST attracts interest and penalty charges.

5. After furnishing all required details and making payment of GST due (if any), the taxpayer must submit the return to the concerned authorities electronically or through physical means, as prescribed by them.

Types of GST Returns

There are three types of GST returns that businesses need to file:

1. Sales return: This is filed by businesses to report their sales for a given period.

2. Purchase return: This is filed by businesses to report their purchases for a given period.

3. Output tax return: This is filed by businesses to report the GST they have collected on behalf of the government.

The Procedure for Filing a GST Return

There are three types of GST returns – G1, G2 and G3. Businesses with a turnover of less than Rs. 5 crores can file G1, while those with a turnover of Rs. 5 crores or more have to file G2. G3 is for businesses that have availed of the benefit of the composition scheme.

The type of GST returns you must file depends on your business’s registration status and turnover. The filing frequency also varies – monthly, quarterly or annually.

Here’s a step-by-step guide to help you understand the procedure of filing GST returns:

Step 1: Log in to the GST Portal with your registered user ID and password.

Step 2: Click on the ‘Services’ > ‘Returns’ > ‘Returns Dashboard’ option.

Step 3: Select the appropriate return form – G1, G2 or G3 – based on your registration status and turnover.

Step 4: Enter all the required information in the return form and click on the ‘Submit’ button.

Step 5: Once you have submitted the return form, you will receive an acknowledgement number. Make sure to save this number for future reference.


Original Source: What is the procedure for filing a GST return?


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