GST Return Filing

What is GST Return?

Goods and Service Tax law now governs the major portion of the indirect tax system in India. The suppliers registered under this regime need to fulfill the compliance requirement regularly. Based on the turnover and the activities, the requirements and period of GST return filing are prescribed under law.

With online GST return filing, the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC).

GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).

10 Steps to File GST Return Online

  • Make sure that you are registered under GST and have the 15-digit GST identification number with you based on your state code and PAN. In case you do not have this number, first register online to get it.
  • Next, visit the GST portal.
  • Click on the ‘Services’ button.
  • Click on ‘Returns dashboard’ and then, from the drop-down menu, fill in the financial year and the return filing period.
  • Now select the return you want to file and click on ‘Prepare online’.
  • Enter all the required values including the amount and late fee, if applicable.
  • Once you have filled in all the details, click on ‘Save’ and you will see a success message displayed on your screen.
  • Now click on ‘Submit’ at the bottom of the page to file the return.
  • Once the status of your return changes to ‘Submitted’, scroll down and click on the ‘Payment of tax’ tile. Then, click on ‘Check balance’ to view cash and credit balance, so that you know these details before paying tax for respective minor heads. Next, to clear your liabilities, you need to mention the amount of credit you want to use from the credit already available. Then click on ‘Offset liability’ to make the payment. When a confirmation is displayed, click on ‘OK’.
  • Lastly, check the box against the declaration and select an authorised signatory from the drop-down list. Now click on ‘File form with DSC’ or ‘File form with EVC’ and then click on ‘Proceed’. Make the payment in the next step for your respective GST.

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