The GST regime has greatly simplified indirect taxes in India. Taxpayers and assesses can now register under the system, make GST payments and even file tax returns online. If you are covered by the GST system in India, it is best to know the different types of GST returns and have a broad understanding of how to file them online.
The Different Types of GST Returns
There are several different types of GST returns, each applicable for a specific category of assessee. These returns include the following:
GSTR-1
GSTR-3B
GSTR-4
GSTR-5
GSTR-5A
GSTR-6
GSTR-7
GSTR-8
GSTR-9
GSTR-10
GSTR-11
CMP-08
ITC-04
Check out the details of these returns and when they need to be filed.
How to File Your GST Returns Online
In a bid to facilitate extensive digitisation in the Indian financial landscape, the Indian government has taken several measures to offer various online facilities. Among these is GST return filing. If you are a manufacturer, supplier, service provider or consumer with a GST liability under the reverse charge mechanism, you can file your returns online.
The common GST portal is the central platform from which all the taxpayers within the purview of the GST system need to file returns. There are online applications and software solutions that make the tax return filing process simple and effective.
Here is a step-by-step guide to give you more clarity on how you can file your Goods and Services Tax return online.
Step 1: Register under the GST regime and obtain your 15-digit GST Identification Number (GSTIN) if you haven’t already. The GSTIN is generated based on your PAN and the state code for the state in which you carry out your business.
Step 2: Visit the GST portal at www.gst.gov.in and log in.
Step 3: Click on the ‘Returns dashboard’ option under the ‘Services’ tab.
Step 4: Next, choose the financial year for which you are filing the GST return.
Step 5: Select the GSTR form that you wish to file and check out the options available on the portal. If you wish to proceed online, select the ‘Prepare Online’ option.
Step 6: Enter the required details in the relevant fields and fill the GST return form online. In case you have paid any late fees or the like, ensure that you enter these details accurately.
Step 7: Once you have filled in the form, save it and then proceed to submit it online.
Step 8: Check the status of your GST return for the relevant month or quarter and ensure that it has been changed to Submitted.’
Step 9: Once the status has been updated, click on the ‘Payment of Tax’ option, followed by the ‘Check Balance’ CTA. You can then see the credit and cash balance available.
Step 10: To set off your credit against your liability, select the ‘Offset Liability’ option.
Step 11: Tick the declaration box and click on the ‘File Form with DSC’ or ‘File Form with EVC’ as applicable before you make the tax payment online.
Conclusion
Filing a GST return online is simple, quick and easy. All you need to do is follow the steps required, and you can ensure that you meet your periodic return filing requirements seamlessly. While you’re at it, ensure that you fill in the details of your return accurately and completely, else your return may be rendered invalid.
