GST Return Filing in India

GST Return Filing in India

GST implementation is India’s most significant tax reform, which began in 2017 with the objective of “One Nation, One Tax.”

All registered businesses must file monthly, quarterly, or annual GST returns, depending on the type of business. These GSTR filings are all completed online through the GST portal by the Government of India.

Now let’s understand:

What exactly is a GST return?

GST registration or a GST return is a document that a taxpayer (every GSTIN) is expected to file with the tax administrative authorities, detailing all income/sales and/or expenses/purchases. This is used by tax authorities to calculate net tax liability.

A registered dealer is required to file a GST return that includes the following items:

  • Sale
  • Purchase
  • GST paid on purchases (input tax credit)
  • Output GST on sales

GST return: Who should file?

Any ordinary firm with annual aggregate revenue of more than Rs.5 crore is required to file two monthly returns and one yearly return under the GST regime. This equates to 26 returns per year.

Under the QRMP scheme, the number of GSTR-1 filings varies for quarterly filers. They file nine GSTR files online each year, including the GSTR-3B and the annual return.

Special circumstances, such as composition dealers with more than five GSTR filings per year, are needed to file separate returns. You can find finance professionals for GST returns and other accounting activities from Qwirk.

What Is the Procedure for Filing GST Returns Through the Internet?

Every year, all taxpayers, from manufacturers and suppliers to dealers and consumers, must file tax returns with the GST department.

The new GST regime has simplified the process of filing tax returns. GST returns can be filed online using GSTN software or apps, which will auto-populate the information on each GSTR form. The steps for filing a GST return online are as follows:

Step1: Go to the GST website.

Step2: Based on your state code and PAN number, a 15-digit GST identity number will be given.

Step3: Using the GST site or program, upload invoices. An invoice reference number will be provided for each invoice.

Step4: After uploading invoices, you must file an outward return, an inward return, and a cumulative monthly return online. You can correct any errors and resubmit the returns if necessary.

Step5: On or before the 10th of the next month, file the outward supply returns in GSTR-1 form using the information part of the GST Common Portal (GSTN).

Step6: The recipient will get details of outbound supplies provided by the supplier in GSTR-2A.

Step7: The recipient must verify, authenticate, and alter the specifics of outgoing supplies, as well as file credit or debit note information.

Step8: The recipient must enter information about inward supplies of taxable goods and services on the GSTR-2 form.

Step9: The provider has the option of accepting or rejecting the recipient’s GSTR-1A adjustments to the specifics of inward shipments.

The offline procedure

You must visit and download the following offline tool, Website Link, to file your GST returns in offline mode. You can easily fill out the GSTR-1 and GSTR-2 forms once you’ve downloaded this tool. All you must do is follow the instructions in the above-mentioned link. With this if you are looking for account executive jobs then you can go with Qwirk Portal.

What are the consequences of filing GST returns late?

If you don’t pay your GST returns on time, you’ll have to pay interest and a late fee. The interest rate is 18 percent per year, determined on the outstanding tax amount. In addition, under the CGST and SGST, a late fee of Rs.100 must be paid each day, bringing the total to Rs.200 each day.

So are you in search of some professional help to look after the GST process, you are at the correct place!!

Check-out QWIRK today!! You can search for tax auditors near me.

QWIRK is a professional marketplace that assists organizations in finding skilled individuals for short-term projects and assignments in a range of locations. Initially, the company focused on freelancers in the banking and accounting fields. This category includes experts in accounting, taxation, and auditing.

At QWIRK, we have a staff of qualified and specialized recruiters, as well as a database of over 1000 professionals in 14 states.

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