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ONLINE PROCESS OF GST RETURN FILING EFFICIENTLY AND QUICKLY

Introduction

GST has simplified the process of filing tax returns by merging information about products and services of sellers and consumers under a single heading. The GST Council and the Finance Ministry have developed GSTN (Goods and Services Tax Network), a system where taxpayers are required to record all information on receipts, purchases, sales, dates and locations. It provides a convenient platform for GST-registered taxpayers to add and file GST return forms, claim ITC and more.

What is Goods and Services Tax?

GST stands for Goods and Services Tax. It is an indirect tax levied on goods and services sold domestically for consumption in India. Companies that provide goods and services are responsible for returning money to the government on behalf of consumers and this is done through GST returns. In India, the idea of establishing a GST law was initiated in the year 2000, and it took the country 17 years to enact a comprehensive GST law that came into force on 1 July 2017. The cascading effect of taxes on the sale of goods and the Goods and Services Tax (GST) have resulted in reduced services and increased the tax base in India.

What are GST returns?

A GST return is a document that will contain all the details of sales, purchases, tax collected on sales (output tax) and tax paid on purchases (input tax). Once you file the GST return, you will have to pay the following tax liability (money you owe the government). The tax authorities will scrutinize the return after receiving it and the aim is to determine the total amount of taxes paid by the taxpayer.

Who is responsible for filing GST returns?

Individuals who have not opted for the QRMP scheme and businesses whose annual gross sales are at least Rs.5 core are required to file 25 separate GST returns every year. It consists of 2 monthly returns and 1 annual return. On the other hand, a taxpayer who has opted for the QRMP program and has an annual turnover of Rs. 5 crore or is less than is required to file 9 separate GST returns annually. This program is available to taxpayers who meet all the requirements.

Steps to File GST Return Online

All taxpayers, from manufacturers and suppliers to retailers and consumers, must file GST returns every year. In the digital world, the government is constantly looking for innovation and automation and has started offering e-filing or online filing of GST returns on the GST main portal. Returns can be submitted online using the software and application launched by the Goods and Services Tax Network (GSTN).

One can effectively file GST return by following the eight-steps shown below:

• Go to GST website and select “Services” option.

• Select the financial year and deadline for filing the return from the drop-down box, then click on the "Return Dashboard" option to proceed to the next step.

• Select the return form you want to file, then select the "Prepare Online" option.

• Enter required information including amount and then click on "Submit" option.

• Save your complete information that you need to fill while filing your GST return and then click on the "Submit" option at the bottom of the page.

• If your GST return filing status is upgraded to "Submitted", scroll down and select the "Tax Payment" option.

• Before paying tax under each head, you can check your cash and credit balance by selecting "Check Balance" option. Then select "Offset Liability" to complete the transaction on your browser window.

• Make sure the box next to the specified statement is checked before selecting the “File Form with DSC” or “File Form with EVC” option, and then select the authorized signature from the list provided and finally complete the payment of your GST return. .

Penalty for late submission of GST returns

If the taxpayer fails to submit the GST return within the due date, he is liable to pay late filing penalty and any applicable interest. Taxpayers will be charged interest at the rate of 18% per annum on the entire amount in addition to unpaid tax. Late fee Rs. 25 for CGST and SGST, Rs. 25 per day, is also applicable to every GST return mentioned in this blog.

Bottom line

Now you know the process of filing GST returns effectively and quickly. Taxpayer must file according to procedure and by due date to avoid penalty. Get in touch with Alliance Tax Experts to keep your company's GST return filing up-to-date.

For more information contact us on

Alliance Tax Experts

9769201316

www.alltaxfin.com

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