GST Return: GST return contains information about sales, purchases and tax collected on sales, tax paid on purchases. On the basis of this, it is decided how much tax a business has to pay to the government.
GST Return file online step by step: A unified tax system is implemented for businesses in the country – GST- Goods & Services Tax. And all GST registered businesses, big or small, have to declare income from their business transactions and pay tax. For this they have to file GST return. If you run your own small business then you will also have to file GST return. GST return contains information about sales, purchases and tax collected on sales, tax paid on purchases. On the basis of this, it is decided how much tax a business has to pay to the government.
When is GST Return to be filed?
Which return they have to file depends on the type of business. Businesses have to file returns monthly, quarterly and annually. Businesses with a turnover of more than Rs 5 crore are required to file 25 returns in a year – two monthly returns (GSTR-1 GSTR-3B) and one annual return (GSTR-9). Those whose turnover is below Rs 5 crore can file quarterly returns.
How to fill GSTR-1?
To fill GSTR-1, you must first have 15 digit GSTIN. The process after this will be something like this-
- First of all go to gst.gov.in and click on ‘Services’. After this go to ‘Returns Dashboard’.
- Select the financial year and select return filing period from the drop down menu.
- Select the return to be filed and click on ‘Prepare Online’ under ‘Outward Supplies Made by the Taxpayer’.
- On B2B invoices, fill in the details like B2C invoices, credit and debit notes, registered and unregistered types and export invoices.
- ‘Other Details’ such as Nil rated items, GST exempted items, details of advance received for next supply, details of supplier, etc. have to be filled.
- Now submit your form. After this the information filled by you on the portal will be validated. If there is any mistake it will have to be fixed.
- You will need your digital signature certificate or E-sign option to file the return.
- Finally, make GST payment and file GST return.
