GST was introduced in 2017 in India as an indirect tax on Goods and services. Every financial year, applicable individuals and businesses are required to file for GST returns using the GSTR forms based on their respective eligibility criteria. In order to file for return, the individual or business needs to be registered.
With digitization it has become easier now to go through the process of GST registration online. The GST registered individuals have to include information such as their previous purchases through the years, the sales their businesses successfully completed, their output GST on the sales and the GST they paid for any purchases.
Before we explain the process of filing GST returns online, it is crucial to understand the types of GST returns available to be filed.
Types of GST Returns
- GSTR-1 is required to be filed if there were any goods and services supplied outwards and were taxable.
- GSTR-2 is for the taxable recipients who need to file for inward supplies that were taxable.
- GSTR-3B is for monthly GST returns filing.
- GSTR-4 is a GST return when the supplier needs to file for quarterly returns on their payments.
- GSTR-5 is for the non-resident individuals.
- GSTR-5A is a GST return for OIDAR.
- GSTR-6 is used for service distributors.
- GSTR-7 deals with tax deduction from authorities at source.
- GSTR-8 is for submitting details of tax collected on supplies.
- GSTR-9 is for annual return from a tax paying individual.
- GSTR-10 for individuals who had their registration cancelled.
- GSTR-11 is for claiming refunds on inward supplies.
Now that you know the types of returns, the next step is to file them online.
How to File for GST Returns Using an Online Method?
Before you start the process of filing GST returns, you have to ensure that you are registered under GST and have already obtained the fifteen digit GST identification number, also called GSTIN Number, based on your location and your PAN information.
If you aren’t registered yet, do that first and then continue with the process. If you have an accountant already, they can assist you with the whole process. Now to the actual process of filing returns online.
Visit the Portal
First you need to visit the GST portal website issued by the government of India. You need to navigate to ‘Services’ and then to ‘Returns dashboard’. From the dashboard, you have to enter the financial year and the period you are submitting the returns for.
After the above details, select prepare online once you have entered the returns you need to file. From there enter all the required information that is being asked. After submitting the information, click on save to get a confirmation message. After saving is done, click on submit located at the bottom.
Once the status changes to submitted after the previous step, you need to move on and click ‘Payment of Tax’. From there navigate to ‘check balance’ to see your available credit balance. Don’t forget to click on offset liability if you are making the payment from the available credit balance. Then, click OK.
Next you’ll be required to select authorised signatory form the declaration box and then navigate to file form and then proceed. After these steps, proceed next to make your Payments for your GST.
For the first time users, all of this might sound complicated as it is, but if you have a professional to take care of the process for you, everything becomes much more streamlined. Hence its best to have a chartered accountant who will handle your accounts including GST return filing online.
Read More: 5 Mistakes to Avoid When Dealing with GST