GST Return Filing

GST Return Filing

Goods and Services Tax (GST) law regulates the majority of the indirect tax system in India. Businesses registered under this system must comply with regular filing requirements. Depending on the turnover and activities of the business, the frequency and type of return filings vary as prescribed under the law.

With online GST return filing, taxpayers report the details of their supplies—both inward and outward—including the taxes paid and collected. In addition, taxpayers must remit the tax collected from the sale of goods or services, after deducting the Input Tax Credit (ITC), which allows them to offset taxes paid on inputs against the tax collected on outputs.

Requirements for Online GST Return Filing

• Digital Signature (DSC)
  Required for authorized partners or directors of LLPs and companies.

• GST Registration Certificate
  A valid GST certificate is needed for filing returns.

• Login Credentials
  Credentials for logging into the GST portal.

• Details of Supplies
  Information about both inward and outward taxable supplies, including invoice details.

Types of GST Returns

• GSTR-1: Outward supplies (sales) details.
• GSTR-2: Inward supplies (purchases) details (temporarily suspended).
• GSTR-3: Final summary of supplies, including tax payments.
• GSTR-4: Quarterly return for composition taxpayers.
• GSTR-5: Return for non-resident foreign taxpayers.
• GSTR-6: Monthly return for Input Tax Distributors (ISD).
• GSTR-7: Monthly return for tax deductors.
• GSTR-8: Monthly return for e-commerce operators.
• GSTR-9: Annual return for normal taxpayers.

Benefits of GST Return Filing

Filing GST returns on time brings multiple advantages, including easier tax credit transfer, a simplified filing process, and better compliance ratings. It also helps you avoid costly penalties and interest.