GST Return Filing

GST Return Filing

What is a meaning of Goods & Services Tax (GST) Return?

GST return are documents which are filed with the GST department stating every information which is required under the law. Further, every registered person shall need to file the GST return online. If your turnover is more than 20 lakh, then you need to obtain GST Registration and file 3 GST return (GSTR 1, 2 and 3) per month and 1 GST return annual.

How to file GST return online in India?

Filing of GST return is not a simple task rather it is a very complicated procedure. Hence, one should purchase a software to file the GST return online. Basically, there are three steps to file the GST return online:

  • Upload invoices before making supply: As per GST law, every registered person need to upload the invoices on the GST portal against which they will be issue invoice reference number. Once invoices are properly uploaded on the GST portal or the software, then we can proceed to next step.
  • File GSTR 1, GSTR 2 & GSTR 3: Once invoices are uploaded on the software, you need to file the 3 GST Rreturn online, i.e. Outward return, Inward return and cumulative monthly return. After filing, if there is any error, then you must correct it and refile the return.
  • Matching of Return: Under GST, each return is matched with another return and if there is any difference, they you must edit, modify and correct it.

Due dates of Filling GST Returns

GST registration holder would have to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 20th of each month. Compounding taxpayers would be required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December.

Time to File GST Returns

The average time taken to file a GST return is about 5 – 10 working days, subject to government processing time and client document submission. Get a free consultation on GST return filing by scheduling an appointment with us.