Filing GST returns can be a daunting task, especially if you are a new business owner in India. The Goods and Services Tax (GST) was introduced in India in 2017, replacing the complex system of multiple indirect taxes that were levied by the Central and State governments. The GST is a comprehensive, destination-based, and consumption-based tax that is levied on the supply of goods and services.
The GST return filing process is online and requires businesses to file their returns electronically on a monthly, quarterly, or yearly basis, depending on the turnover of the business. In this article, we will provide you with a step-by-step guide on how to file your GST returns in India.
Register for GST
Before filing your GST returns, you need to register for GST. If you are a new business owner in India, you need to register for GST within 30 days of starting your business. You can register for GST online through the GST portal. To register for GST, you will need your PAN (Permanent Account Number), valid email address, and mobile number.
Verify your GST registration
Once you have registered for GST, you need to verify your registration. You will receive a GST registration certificate on your registered email address after a successful registration. You can verify your GST registration by logging in to the GST portal using your credentials.
Maintain accurate records
To file your GST returns accurately, you need to maintain accurate records of all your business transactions. You should keep a record of all invoices, receipts, and other documents related to your business transactions.
Calculate your GST liability
The next step is to calculate your GST liability. You can do this by subtracting the GST paid on your purchases from the GST collected on your sales. If your GST liability is negative, you can claim a refund.
File your GST returns
Once you have calculated your GST liability, you need to file your GST returns. GST returns can be filed online through the GST portal. You need to log in to the GST portal using your credentials and select the option to file GST returns. You will need to provide details of your sales and purchases for the relevant period.
Pay your GST liability
After filing your GST returns, you need to pay your GST liability. You can make the payment online through the GST portal using net banking, debit card, or credit card.
File annual returns
In addition to filing monthly or quarterly returns, you also need to file annual returns. Annual returns need to be filed by all businesses registered under GST. Annual returns provide a summary of all your business transactions for the financial year.
Q1. What is GST?
A1. GST is a comprehensive, destination-based, and consumption-based tax that is levied on the supply of goods and services in India.
Q2. Who needs to register for GST?
A2. All businesses that have a turnover of more than Rs. 20 lakhs need to register for GST.
Q3. How often do I need to file my GST returns?
A3. You need to file your GST returns on a monthly, quarterly, or yearly basis, depending on the turnover of your business.
Q4. How do I calculate my GST liability?
A4. You can calculate your GST liability by subtracting the GST paid on your purchases from the GST collected on your sales.
Q5. How do I file my GST returns?
A5. You can file your GST returns online