GST filling
Under the Goods and Services Tax (GST) regime in India, registered businesses are required to file periodic returns with the tax authorities. These returns detail the business’s GST transactions (sales, purchases, tax liability) for a specific period.
Types of GST Returns:
There are different types of GST returns, depending on the nature of your business and your turnover. Here’s a breakdown of some common GST returns:
- GSTR-1 (Sales return): This return details all outward supplies (sales) made during the tax period, including the value of supplies, tax rate, and tax liability.
- GSTR-3B (Summary return): This is a consolidated return summarizing your outward supplies (from GSTR-1) and inward supplies (from GSTR-2A, explained below) along with tax liability and payment details.
- GSTR-2A (Purchase return): This auto-populated return reflects details of inward supplies (purchases) received from your suppliers who have filed GSTR-1 mentioning you as the recipient. You can accept or modify the information in GSTR-2A before filing GSTR-3B.
- Other return types: Depending on your business activity and size, additional return types like GSTR-4 (final return), GSTR-5 (return for non-resident taxpayers), GSTR-9 (annual return) might be applicable.
Frequency of GST Filing:
The frequency of GST return filing depends on your annual turnover:
- Businesses with turnover above Rs. 1.5 crore: Need to file GSTR-1 monthly and GSTR-3B monthly or quarterly.
- Businesses with turnover between Rs. 40 lakh and Rs. 1.5 crore: Can choose a monthly or quarterly filing option for GSTR-1 and GSTR-3B.
- Businesses with turnover below Rs. 40 lakh: May file quarterly returns (threshhold can be lower in some special category states).
GST Filing Process:
GST return filing is typically done online through the GST portal of the Government of India (https://www.gst.gov.in/). Here’s a general overview of the process:
- Login to GST Portal: Use your login credentials to access the portal.
- Select the Return Type: Choose the appropriate return form (e.g., GSTR-1, GSTR-3B) for the filing period.
- Fill the Return Form: Enter details of your sales, purchases, tax calculations, and other relevant information as required by the specific return type.
- Upload Supporting Documents: You might need to upload invoices or other supporting documents for verification purposes.
- Review and Submit: Carefully review the filled information before final submission of the return.
- Payment of Tax Liability: If applicable, make the GST payment using online challan or net banking facilities available on the portal.