How to File GST Returns Online?
When a
company registers, it gets a GST identification number is mandatory if you wish
to file a return. The threshold after which you will have to get the GST registration done is Rs. 2 million and Rs. 1 million for northeastern
state of India. On the behalf of Talent Magnifier gst training institute, we
will discuss about the forms that the businesses falling in the slab need to
fill.
GST is one
of the major financial reforms that 2021 gave us. This basically eradicated all
the separate and variable taxes that people had to pay otherwise. The tax on
several objects got fixed for the entire country. There are 3 components of
GST-
1. CGST-
charged over the sales done inside the state and is taken by the central
government.
2. SGST-
charged over the sales done inside the state and goes to the state government.
3. IGST-
charged by the federal government over the sales over sales happening
inter-state.
With the technical
support of a non-profit organization, Goods and service tax network government
is able to implement the entire process of filing and processing of GST
electronically.
GSTR 1- form of outward supply
This is a
form that all the registered merchants need to fill. This basically has all the
details of the things sold in that month. The merchant also needs to upload all
the invoices and can correct it over and over before submitting but once form
is submitted, the mistakes can only be corrected in the next month. The date
for this to be submitted is 10th of next month.
This form is
sent to the buyer who then fills GSTR 2. And any changes that you will do in
GSTR 1 will be reflected in GSTR 1A.
GSTR 2- form for purchase
transactions
This form
basically is for the verification of the invoice sent by the supplier. This is
a validation for the GSTR1 and any changes get displayed in GSTR 1A. This form
needs to be submitted by 15th of next month.
GSTR 3 - Monthly return based on GSTR
1 and 2
This poses a
collective action based on the GSTR 1 and GSTR 2. This will give you the tax
based on the previous forms and then you need to submit the tax and file the
return over the portal. This all needs to be done by the 20th of the next
month. There is an alternate available, GSTR 3B. This form is different from
the GSTR 3 as it does not need any validation between the supplier and the
buyer.
GSTR 9- annual reconciliation
This is
basically the annual report of the taxes and the returns. Any issues in
monthly/ quarterly forms can be corrected here. If turnover exceeds Rs 10
million then you also need to submit a statutory audit report. There is a
provision of filling form 9c if your turnover exceeds Rs.20 million. The last
date for submission of annual reports is December 31 of the following tax year.
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