How to File GST Returns Online?

by Ananya Nair Accounting and Legal Services

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.

If in case your GST registration was suspended or you surrendered it then you will have to fill a GSTR 10 within three months. The order in which the forms are needed to be filled should not be changed. Do everything on time and you will always dodge the late fee.

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About Ananya Nair Advanced   Accounting and Legal Services

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Joined APSense since, June 5th, 2018, From New Delhi, India.

Created on Jan 14th 2022 05:15. Viewed 170 times.


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