GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
Types of GST Returns
Regular Tax Payer has to file following GST Returns from time to time;
1. GSTR 1 : Required to file for Details of sale of goods or service or both.
2. GSTR 2 : Carries details of inward supplies(purchases) related to taxable goods and/or services, along with ITC claim
3. GSTR 3B : Includes details of monthly returns based on finalized detail related to inward and outward supplies. It also includes of total tax payable.
4. GSTR 4 : Carries details related to Quarterly Return filing, specifically for compounded tax liabilities of specific individuals.
5. GSTR 5 : Includes details of GST Return filing for non-resident foreign individuals.
6. GSTR 6 : Serves as the form for input service Distributors to file Returns.
7. GSTR 7 : Serves as the form facilitates Return filing for authorities initiating TDS.
8. GSTR 8 : Carries supply details for e-commerce operators along with the tax amount collected as per sub-section 52.
9. GSTR 9 : Serves as the form to file annual returns.
10. GSTR 9A : Includes details to file Annual Returns related to compounding taxable individuals registered u/s 10
11. GSTR 9C : Serves as the form to file reconciliation statement & Certification
Steps to File GST Return Online
1. Visit GST Portal
2. Click on ‘Service’ button
3. Click on ‘Return Dashboard’ and then, from the drop down menu, fill the financial year and the return filing period.
4. Now select the return you want to file and click on ‘prepare online’
5. Enter all the required values including the amount and late fee, if applicable.
6. Once you have filled all the details, click on ‘save’ and you will see a success message displayed on your screen.
7. Now click on ‘submit’ at the bottom of the page to file the return.
8. One the status of your return changes to ‘submitted’, scroll down and click on the ‘Payment of tax’ tile. Then, click on ‘check balance’ to view cash and credit balance, so that you know these details before paying tax for respective minor heads.
9. Next, to clear your liabilities, you need to mention the amount of credit you want to use from credit already available. Then click on ‘Offset liability’ to make the payment. When a confirmation is displayed, click on ‘OK’.
10. Lastly, check the box against the declaration and select an authorized signatory from the drop-down list. Now click on ‘File form with DSC’ or ‘File form with EVC’ and then cli8ck on ‘proceed’. Make the payment in the next step for your respective GST.
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