GST Returns - What is GST Return, & Types of GST Returns
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GST Returns - What is GST Return, & Types of GST Returns

Insurance Basics & Financial Advice A type of tax document that has all the details of a company’s purchases, sales, input tax credit (tax paid on purchases), and output tax credit (tax paid on sales) is known as GST returns.

GST Returns - What is GST Return, & Types of GST Returns

8 Minute |

GST Returns

GST Return

What is the GST return?

A type of tax document that has all the details of a company’s purchases, sales, input tax credit (tax paid on purchases), and output tax credit (tax paid on sales) is known as GST returns.

Before the implementation of the Goods and Service Tax or GST, multiple types of taxes were levied on businesses. This included service tax, excise duty, value-added tax, custom duty, purchase tax, etc. A return had to be filed based on the tax that was paid.

Filing multiple taxes and returns used to be a cumbersome process. The Government implemented Goods and Service Tax to simplify taxation for businesses, manufacturers and service providers.

This type of return has to be filed online. To file GST returns, the entity has to register the business and can only file returns once the GST registration is completed.

Who should file GST Returns?

Any person or business registered under the GST system and with a GST number or a unique identification number needs to file GST returns. It is a mandatory return that needs to be filed by the GST-registered company or individual.

Returns need to be filed for the following transactions:
  • Purchase
  • Input Tax Credit on all purchases
  • Sales
  • Output tax credit on the sales.

The number of returns to be filed depends on the type of business and the turnover of the registered company.

If the turnover of the business is more than Rs. 5 crore as an annual aggregate turnover, then two monthly returns and one annual return need to be filed. This means that in one financial year, 24 returns and one annual return will be filed. This is applicable if the business hasn’t opted for the Quarterly Return and Monthly Payment of Taxes or QRMP scheme.

In the same way, if the turnover of the business is up to Rs. 5 crores as an annual aggregate turnover and the QRMP scheme has been opted for, then the number of returns to be filed each year is 9 and one annual return.

For businesses who have opted for a composition scheme, the number of returns is 5, including 1 annual return.

How to File GST Returns Online?

GST Returns need to be filed before its due date. So, how to file GST returns online? To do this, you will need to know your GST number. Once your business is registered and you have the GST number, you will need to ensure you create your login on the GST portal.

This can help in filing of GST returns online:
  • Visit https://www.gst.gov.in/
  • Click ‘Login’, which is located on the right side. This will take you to the login page
  • Login with a username and password.
  • Click on ‘Services’, which is located on the tab.
  • From the drop-down menu, select ‘Returns Dashboard’.
  • Choose the Financial Year and the return filing period.
  • Select the type of return you want to file and click on ‘Prepare online’.
  • Enter all the details.
  • Enter the amount. Check if there is any late fee to be paid as well.
  • After the details have been verified, click on save
  • Next, click ‘Submit’.
  • After the submission, scroll down the page and click ‘payment of tax’.
  • You will need to check if you have a cash and credit balance. This can be done by clicking on ‘Check Balance’. If you have credit, enter the amount you want to use from the ledger. If not, you will need to make a payment. Check the details and click ‘ok’.
  • The next page is the declaration page, and you will need to click on it and select the authorised signatory from the drop-down box.
  • You have the option of filling out the form through EVC or DSC. Click on the box that you are choosing.
  • Click ‘Proceed’ to make the payment for the GST return.

Types of GST Returns

There are multiple types of GST Returns and depending on the type of transaction, a GST return needs to be filed.

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