Details Of Filing Returns Under The GST

The supply of goods and service gets taxed under the Goods and Service Tax (GST). When you pay the tax, the corresponding tax credit will come to you at the next stage as value addition when you pay that tax. This is why the consumer has to pay the GST of the last supplier in the chain. Everyone registered under the GST must show the details of the tax they collected and the amount they paid. They must also show the details of the goods and services they bought and sold.

Go to the Government Portal

One must visit the government portal to know more details about paying the GST. The Goods and Service Tax Network (GSTN) maintain the site. You can download the Excel worksheet to fill in the details. Taxpayers can use this worksheet on a regular basis to pay taxes. There is no charge for this. Here the method of return filing under GST in a step by step fashion.

First, go to the GST portal – www.gst.gov.in and input your PAN number. Based on the state code, they will issue you a 15-digit GST Identification Number (GSTIN). When you upload invoices using the software or the GST portal, they will issue an invoice reference number against the invoice. Once you have done the invoice uploading, you have to file the cumulative monthly return along with the inward return and outward return.

The Process of Filing Returns

If you have made any errors, you will get more options to make corrections and refile the return. Use the GSTR-1 form to file the returns for the outward supplies. You can do this through the information section found at GST Common Portal. You have time until the 10th of the following month to do this. The details of the outward supply that the supplier gives goes to the recipient by way of GSTR-2A form.

Once the recipient receives this, he has to confirm, verify, and change the details as needed. Along with this, he must file the credit or debit notes details. The recipient must now give the inward supply details of all the taxable services and goods by the GSTR-2 form. These modifications will go to the supplier who will then accept or reject it by using GSTR-1A form.

Filing Returns by Companies

Companies must make three GST monthly returns every three months. They must also make one annual return. So, they must make 37 returns in all every year. The Goods and Service Tax Network (GSTN) will store the information that the sellers and buyers under the GST file with them. These details will get combined and maintained for future references.  

Under the GST, you must make a mandatory return filing. Even when if you have no transaction, a Nil return must get filed. There is a rule that you cannot file the return if you have not filed the previous month’s or quarter’s return. You have to pay heavy penalties if you let the filing of the GST for a long time. On the outstanding tax, they calculate an interest of 18%. They calculate the time from the next day of filing to the payment date.

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