Overview of GST Return Filing
By completing GST returns with the appropriate administrative authorities, every company/LLP/individual registered under the GST statute must update the details of sales, purchases, and tax paid. The taxpayers’ information is included in the GST return filing document. You must include all details relevant to your company activities, such as tax liability declarations, tax payments, and any other related information, in order to file your GST return according to the government’s instructions. This is done through the internet.
The Goods and Service Tax Network (GSTN) receives information regarding the entry and outflow of supply, as well as the amount of tax paid and collected, when taxpayers file their GST returns online. The taxpayer is also obligated to pay the amount of tax collected from an outward supplier of goods or services after deducting Input Tax Credit when documenting taxable transactions with the government (ITC).
TYPES OF GST RETURN FILING FORMS
GSTR 1: It is a monthly Statement of Outward Supplies that must be provided by all regular and casual registered taxpayers who make outward supplies of goods and services or both, and it comprises information on those outward supplies.
GSTR 2A: It’s a ‘draught’ Statement of Inward Supplies generated by the system for a receiver taxpayer. It is auto-populated from the supplier taxpayer’s Form GSTR-1/5, Form GSTR-6 (ISD), Form GSTR-7 (TDS), and Form GSTR-8 (TCS) filed/ submitted/ uploaded in a particular tax period.
GSTR 3B: It is a simplified summary return, and the aim of the return is for taxpayers to disclose and discharge their summary GST liabilities for a given tax period. Every tax period, a regular taxpayer is obliged to file Form GSTR-3B returns.
GSTR 9: It is an annual return that registered taxpayers who were ordinary taxpayers, including SEZ units and SEZ developers, must file once every financial year. In this form, taxpayers must detail their purchases, sales, input tax credit or refund claimed, or demand produced, among other things.
Documents Required For GST Return Filing
Log-in credentials: Log-in credentials of the registered person
Details of Supplies: Details of the inward and outward taxable supplies along with the invoice details.