Introduced on 1st July 2017, the introduction of Goods and Service Tax is one of the noteworthy tax reforms in India. This comprehensive restructuring resulted in a merger of indirect taxes such as VAT, purchase tax, central excise duty, central sales tax and more. So, irrespective of the trading, manufacturing or industrial sector, business owners need to register under GST to file on-time returns.
So before knowing how to file a GST return online, individuals need to know everything about GST return and registration.
Steps to file GST return online
Under the GST Act 2017, every business registered under GST is liable to file a return, depending on the nature of the business.
Following are the steps that individuals can follow to proceed with the GST return process:
Step 1- Individuals need to visit the official GST portal and click on the ‘Services’ button.
Step 2- Now, individuals need to select ‘Returns dashboard’ from the drop-down menu, and fill in the required information for filing a return.
Step 3- Now, individuals need to choose the return they want to file and select ‘prepare online’.
Step 4- Input all the necessary values, including the amount and late charges (if any).
Step 5- After filling in all the details, individuals need to select on ‘Save’ option and receive a message on their screen.
Step 6- At the end, select on ‘Submit’ option at the bottom of the page to file the return.
Step 7- After the status of your GST return changes to ‘Submitted’, one can scroll down and select on ‘Payment of tax’ tile. You can then review your credit balance and proceed accordingly.
Step 8- Lastly, check the option against the declaration box and choose an authorised signatory from the drop-down list. After that, click on ‘file form with EVC’ or ‘file form with DSC’, and then make payment for your GST.
If individuals fail to file GST returns online on time, they need to pay interest along with late payment charges. Besides, individuals can also use a GST interest calculator to evaluate the amount they are liable to pay to the government.
What is GST return?
It is an essential document that includes all the information related to GST payments, invoices and receipts for a particular period. A taxpayer is required to present all the transactions associated with the revenue of their business. Based on these details, the total tax liability of a business will be decided.
To file a GST return online, individuals need to log in to the official portal of GSTN. While filing the return, individuals are required to provide details such as total purchases, ITC or Input tax credit, total sales, etc. Besides, individuals need to select the correct form before proceeding with the GST return procedure.
However, borrowers must note that to file for a GST return, one needs to know how to register for GST online and get the number. There are different types of GST returns in India filed by the taxpayers that include various details.
Furthermore, the GST calculator for buyers has simplified GST calculation and allows individuals to figure out the exact product price, including the percentage of GST rates.
This GST return document is crucial while availing a business loan as reputed financial institutions consider it as a proof of business, alongside other documents. Furnishing it can also help you in the loan application process.
Apart from these, borrowers can also enjoy exclusive pre-approved offers that streamline the loan application procedure. These offers are available on a wide range of financing options such as business loans, credit cards, personal loans, etc. Intending borrowers can check their pre-approved offers by mentioning their name and contact information.
Thus, filing a GST return online is not a cumbersome process anymore, and it is a necessary compliance for businesses to avoid any legal complications.