What is GST Return?

A GST return is a form containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) has to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability. The GST returns are required to be filed, following which the taxpayer has to pay off the tax liability. GST returns have to be filed by all the business entities who are registered under the GST. The filing process has to be identified on the basis of the nature of the business. GST Returns are filed quarterly, monthly, or annually.

Type of taxpayers:

There are 7 types of taxpayers. These are:
Regular taxpayer
Composition taxable persons
TDS deductors
Non-resident taxpayer
Input Service Distributor
Casual taxable persons
E-commerce operators

GST return: Step by step process to file GST return

The GST return online filing process can be completed in the following steps.

STEP 1 : Use the GST portal that is www.gst.gov.in

STEP 2 : Based on your state code and PAN number, a 15 digit number will be issued

STEP 3 : Each invoice that you have needs to be uploaded. Against each invoice, a reference number will be issued.

STEP 4 : After this, the next step is to file the outward returns, inward returns, and cumulative monthly returns. All errors can be rectified

STEP 5 : File the outward supply returns of GSTR-1 using the information section at the GST Common Portal on or before the 10th of the month

STEP 6 :The outward supplies furnished by the supplier will be gotten from the GSTR-2A

STEP 7 :After this, the recipient has to verify the details of the outward supplies and file details of credit or debit notes

STEP 8 :Next, supply details of the inward supplies of goods and services in the GSTR-2 form

STEP 9 :Supplier can accept or reject the details provided by the inward supplies made apparent in the GSTR-1A.

Types of GST Returns

Here are the different Types of GST returns that a taxpayer or organisations has to file

GSTR 1:Includes taxable goods or services, or both as well as that of outward supplies.

GSTR 2:Includes inward supplies related to taxable goods and/or services, along with ITC claim.

GSTR 3:Includes monthly returns based on finalised detail related to inward and outward supplies. It also includes details of total tax payable.

GSTR 4 :Includes details related to Quarterly Return filing, specifically for compounded tax liabilities of specific individuals.

GSTR 5:Includes details of GST return filing for non-resident foreign individuals.

GSTR 6 :Serves as the form for Input Service Distributors to file returns.

GSTR 7 :Serves as the form facilitates Return filing for authorities initiating TDS.

GSTR 8 :Includes supply details for e-commerce operators along with the tax amount collected as per sub-section 52.

GSTR 9 :Serves as the form to file Annual Returns.

GSTR 9A :Includes details to file Annual Returns relative to Compounding taxable individuals registered u/s 10.