How to file GST return online?

Online GST return filing is essential for every business entity registered under the Goods and Services Tax Act, 2016. GST returns filing is used by the authorities to conclude tax liability on a taxpayer. It is a crucial activity that works as a connection between the taxpayer and the government. The taxpayer, along with GST return, has to provide details like an enterprise's activity, disclosure of tax liability, payment of taxes, and other information as prescribed by the government. It can be filed on the online official GST portal.

While GST returns filing, the registered business requires the following information for the concerned period:

• Total Sales
• Total Purchases
• GST paid by the customers
• GST paid by the business on purchases.

After filing, a registered business can check GST return filing status online and comply with other requirements.

Who Should File GST Return Online?

All the business owners eligible under the provisions of the Goods and Services Tax Act, 2016, need to file GST return. GST return filing depends on the nature of the business. GST return must be filed by business entities that have a turnover of INR 40 lakhs or more and in the hilly regions and North-eastern states turnover more than INR 20 lakhs.

Documents Required for Online GST Return Filing

Following are the documents necessary for Online GST Return filing-

• List of Invoices (B2B Services, B2C Services)
• Customer GSTIN
• Place of Supply
• Invoice Number
• Type of Invoice
• GST Rate
• Applicable amount of GST Cess, SGST, IGST and CGST.
• HSN wise summary details.
• Taxable Value
• Consolidated inter-state and intra-state sales.
• Abstract of essential documents like Credit Note and Debit Note.

Procedure for Online GST Return Filing

Filing GST return on the online platform is a comprehensive process that includes three essential steps that every taxpayer has to follow.

STEP 1: Collecting Invoices and Documents

All the GST taxpayers in India have to collect the required invoices and documents for uploading annual return invoices on the official GST online portal. All the required invoices and documents have to be maintained electronically.

Step 2: Preparation for Online GST Return Filing

The taxpayers have to prepare all the crucial documents and required information for GST returns. The taxpayers can maintain the invoice records by themselves or the expert selected by them and by the month end, the tax payer can file the GST returns on the official GST online portal without any complexity.

STEP 3: Pre-Compliances before Online GST Return Filing

• The major step prior to GST return filing is to re-examine the GST returns and records ahead of final submission.
• The second step is to authenticate the documents, records and invoices to substantiate that they are good to go.
• Once the documents are authenticated, the taxpayers can file the GST returns on the official GST portal.
• After successfully filing the GST return, the ARN number will be generated immediately.

Penalty for Filing late GST Returns

Filing Late GST Return may have a harmful effect on the taxpayers business which can direct to extensive fines and punishment. If GST return is filed within the prescribed time limit, then the taxpayers have to pay a late fee and interests on the due amount. Moreover, the taxpayer has to pay an interest of 18% per annum. However, the taxpayers can calculate the interest on the amount of due tax to be paid. The fine for late GST filing is INR 100 per day as stated in the concerned Act, currently it is Rs. 100 under SGS & Rs. 100 under CGST, in total, and it amounts to Rs. 200 per day. The utmost amount of fine for late GST return filing can go up to Rs 5000.

Conclusion

All the business owners eligible under the provisions of the Goods and Services Tax Act, 2016, need to file GST return. Online GST return filing depends on the nature of the business. GST return filing is used by the authorities to conclude tax liability on a taxpayer. The taxpayer, along with GST return, has to provide details like activity of the enterprise, disclosure of tax liability, tax payment, and other information as prescribed by the government. It can be filed on the online official GST portal.

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