It took 17 years for India’s GST (Goods and Services Tax) to develop into a fully-fledged statute that went into effect on July 1st, 2017. The GST journey in India started back in the year 2000. The introduction of GST has broadened India’s tax base and eliminated the cascading effect of tax on the sale of goods and services.
While it is simpler for businesses to comprehend the benefits of the GST law in India, many of them frequently encounter difficulties when filing GST returns. Because there are many GST returns that taxpayers must submit depending on the type of business they operate, this is the case.
Here, we’ll go through a number of GST return filing-related topics in detail, including numerous form kinds, GST filing procedures, and more. Let’s begin with the fundamentals.
What is the GST Return?
A GST-registered taxpayer (each GSTIN) is obliged to submit a document to the tax administration authorities called a GST return, which contains information about all of their income, sales, and/or costs, as well as their purchases. Tax authorities use this to determine net tax liability.
A registered dealer is required to submit GST returns under the GST that generally include:
- Purchases
- Sales
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
Check out the Clear GST software, which enables the import of data from several ERP systems like Tally, Busy, and custom Excel, to name a few, to file GST returns or for GST filings. Users of Tally have the choice to directly submit data and files via the desktop client as well.
Process of GST Return Filing?
You are able to monitor the status of your GST Returns through the official GST Login Portal. For the same, there are three distinct approaches. These are the techniques:
- Utilizing the ‘Return Filing Period’ option to monitor the status
- Utilizing the ‘ARN’ option to monitor the status
- using the ‘Status’ option to monitor the status
Utilizing the ‘Return Filing Period’ option to monitor the status
- Step 1: Visit https://www.gst.gov.in/ and log in with your credentials using the online GST interface.
- Step 2: From the top menu, select the “Services” tab.
- Step 3: Select the “Returns” option and then click “Track Return Status.”
- Choose the “Return Filing Period” option in step 4.
- Step 5: On the following page, choose the fiscal year and the time for submitting returns from the corresponding drop-down menus.
- Step 6: Click the “Search” button, and your screen will show the GST Return’s status.
Explain the various different types of GST Return status
The steps listed below can be used to verify the status of your GST return filing online:
- You can access the GST website at https://www.gst.gov.in.
- After entering your login information, select Service > Returns > Track Return Status.
- From the drop-down menu, pick “Status of Return.”
- To view the status of the return, which can be TO BE FILED, FILED – VALID, FILED – INVALID, etc., click Search.
How to Check GST Return Filing Status Online
Utilizing the ‘ARN’ option to monitor the status
- Step 1: Visit https://www.gst.gov.in/ and log in with your credentials using the online GST interface.
- Step 2: From the top menu, select the “Services” tab.
- Step 3: Select the “Returns” option and then click “Track Return Status.”
- Choose the “ARN” option in step 4.
- ARN must be entered in the field provided in step 5.
- Step 6: Click the “Search” button, and your screen will show the GST Return’s status.
Using the ‘Status’ option to monitor the status
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- Step 1: Visit https://www.gst.gov.in/ and log in with your credentials using the online GST interface.
- Step 2: From the top menu, select the “Services” tab.
- Step 3: Select the “Returns” option and then click “Track Return Status.”
- Step 4: Click the “Status” menu item.
- Step 5: From the drop-down box, choose the Return Status that you want.
- Step 6: Click the “Search” button, and your screen will show the GST Return’s status.
Read Also: How to Change GST Registration Details of a Business in India?
How to Download GST Returns?
Your GST Returns can be downloaded through the official GST Portal. You can download your GST Returns by following the instructions below:
- Step 1: Visit https://www.gst.gov.in/ and log in with your credentials using the online GST interface.
- Step 2: From the top menu, select the “Services” tab.
- Step 3: Select the “Returns” option and then click “Returns Dashboard.”
- Step 4: On the following page, choose the fiscal year and the time for submitting returns from the corresponding drop-down menus.
- Step 5: Select the GTR you wish to download by clicking the ‘Search’ button.
- Step 6: Select the desired GSTR, then click the “Prepare Offline” option.
- Step 7: Select “Generate File” under the “Download” heading.
- Step 8: The request for the generation of the file usually takes 20 minutes or less.
- Step 9: A download link will be generated once the file has been created. To obtain the ZIP file containing your GST Returns, click the “Click Here” button.
Penalty for late filing of GST Returns
In the event that the taxpayer fails to submit the returns by the deadline, a fine will be assessed. The late charge is the name of this fine. The late fine for both the Central Goods and Services Tax (CGST) and State Goods and Services Tax is Rs. 100 for each day under the GST Law (SGST). As a result, the daily fee will be Rs. 200. This rate is subject to adjustments, which will be disclosed via notifications. The highest fine that can be assessed is Rs. 5,000. If the filing of the return is delayed, the integrated GST, or IGST, does not incur any late fees. In addition to the late fee, the taxpayer will also be compelled to pay interest at a rate of 18% p.a. The taxpayer must compute this interest based on the amount of tax that has to be paid. The time frame will be measured from the day after the filing deadline to the day on which the payment is actually made.
Conclusion
The Finance Ministry revealed on Saturday that GST (Goods and Services Tax) receipts in September were Rs. 1.17 lakh crore. The second quarter’s average monthly gross GST collection, according to a statement from the government, was Rs. 1.15 lakh crore. It was 5% more than the 1.10 lakh crore average monthly collection from the first quarter of the year. It was hoped that the upward revenue trend would continue and that the second half of the year would bring in more money. CGST was Rs.20,578 crore, SGST was Rs.26,767 crore, IGST was Rs.60,911 crore, and Cess was Rs.8,754 crore of the Rs.1,17,010 crore that was collected in the month. Profits from imports of goods were 30% higher during the month and those from domestic transactions were 20% higher than they had been for the same period the previous year. After regular settlements for the month, the combined revenue for the Centre and the States was Rs. 49,390 crore for CGST and Rs. 50,907 crore for SGST.