GST Return Filing: An Overview

GST, or Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services in India. The GST Act was introduced in July 2017, replacing several indirect taxes and transforming India into a unified market. GST return filing is an important aspect of GST compliance, and all registered businesses under GST are required to file periodic returns to report their taxable supplies, Input Tax Credit (ITC) availed, and tax payable or refundable.

Types of GST Returns

Under the GST regime, businesses are required to file the following returns:

GSTR-1

also known as the Outward Supply Return, is a monthly return filed by all registered taxpayers. It is a declaration of all taxable supplies made during the month, including details of the recipient, the value of the supply, and the tax payable on it. The due date for filing GSTR-1 is the 10th of the following month.

GSTR-2

also known as the Inward Supply Return, is a monthly return filed by all registered taxpayers. It is a declaration of all taxable supplies received during the month, including details of the supplier, the value of the supply and the Input Tax Credit (ITC) availed. The due date for filing GSTR-2 is the 15th of the following month.

GSTR-3

Also known as the Monthly Return, is a monthly return filed by all registered taxpayers. It is a summary of all inward and outward supplies made during the month, calculated based on the details furnished in GSTR-1 and GSTR-2. The due date for filing GSTR-3 is the 20th of the following month.

GSTR-9

 Also known as the Annual Return, is an annual return filed by all registered taxpayers. It is a summary of all GST transactions made during the financial year, including details of taxable supplies made, received, and ITC availed. The due date for filing GSTR-9 is December 31st of the following financial year.

Benefits of GST Return Filing

GST return filing provides several benefits to businesses, including:

• Better transparency and accountability in GST transactions
• Avail of Input Tax Credit (ITC) on taxable supplies received
• Reduction in tax liability by way of set-off of tax due and ITC
• Maintaining a systematic record of GST transactions for future reference

Filing Process for GST Returns

The GST return filing process can be completed online through the GST portal by using the GSTIN  assigned to each registered taxpayer. The process of making a Registry Return involves the following steps

1. Login to the GST Portal using the GSTIN
2. Navigate to the Returns section and select the applicable return form (GSTR-1, GSTR-2, GSTR-3, or GSTR-9)
3. Fill in the details of taxable supplies made, received, and ITC availed
4. Calculate the tax liability and make payment, if any
5. Submit the return form and take a printout for future reference

Common Issues in GST Return Filing

Despite its benefits, GST return filing can sometimes be a challenge for businesses, due to the following reasons:

• Lack of understanding of GST laws and regulations
• Inaccurate or incomplete information in GST returns
• Delays in receiving invoices from suppliers
• Technical glitches in the GST Portal