In India, GST return filing is mandatory for all businesses registered under the Goods and Services Tax (GST) regime. Here's a brief overview of the GST return filing process:
- Obtain GST registration: To file GST returns, businesses must first obtain GST registration by applying online through the GST portal.
- Maintain accurate records: Businesses must maintain accurate records of all their transactions, including sales, purchases, input tax credit, and output tax liability.
- File monthly/quarterly returns: GST returns must be filed monthly or quarterly, depending on the turnover of the business. Monthly returns are filed by businesses with a turnover exceeding INR 5 crore, while those with a turnover less than INR 5 crore file quarterly returns.
- Verify return details: Before submitting the return, businesses must verify all the details entered in the return, including the GSTIN, the name of the taxpayer, the period for which the return is being filed, and the tax liability.
- Pay tax liability: If there is any tax liability after offsetting the input tax credit, businesses must pay the same using the online payment gateway provided on the GST portal.
- Submit return: Once all the details have been verified, businesses must submit their GST returns online through the GST portal.
It is important to note that failure to file GST returns or filing them with incorrect details can result in penalties and even cancellation of the GST registration. Therefore, it is essential for businesses to maintain accurate records and file their GST returns on time.
