Goods and Services Tax (GST) return filing in India is a crucial aspect of the GST system, which is a unified tax system that replaced various indirect taxes at the national level. Here’s a general overview of the GST return filing process in India:
Types of GST Returns:
GSTR-1: Outward supplies return (sales) – 10th of the next month.
GSTR-3B: Monthly summary return – 20th of the next month.
GSTR-4: Quarterly return for composition dealers – 18th of the month succeeding the quarter.
GSTR-9: Annual return – 31st December of the next financial year.
GSTIN (GST Identification Number):
Every business that is registered under GST is assigned a unique GSTIN.
GST RETURN FILING PROCESS:
- Collecting Invoices: Businesses need to collect invoices for all sales and purchases made during the tax period.
- Data Entry: Enter the details of sales and purchases in the GST return forms.
- Validation: Ensure the accuracy of the entered data before filing.