How to File GST Returns_ A Beginner's Guide

1. How to File GST Returns? A Beginner's Guide Filing GST returns may appear to be a complex process, particularly if you are a beginner in the taxation world. However, all business owners or taxpayers need to know this process. Why? GST (Goods and Services Tax) is the pillar of India's indirect tax structure, and filing returns correctly and on time is a legal requirement. In this step-by-step beginner's guide, we will guide you through filing GST returns and make it simple to comprehend. What is GST? Goods and Service Tax (GST) is an integrated tax on goods and services supplied, replacing different indirect taxes such as VAT, service tax, and excise duty. GST is implemented by the Indian government to unify the tax system and make it more transparent. It's a consumption tax, i.e., it's borne by the final consumer, while businesses collect and pay this tax to the government. GST is designed in such a manner that companies in India are supposed to pay tax at every stage of the manufacturing or distribution chain. Tax paid on inputs can be recovered by companies as input tax credit (ITC), so it is more efficient compared to earlier tax systems. With GST, the tax regime has become far simpler, more systematic, and more centralised. Importance of Knowing How to File GST Returns

2. For taxpayers and companies alike, the filing of GST returns is not only a requirement but also a necessary aspect of taking care of your finances. If you join a certificate course on GST at a reputed institute, then you can learn a lot. Knowing how to file GST returns properly can spare you from fines and legal issues. Filing returns will help you pay your taxes correctly and on time, which keeps your financial record clean and free from interest or late charges. Additionally, when you make accurate GST returns, you can claim input tax credits for the GST you've paid on business expenditures. This can minimise the overall tax charge on your business. If you're not making accurate returns, you may lose out on these credits, and that can financially penalise your business in the long term. By knowing how to file GST returns, you also have greater control over your business activities and tax compliance, which increases trust with authorities, customers, and suppliers. In general, knowing the GST return filing process can make a big difference to your business and give you peace of mind. How to File GST Returns: A Step-by-Step Guide Filing your GST returns is a multi-step process, but if you know how to do it, it will be quite easy. This is how you can file your GST returns: 1. Know the GST Return Forms There are many GST return forms. You need to know which form your business will use. The most used forms are: ● GSTR-1: To report outward supplies (sales). ● GSTR-2: Used for reporting inward supplies (purchases). ● GSTR-3B: A monthly summary of outward and inward supplies. ● GSTR-9: An annual return form for businesses. For most businesses, the key forms you’ll need to file regularly are GSTR-1 and GSTR-3B. 2. Register for GST Before filing GST returns, you should be registered under GST. If your business turnover exceeds the limit prescribed by the government, you will have to apply for GST registration on the GST portal. After registering, you will be assigned a unique GSTIN (GST Identification Number), which is used for return filing. 3. Maintain Your Invoices You must keep accurate records of all your transactions, both purchases and sales. Keep a neat record of your invoices and maintain accurate information on the goods and services you supplied, as well as the GST levied. This will assist you in filing your return forms easily.

3. 4. File GSTR-1 (Outward Supplies) The first one that you must submit is GSTR-1, which represents all your sales during the month. You should submit this by the 10th of the subsequent month. Make sure all your sales information, including the GST rates, is reported correctly. 5. Submit GSTR-3B (Monthly Summary) GSTR-3B is a consolidation of all your outward and inward supplies. It contains details of sales, purchases, input tax credit, and the tax payable. This return has to be submitted on or before the 20th of every month. 6. Pay the GST Due After you have filed your returns, you will have to pay any due GST. You can pay online using the GST portal. Make sure that you pay the right amount on time so that you don't have to pay any penalty. 7. File GSTR-9 (Annual Return) The GSTR-9 is a yearly return that should be submitted by the company for the whole financial year. The return must be submitted at the end of December of the subsequent year. This statement combines all the GSTR-1 and GSTR-3B information and should be submitted to guarantee accuracy and full compliance. Why Should You Pursue a GST Course? If you're an entrepreneur or newly entering the field of taxation, it's worth taking a GST course. GST intricacies will enable you to file returns appropriately, optimise input credits, and remain compliant with tax laws. GST is intimidating with its many rules, forms, and due dates. A good GST course will educate you from the most fundamental concepts to the more intricate processes of return filing. You'll understand how to handle various GST forms, how to maximise your tax payments, and how to utilise the GST mechanism for business development. Course Content: What You Will Learn A certification course on GST will generally encompass the following major topics: ● Understanding GST: Know about the structure, types, and advantages of GST. ● GST Registration: Know about how to register your business under GST. ● GST Returns: Know how to properly fill GSTR-1, GSTR-3B, GSTR-9, and other returns. ● Taxation Rules: Know the various tax rates, exemptions, and the Input Tax Credit (ITC) mechanism. ● GST Audit: Know about the GST audit process and how to remain compliant.

4. You will have a thorough understanding of the process of filing GST after this course, and this will equip you with the confidence to handle the tax for your business or the company you work for. Why Pursue GST Course from GTIA? At George Telegraph Institute of Accounts (GTIA), our GST course is structured to give you the skills and knowledge required to prepare GST returns like a pro. With seasoned trainers, live case studies, and an extensive curriculum, we give you hands-on experience with the entire GST process. Our USPs are: ● Practical Learning: Getting hands-on experience in completing GST returns. ● Comprehensive Coverage: Covering everything from the basics of GST to advanced subjects. ● Trusted Trainers: Learn from people who have ample experience with GST compliance. ● It's Affordable & Flexible: You can fit this course into your schedule and purse. ● Post-Course Support Provided: We stand by you well after the completion of the course. Join Your GST Learning Journey Today! Since you now see why GST returns are crucial and how to make a GST filing, what are you waiting for? Enroll now in our GST course and unlock the doors of success for your career. Let not the complexity of taxation dampen your ambitions. Learn, excel, and achieve with an expert's helping hand. Contact us now and avail more details about how you can begin the process of GST learning! FAQs Q1. What are the main types of GST returns I need to file? As a businessperson, the key returns of GST you'll be required to submit are GSTR-1 (outward supplies), GSTR-3B (summary of your outward and inward purchases and sales), and GSTR-9 (annual return). GSTR-1 must be submitted every month, GSTR-3B is a summary return that must be submitted monthly, and GSTR-9 must be submitted every year. Keeping these returns in place will ensure you're complying with the GST regime. Q2. Am I entitled to claim an input tax credit (ITC) under GST? Yes, you can recover the input tax credit (ITC) under GST. ITC allows you to reduce the tax paid on your business purchases against the tax that you have to pay on your

5. sales. In the case of availing ITC, ensure the purchases you're making are business-related and vendors from whom you purchase have made their return correctly. It reduces the overall tax liability of your business. Q3. How can a GST course help my business? A GST course will provide you with a thorough understanding of the tax system, such as claiming ITC, filing returns, and being compliant with all the GST laws. It will save your time, eradicate errors, and keep your business in full swing from a tax perspective. You'll also learn the best practices for dealing with GST, which will make your business efficient and well-organised. Q4. What happens if you miss the GST return filing deadline? Failing to submit the GST return within the prescribed due date will result in the imposition of penalties and interest on tax paid. If you fail to file your returns within time, you may be charged late charges ranging from ₹50 to ₹200 per day, depending upon whether you're filing a CGST/SGST or IGST return. Repeatedly delaying can also invite extra questionnaires from tax authorities. Being prompt with your returns is essential to avoid these fines and operate your business hassle-free.