GST Filing

What is GST return filing?

Businesses registered under GST must file the GST returns monthly, quarterly, and annually based on the company. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the collected and paid tax. Implementing a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are within range and perfectly aligned. An individual taxpayer filing the GST returns has to file four forms for filing the GST returns, such as returns for supplies, purchases made, monthly returns, and annual returns.

GST return filing in India is mandatory for all entities with a valid GST registration, irrespective of business activity, sales, or profitability during the filing period. Hence, even a dormant business with a valid GST registration must file GST returns. A GST return is a document containing the details of all the income or expenses that a taxpayer must file with the tax administrative authorities.

The GST Return filing process in Lucknow is done by the following:

• A person having a valid GSTIN has to file the GST returns compulsorily.
• Also, a person whose annual turnover crosses Rs. 20 lakh has to obtain a GST registration and file the GST returns mandatorily.
• In Special states’ cases, the annual turnover limit is Rs.10 lakh.

Documents Required For GST Return Filing:

• Invoice
• Purchase Invoices
• Bank Statement

GST Return Filing Process:

The GST filling process in Lucknow can be done online by:

From manufacturers and suppliers to dealers and consumers, taxpayers must file their tax returns with the GST department every year. Under the new GST regime, filing tax returns has become automated. GST returns can be filed online using the software or apps provided by the Goods and Service Tax Network (GSTN), which will auto-populate the details on each GSTR form. Listed below are the steps for filing GST return online:

Step 1: Visit the GST portal (www.gst.portal.com)

Step 2: A 15-digit GST identification number will be issued based on your state code and PAN number.

Step 3: Upload invoices on the GST portal or the software. An invoice reference number will be issued against each invoice.

Step 4:  After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online. If there are any errors, you can correct them and refile the returns.

Step 5: File the outward supply returns in the GSTR-1 form through the information section at the GST Common Portal (GSTN) on or before the 10th of the following month.

Step 6: Details of outward supplies furnished by the supplier will be made available in GSTR-2A to the recipient.

Step 7: The recipient has to verify, validate, and modify the details of outward supplies and also file details of credit or debit notes.

Step 8: The recipient has to furnish the details of inward supplies of taxable goods and services in the GSTR-2 form.

Step 9: The supplier can accept or reject the modifications of the details of inward supplies made available by the recipient in GSTR-1A.

Business Buddy Solutions is a leading business service platform in India that offers end-to-end GST filing in Lucknow. We have helped thousands of business owners to get GST registration, as well as file GST returns. 

Return Filing under the Composition Scheme:

All persons registered under the Composition Scheme must pay taxes using CMP-08 every quarter and GSTR 4 to be filled annually through the GST Common Portal or a GST Facilitation Centre. GST return for those enrolled under Composition Scheme is due on the 18th of the month, succeeding a quarter. Hence, the GST return for the composition scheme would be due on April 18th, July 18th, October 18th, and January 18th. A Composition files the GST return.

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