GST return Filling is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. Goods and services Tax (GST) is a tax that applies to sales and purchases of goods and services. Every person India is liable to pay GST, whereas petroleum products, alcoholic beverages, and electricity are not taxable in GST.
GST is an indirect tax that is collected by suppliers and then paid to the government. It was launched in 2017 by the president of India. GST has concluded almost all indirect taxes except for some state-level taxes. It is given to only those who run businesses. So, GST return filing can only be done after registering in GST.
GSTIN consists of 15 characters:
First two characters are state codes, which depend upon which state you are from.
Next 10 characters are your PAN number.
13th character is the user’s entity number.
14th character is “Z” by default.
15th character is a unique code for every user.
If supply type is interstate, then IGST will be mentioned in the invoice.
Now the supply type is intrastate, then CGST and SGST will be mentioned in invoice, and GST amount will be equally divided between CGST and SGST.
Iinvoice is for sales, then ‘output’ will be mentioned in the invoice.
If the invoice is for a purchase, then ‘input’ will be mentioned in the invoice.
GST payable = GST input minus GST output
There are four GST rates: 5%, 12%, 18%, and 28%.
GST return filing is the process of recoding transactions on GST portal and then paying tax if needed.
GSTR2B only timely bills can be seen.
8) GST input is greater than GST output then GST payable will be adjusted for next month or quarter.
9) GSTR3B calculated GST payable can be seen.
· Regular user does their GST return filing either monthly or quarterly.
· Composition dealer does their GST return filing either yearly or once in 6 months.
· If Your turnover is above 5cr then GST return filing will only be done monthly.
· If the turnover is less than 5cr then GST return filing can be done both monthly and quarterly.
· Turnover is less than 1.5cr then only one can register in composition scheme.
· Composition dealer does not collect or give GST their process of GST return filling is completely different from regular user.
3) Click on ‘returns’ then on ‘returns dashboard’.
4) Select the financial year and month/quarter and click on ‘search’.
5) There are two option of GST return filing in GSTR1
Prepare online: If it is for automated GST return filing process.
Prepare offline: it is for manual GST return filing process.
6) After clicking on prepare offline
In this dashboard, there are categories for the invoices
The Transactions that are done between two `GST users are B2B i.e. business to business transactions.
If some Transactions that are done between GST user and customers and transaction value is more than 2.5 lakhs B2C(large) transactions.
Debit/credit note bill with registered party will be filed in this category.
So Debit/credit note bill with unregistered party will be filed in this category.
7. For B2B GST return filing, click on B2B invoices.
8. Click on add invoice.
9) Fill GSTIN, invoice number, invoice date, total invoice value and fill taxable value beside particular GST rate and click save.
10. There are two highlighted options in which 1st is to edit the invoice and 2nd is to delete the invoice.
11. Add another invoice, click on add invoice.
12. Now you may Go on previous slide, click on back.
13. B2C GST return filing, click on B2C invoice.
14. Click on add invoice.
15. Fill POS (place of supply), invoice number, invoice date, total invoice value and taxable value beside the particular rate and click on save.
16. There are two highlighted options in which 1st is to edit the invoice and 2nd is to delete the invoice.
17. Add another invoice, click on add invoice.
18. Go on previous slide, click on back.
19. For credit/debit note(registered) GST return filing, click on credit/debit note(registered) invoice.
20. Now Click on add invoice.
21. Fill GSTIN, debit/credit note number, debit/credit note number, debit/credit note date, note type, note value, supply type, reason for issuing note and taxable value beside the particular rate and click on save.
22. There are two highlighted options in which 1st is to edit the invoice and 2nd is to delete the invoice.
23. Add another invoice, click on add invoice.
24. You may Go on previous slide, click on back.
25. For credit/debit note(unregistered) GST return filing, click on credit/debit note(unregistered) invoice.
26. Click on add invoice.
27. Fill type, debit/credit note number, debit/credit note date, original invoice number, original invoice date, note type, note value, reason for issuing note and taxable value beside the particular rate and click on save.
28. There are two highlighted options in which 1st is to edit the invoice and 2nd is to delete the invoice.
29. Add another invoice, click on add invoice.
30. Go on previous slide, click on back.
31. View purchase invoices, go to return dashboard.
32. There are only two options available in GSTR2A either view or download.
33. So, click on view, this screen will show up.
34. Go to return dashboard, if you want to download.
35. Click on download.
A GST reconciliation is the process of matching GSTR2A report from GST portal and Tally prime which is done after GST return filing.
This GST is calculated by calculating 5%, 12%, 18%, 28% of taxable amount depending upon the rate of particular item or service
GST number is given only to a person who runs business. GST amount is collected by only those who have GST number. If a person who collects GST will pay that amount to government either monthly or quarterly which is GST return filing.
GST is an indirect tax which is collected on every sale and purchase. In case of interstate IGST will be collected and in case of intrastate CGST and SGST will be collected.
If a service is taken from Delhi to Mumbai of 23,000 at 18% GST, then your GST amount will be 4,140 i.e. 18% of 23,000.
If an item is bought from Delhi to Delhi of 18,000 at 12% GST, then GST amount will be 2,160 i.e. 12% of 18,000 and it will equally divide between CGST and SGST.
People can collect GST only if they register in GST then pay it to government
GST has reduced taxes of all the parties.
To register in GST, go to online GST portal -> click on services -> click on register -> click on new register -> enter details that are necessary.
If you pay GST after due date or pay less amount then 10% of due amount will be the penalty.
Download GST registration certificate, go to online GST portal -> click on login -> enter username and password -> click on login -> click on services -> click on user services –> select download certificate.
A business that has exceeded turnover limit need to register under GST within 30 days.
After online registration within 7 to 10 working days GST number will be delivered.
If a company is in many states, then there will be separate GST number for every state.
Bank details are not needed for GST registration.
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Unit of Global EduCareer Solutions.
B – 1/628, 2nd Floor, JanakPuri
Delhi – 110058
Opp. Metro Pillar No. 570
All Rights Reserved to GICT Since 2008
