Under the Goods and Services Tax system, filing a GST return is a procedure for informing the government about sales, purchases, taxes received, and taxes paid. Depending on their particular requirements, firms must file tax returns under the Indian GST system either monthly, quarterly, or annually.

All financial activities, including outgoing and inbound supply, tax collected on sales, tax paid on purchases, and the resulting tax liability, are recorded in GST forms, which are electronically filed. The business's net tax liability is also determined using the GST tax return, a statement that compiles all of the taxpayers' income and expenses.

Stop Tax Evasion

Filing a GST return guarantees increased openness, which helps reduce tax evasion and significantly reduce the likelihood of tax fraud.

Removes the Cascade Effect

The cascading effect of taxes on the sale of goods and services has been mostly eliminated since the GST was introduced into the Indian tax system, which has affected the prices of commodities.

Making an Input Tax Credit Claim

Taxpayers can lower their tax obligation by claiming the input tax credit when they file their returns on time.

Prevent Cancellation of GST

By completing the GST Return, you can prevent the cancellation of your GST registration.

GSTR-1

A taxpayer's monthly or quarterly GSTR-1 report summarizes all of their outgoing supply sales. The majority of business-to-business (B2B) sales invoices and credit-debit notes are automatically filled in from the e-invoicing site on this first return that the taxpayer files for a tax period. The Business-to-Consumers (B2C) sales summary and reverse charge purchases that are subject to tax must also be reported by the taxpayer in GSTR-1 for the tax period. Since information would then flow into the summary GST return, GSTR-3B, the correctness of GSTR-1 is essential.

GSTR-3B

All of a taxpayer's outgoing supply sales are compiled in their monthly or quarterly GSTR-1 report. On this first return that the taxpayer files for a tax period, the e-invoicing site automatically fills out most business-to-business (B2B) sales invoices and credit-debit notes. The taxpayer must additionally disclose the reverse charge purchases that are subject to tax and the business-to-consumers (B2C) sales summary in GSTR-1 for the tax period. The accuracy of GSTR-1 is crucial since data would then flow into the summary GST return, GSTR-3B.

GSTR-9

Every registered GST taxpayer is required to file the GSTR 9 return each year. It is a thorough report that compiles information on supplies sent and received during the year under several tax headings, including CGST, SGST, IGS, and HSN codes. GSTR-9 filing is a regulatory requirement that you cannot overlook if you are operating a business in Noida or Delhi.

GSTR-9C

Some taxpayers are required to file the yearly GST reconciliation statement on the GSTR-9C form. This form must be submitted by any registered taxpayer whose total revenue for a fiscal year exceeds Rs. 5 crore. A copy of the audited yearly accounts must also be submitted. Many businesses choose easy funding options like startup business loans in order to control the related compliance expenses and keep up consistent operations. The GST Reconciliation Statement, which details any differences between sales, tax, or input credit stated in GST returns and audited accounts, must be prepared by the taxpayer.

●      Enter your password and GSTIN to access the GST Portal.

●      Choose the relevant filing period (monthly or quarterly) from the Returns Dashboard.

●      Select the GSTR-3B form that you wish to submit.

●      Enter the information for both inbound and outgoing supplies (purchases and sales), or choose NIL Return if appropriate.

●      Before submitting, reread the return summary to make sure all the information is correct.

●      Verify the liability and submit the return.

●      Use one of the available payment methods to make the purchase.

Use an EVC (Electronic Verification Code) or DSC (Digital Signature Certificate) to digitally sign the return

The GST platform is used to file GST returns, and no supporting documentation is required.

GSTIN: Portal login and GST identification number.

Sales Invoices: Detailed, arranged list of B2B and B2C invoices (containing tax rates (IGST, CGST, and SGST), place of supply, and taxable value).

Purchase invoices: These are necessary to verify input credit for goods or services acquired.

HSN Summary: A comprehensive overview of every item sold, comprising the HSN CODE, description, quantity, and value.

Debit/Credit Notes: Information about any invoice revisions, returns, or amendments.

Details of the E-Way Bill: For the transportation of goods, if appropriate.

Bank Statement: For electronic cash and credit ledger payment reconciliation

Businesses in India must comprehend the different GST filing fees and the elements that affect them. Businesses can minimize their charges by using online filing, filing on time, and outsourcing expert services when needed, even though GST filing costs might vary depending on the size of the company, the volume of transactions, and the complexity of operations.

TaxEquire provides professional GST registration and filing solutions that guarantee compliance while lowering expenses for companies looking for a hassle-free GST filing experience. Businesses of all sizes may concentrate on expansion while TaxEquire manages the intricacies of GST filing with their individualized services.