What is GST Return Filing Overview
As per the GST law, every individual/Company/LLP registered under the GST Act has to furnish the details of sales, purchases and the tax paid by filing for GST returns with the administrative authorities. As a business person/ firm, one of your first priorities will be to do is GST return filing. Hence, knowing the ropes can help you make the process smoother and simpler. While filing a GST return, you are supposed to provide all the particulars related to your business activities, like the tax liability declarations, tax payments and also any other related information as per instructions provided by the government. The GST return filing process has to be done electronically in the GST portal. A facility has to be offered for the manual process of GST return filing tasks. This facility helps the business taxpayer in India to prepare the return offline and then upload it on GSTN through the facilitation center. There are also various components of GST returns filing that you need to know about. The GST return mainly includes output GST on the sales, input tax credits as per GST paid while making the purchases, and also includes the total sales. In order to file the GST return, the purchase invoices and GST compliant sales are needed.
Process for GST Return Filing
In total, there are 3 steps to be followed in the GST return filing work for every Indian Business Taxpayer.
Step 1- Documents and monthly returns involved in the GST return filing process
All registered taxpayers can follow the filing format and upload their annual return invoice on the GST portal. To do that, you will have to maintain all the records of the invoiceelectronically. We help you with filing process in the GST portal by setting up simplified versions of excel templates. It will aid you in maintaining the records with ease.
Step 2- Preparation for GST return filing procedure
We collect all the information and documents needed to start preparing for your GST returns first. swiffysoft will maintain the invoice records of registered taxpayers and by month end; you can easily file the GST returns using our exclusive team of experts. Once you do the online filing process in GST portal, from then on, our expert affiliate will remind you about the filing date so that you won’t forget the date and end up paying tax penalties.
Step 3- Steps required completing the returns filing process
The first step before filing your GST will be to review the GST filing before submission. We, at swiffysoft, give you an opportunity to do the same.
The second step is your approval.
After your approval, we will be filing your returns online
Our GST experts will file the GSTR returns after payment of tax. The ARN number generated will be shared with you for records.
Once the process is completed successfully, we will mail you an acknowledgement about the same to the registered email id provided by you.
Benefits Of GST Return Filing
- Elimination of the cascading effect
- Seamless flow of ITC
- Simple and common form for all taxes
- Score higher compliance rating
- Avoid penalty and interest
Checklist /Minimum requirement for GST Return Filing
- Digital Signature - DSC of Authorised Partner or Director, in case of LLP and Company only
- GST Registration Certificate
- Details of Supplies - Details of the inward and outward taxable supplies along with the invoice details
- Log-in credentials - Log-in credentials of the registered person