GST Return Preparation & Filing
GST Return Preparation
Gathering Data: Collect all necessary financial documents, including sales and purchase invoices, expense receipts, and bank statements.
Classifying Transactions: Categorize transactions according to GST laws—interstate (IGST), intrastate (CGST and SGST), and exempt or nil-rated supplies.
Calculating Tax Liability: Determine the GST payable by calculating the difference between output tax (GST collected on sales) and input tax credit (GST paid on purchases).
Reconciliation: Ensure that the details in the purchase register match with the supplier’s data in the GST portal. Reconcile sales data with the GSTR-1 filed by customers.
ITC Eligibility: Verify eligibility for Input Tax Credit (ITC) on purchases. ITC can be claimed only if the supplier has uploaded the invoice in their GSTR-1.
GST Return Filing
Choosing the Right Form: Different forms are applicable based on the type of taxpayer and nature of transactions:
- GSTR-1: Monthly return for outward supplies.
- GSTR-3B: Monthly summary return for overall tax liabilities.
- GSTR-4: Quarterly return for composition scheme taxpayers.
- GSTR-9: Annual return consolidating all monthly/quarterly returns.
Filling Out Forms: Enter details accurately in the chosen GST return form. This includes outward and inward supplies, tax payable, and tax paid.
Uploading Invoices: Ensure all invoices are correctly uploaded to the GST portal to match with counterparties’ data and claim ITC.
Submitting Returns: Submit the completed form on the GST portal. Double-check all entries to avoid errors and discrepancies.
Payment of Tax: Pay the GST liability through the online portal. Ensure that payments are made by the due date to avoid interest and penalties.
Verification: Complete the verification process using a digital signature or electronic verification code (EVC).