The implementation of Goods and Services Tax (GST) has been a significant milestone in India’s tax system, streamlining the indirect tax structure and ensuring uniformity across states. With GST, the concept of GST returns has become integral for businesses to comply with tax regulations. In this article, we would discuss the significance of GST returns, types of GST returns, the GST return filing procedure in Kerala, understanding GST return status, and so on. We also discuss the function of Outbay Financial Services with regard to supporting businesses in adhering to the GST process.
The Significance of GST Returns
GST returns are important documents that the taxpayers have to submit to the tax authority to report income, calculate liabilities, and seek refunds. Returns submitted under GST provide transparency and accountability in the tax collection process as they help the government track its collections and control tax evasion.
Types of GST Returns
There are various kinds of GST returns that a business has to file, depending upon the nature of the business and the turnover. Here are the primary types of GST returns:
- GSTR-1: Details of outward supplies of goods or services. Filed monthly or quarterly depending on turnover.
- GSTR-2A: Auto-draughted details of inward supplies, generated from the suppliers’ GSTR-1.
- GSTR-3B: Summary return of outward and inward supplies, filed monthly.
- GSTR-4: Quarterly return for taxpayers under the composition scheme.
- GSTR-9: An annual return containing all the GST transactions for a year in an aggregated form.
- GSTR-10: Final return that taxpayers are required to present in case their GST registration is cancelled.
- GSTR-11: Return for entities with a UIN, claiming reimbursement
GST Return Filing in Kerala
Being an economy state, Kerala consists of businesses in different sizes and sectors that fall under the requirement of GST rules. The process for filing a GST return in Kerala, just like the rest of India, will follow the procedures given by the GST Council, although some guidelines differ with the states.
Preparation of data for GST returns in Kerala would involve the following steps:
- Preparing the Data: Gather details of all sales, purchases, and expenses.
- Log into the GST Portal: Access the portal www.gst.gov.in by using their login credentials.
- Choose the Correct Form for Return: Depending upon the type of return filed, choose the correct form.
- Fill in Details: Fill in all the details correctly and completely.
- Upload Supporting Documents: Upload necessary documents such as invoices and payment proofs.
- Submission of Return: Verify the details and submit the return using a digital signature certificate or electronic verification code.
- Making Payment: Pay any tax liability through online banking or otherwise.
- Track Status: Frequently check the status of the GST return on the portal for successful processing.
GST Return Status.
After filing a GST return, it is crucial to track its status to ensure it has been processed correctly. The GST return status can be checked on the GST portal by following these steps:
- Log in to the GST Portal: Use your credentials to access the portal.
- Navigate to the Return Dashboard: Under the ‘Services’ section, select ‘Returns’ and then ‘Track Return Status.’
- Enter Details: Enter the appropriate return period and form type to view the status.
- Check Status: The portal will show the return status as ‘Filed,’ ‘Submitted,’ ‘Processed,’ or ‘Pending.’ If there are any discrepancies or issues, the portal will provide details for resolution.
Challenges in GST Return Filing
Even though the process is streamlined, businesses face challenges in filing GST returns, such as:
Data Accuracy: Ensuring accurate and complete data entry is crucial to avoid errors and discrepancies.
Compliance with Deadlines: Missing filing deadlines can result in penalties and interest.
Technical Issues: Navigating the GST portal and resolving technical glitches can be time-consuming.
Complex Regulations: Understanding and complying with the ever-evolving GST regulations can be challenging for businesses, especially small and medium-sized enterprises (SMEs).
For Indian enterprises, filing a GST return is a crucial component of tax compliance. Knowing the various types of GST returns, the process of GST return filing in Kerala, and how to check GST return status are all part of the necessary steps for hassle-free compliance. Businesses must keep up with the latest regulations and seek professional help if necessary.
Outbay Financial Services plays a major role in aiding businesses with GST compliance. With their vast experience and knowledge, they deliver comprehensive solutions to file GST returns accurately and submit them on time, adhering to the regulation. Businesses, by partnering with Outbay Financial Services, can focus on core operations while leaving the complexity of GST compliance to experts.
In conclusion, GST returns are an important part of the GST framework, and businesses need to make accurate and timely filings to avoid penalties and remain compliant. With the right knowledge and support, businesses can navigate the GST landscape successfully and contribute to a transparent and efficient tax system.
