How Can You File GST Return Online in 2022

GST (Goods and Services Tax) is an indirect tax that became effective on July 1, 2017, and applies to all enrolled businesses in India. In other words, if your company is listed under the taxation Act, you are supposed to file your returns electronically.

Depending on how the Indian government classifies your business, the amount of filing you must do may vary from a monthly, quarterly, or annual activity. This is known as GST return online.

The GST return is a relatively new concept:

Every registered company owner in India is required to file a month-to-month, semiannual, or yearly report that includes the following information:

• Output GST: It’s based on how much amount was sold.
• Input tax credit: The credit is based on the total sum of the purchase.

A GST returns an authorized certification that contains information about a firm that has been previously described. Based on this certificate, tax authorities in India assess the tax due of a business, which is then presented to the government of India for approval. You can use a GST interest calculator for added help.

The procedures for submitting a GST return online are outlined here:

• Log in to the GST portal using the unique serial GST identification number assigned to your company.
• Drag the pointer of your computer to the ‘Services’ menu, which is located at the top-left corner of the screen. Select ‘Returns’ from the drop-down menu of available options.
• Please select the ‘Financial Year’ and the ‘Return Filling Period’ for which you intend to complete the GST return.
• Following that, the page will present multiple sorts of Annual returns that can be submitted during the year and time you have selected, with two choices under each: Electronically and manually.
• When you choose the ‘Prepare Online’ option, you will be taken to a page where you will be asked for specific information.
• After completing the extensive filling, you may make your GST payments electronically by utilizing the appropriate challan.
• Then, tap on the ‘Submit’ button to finish filing your tax return with the IRS on the web page. You should note that your returns’ condition will change to ‘Submitted’ once submitted.
• Remember that every successful file will accompany the message “Filing Successful” and Acknowledgement Reference Number, which you should preserve.

Who is responsible for filing GST returns?

GST returns are required to be submitted by any company that has been established with Indian taxation. The frequency with which a corporation is obliged to file returns is decided by the total amount of money that the company generates in a year.

• Organizations with an annual aggregated income of more than Rupees- Five crores are frequently required to make two monthly files and a yearly report to the government. Each year, a total of 26 returns are received by the department.
• The QRMP scheme allows businesses that submit quarterly GSTR-1 papers to decrease the number of reports they file from 12 to 9 every year if they participate in the program.
• This plan covers all taxpayers with a total annual profit of less than 1.5 crore rupees. This means they only have to file their returns five times a year.

What is the penalty for filing late? 

A penalty will be assessed if the taxpayer fails to file the GST return online on time. The late charge is the penalty. The late fine for each CGST and SGST is rupees 100 per day. So the total fine is Rs. 200 each day. Changes to this rate will be informed via notifications. The maximum penalty is Rs. 5,000. The Integrated GST (IGST) has no late filing fees. In addition to the late payment, the taxpayer must pay 18% annual interest. The taxpayer must compute the interest on the tax due.