How to File GST Return? Step by Step Process Explained

Own a registered business? Here ishow you can file your Goods and Services Tax returns online.

A GST return is a document that contains the taxation details of all your income, sales, expenses, and purchases against your GSTIN number. Tax authorities use this information to calculate your net tax liability.

Why is it important to file GSTR?

Lenders assess your eligibility for a business loan and decide your loan amount based on your GSTR.

It is also crucial to file your returns timely. If you fail to do so, you will have to pay a late fee and 18% interest. Thankfully, you can now file your GST returns online with ease. What’s more, you can also monitor your returns online and download the return filing form if you prefer the offline route.

To help you, here are the steps for filing your GSTR online.

Additional read: 5 Tips to grow your wealth while saving taxes

How to file your GST return online

You can file your returns online through the official GST portal in the following steps:

1. Register on the portal. Enter your state code and PAN, and you will receive a 15-digit registration number.
2. Duly scan and upload each invoice that you have. As you upload each invoice, you will receive a unique reference number for every single one of them.
3. Now, file the outward returns, inward returns, and cumulative monthly returns. You can rectify any errors you have made.
4. File the outward supply returns of GSTR-1 using the ‘information’ section at the GST Common Portal.
5. The outward supplies furnished by the supplier will be auto-filled from your GSTR-2A.
6. Verify the details of the outward supplies and file details of credit or debit notes.
7. Provide all the details of the inward supplies of goods and services in the GSTR-2 form.

How to download the GSTR form?

You can download the GSTR form through the official GSTR portal by following these steps:

1. Log in to the GST portal.
2. Navigate to the ‘Service’ tab.
3. From the download, select ‘Returns’.
4. Now, select ‘Returns Dashboard’ to get a complete view of your GSTR history.
5. Now, you can filter the records by month and year. Select the month and year from the drop-down list.
6. Click on the ‘Prepare Offline’ button.
7. Select ‘Download’ and click on ‘Generate File’.
8. You will now be able to download a zip file containing your GSTR forms.
9. To open the zip file, navigate to the GST portal. Then, go to the ‘GST offline tool’.
10. On the offline tool, select ‘Open’ and open the downloaded zip file.

Additional read: What Are GST Business Loans?

In conclusion

The government has made it easier and faster for business owners to file their GSTR. So, make sure you do so timely and avoid paying the late fee and interest.

And if you’re looking for a loan, Tata Capital is here for you with competitive business loan interest rates. We also offer flexible repayment options and relaxed eligibility conditions. You can choose an affordable EMI amount for yourself using our handy business loan EMI calculator.