GST Return Filing & Deadlines: Step-by-Step Guide

Many small businessmen find themselves fearful whenever they hear the term GST. This fear is also seen among students. They believe that GST is a difficult task. They fear submitting their GST returns. They fear doing wrong.

This is a common phenomenon. It happens due to a lack of proper guidance.

But in reality, GST return filing is easy to do if one learns it step by step.

By undergoing proper training in a GST course, any student becomes capable of understanding it. After pursuing a goods and services tax course, any student becomes capable of assisting businesses. As a professional, the same student earns respect and money.

This article thoroughly guides GST return filing. It clears your doubts. It builds your confidence.

What is GST?

GST stands for Goods and Services Tax. GST is a tax levied by the government on goods and services. It is charged whenever the shop sells its goods. GST is charged whenever the service provider provides his/her services.

The business entity charges the GST from the customer and deposits it to the government.

All registered businesses must:

• Maintain proper accounts.

• Charge GST.

• Submit their GST returns on time.

Here comes the need for properly trained individuals.

What is a GST Return?

A GST return can be defined as the report that contains:

• Total Sales

• Total Purchases

• GST Collected

• GST Paid

This report is filed with the government.

The government uses this report to verify tax filing and payments.

Why GST Return Filing is Important

The GST return filing process cannot be ignored at any cost. This is because of the non-filing of GST returns:

• Will attract penalties

• Will affect the business's reputation

• The person might have legal trouble.

By filing properly, it will save the business from many risks.

Therefore, any organisation needs to have experienced GST return experts.

Types of GST Returns

There are several types of GST returns. For the sake of clarity, students should be taught about the major ones only.

GSTR-1 Return

Shows sales details. It indicates the total sales done by the business.

GSTR-3B Return

Shows a summary of GST payments made by the business.

GSTR-4 Return

Filer under the Composition Scheme

GSTR-9 Return

Annual GST Return

Each return has a different purpose. A trained student learns all of them.

GST Return Filing Deadlines

Timely filing is critical. Common deadlines include:

• Monthly/quarterly filing of GSTR-1.

• Monthly filing of GSTR-3B.

• Yearly filing of the annual return.

In case of non-compliance with deadlines, a penalty will have to be paid.

Delayed filing is stressful and costly. Therefore, experts are required for the timely filing of GST returns.

Step-by-Step Guide to Filing GST Returns

Next, we will go through the process in detail.

Step 1: Collect All Business Documentation

Collect all business documentation before filing. These include:

• Sales invoices

• Purchase receipts

• Expenses

• Accounting information

Business documentation will make the filing process easy.

Step 2: Review GST Information

• Review all the GST information for errors.

• Review the amount of taxes.

• Review the invoices.

Make corrections before filing GST returns.

Step 3: Log in to the GST Portal

Log in to the GST portal.

Use your login credentials.

The GST portal will help you file your returns.

Step 4: Enter Sales Information

Enter all sales information in GSTR-1.

These include:

• Customer details

• Value of goods

• Amount of GST

This step must be done carefully.

Step 5: Enter Purchase Information

Enter all purchases in the return.

It will help claim input tax credit.

Proper entries will reduce your tax liability.

Step 6: File GSTR-3B Summary Return

File the summary return by entering the total amount.

This includes:

• Total tax payable.

• Total tax paid.

Payment must be made before submission.

Step 7: Submit and Verify

File the return.

Use OTP or a digital method for verification.

Following this step, the return is filed successfully.

Step 8: Safeguarding Documents

Store copies of filed returns.

This will be useful in future.

Why Many People Struggle with GST Filing

Many people attempt to file GST without knowing the procedure properly.

The following issues arise due to that:

• Wrong entry

• Deadlines not met

• Fines

• Pressure

It results in errors without proper GST course training.

But everything becomes easier after completing proper training.

What Students Learn in a GST Course

Completing a GST course provides knowledge about it. Students are prepared to do practical tasks.

Here are some of the skills students acquire through the course.

Basics of GST

Students learn about:

• Concept of GST

• Usage of GST

• Working of GST

Fear of GST is overcome.

GST Registration

Students learn about:

• Registration process.

• Online application method.

• GST number management.

GST Return Filing

Students learn about:

• GSTR-1

• GSTR-3B

• Annual returns

Students practice filing of returns.

Invoice Preparation

Students learn about:

• Preparation of invoices

• Tax calculation

Input Tax Credit

Students get an understanding of:

• Claiming of tax credits

• Reduction of tax burden

GST in Tally

GST is studied through software.

Students get practical knowledge.

Handling Errors

Students are taught error correction.

Confidence develops among students.

Practical Training

Students work on real examples.

They solve real problems.

This makes them job-ready.

How GST Training Helps in a Career

After taking up GST studies, students can:

• Work in an office

• Work for shops

• Work for accountants

• Work in tax-related matters

Many small enterprises require GST expertise.

This generates employment.

Some students even initiate their own service.

This provides independence.

Why a GST Course Can Change Life

Students often feel confused after completing their studies.

They seek a simple method of earning.

GST training provides that solution.

It develops skills. It enhances confidence.

It generates respect in society.

The family feels proud when a student earns.

Such a little effort can make a lot of difference.

Why Join GTIA for a GST Course

Institute selection plays a major role. Students get classroom training under complete guidance from us at George Telegraph Institute of Accounts (GTIA).

Teachers teach with plain language and don’t hurry.

Students are taught step by step.

Our course includes:

• Basics of GST

• GST registration

• Returns filing

• Invoicing

• Input tax credit

• GST on Tally

We offer practical learning in the workplace to students.

Students get knowledge about handling actual business scenarios.

Attention is given to each student personally.

Questions are solved with patience.

It makes learning strong. Concepts become better.

Students gain confidence.

Students become office-ready right from their first day.

Conclusion

Filing of GST returns might seem difficult to begin with, but it is not once one learns it.

GST services are a must for all businesses, which makes the demand for professionals high.

A student enrolling in GST training gets a lucrative skill set.

This will lead to job opportunities, income, and recognition.

Do not let your confusion and fear stop you.

Take a bold step towards your future success.

Enrol yourself in our GST course at GTIA now.

FAQs

Q1. Is GST return filing difficult to learn?

 A. Not at all, if you have proper training.

Q2. Can GST be learned by beginners?

 A. Yes, beginners can also learn it with ease.

Q3. Are GST skills necessary for employment?

 A. Yes, many organisations require GST skills.

Q4. What would happen if you don’t file GST returns?

 A. You will be liable for a penalty.

Q5. How much time will it take to learn GST?

 A. You will learn GST in 2 months.

Q6. Will GST be covered in the practical course?

 A. Yes, practical courses are very essential for GST learning.

Q7. Does GST skill assist in doing personal work?

 A. Yes, many people run their own GST business.

Q8. Is classroom training beneficial for learning GST?

A. Yes, classroom training is more beneficial for learning GST.