How to file GST returns?

Goods and Services Tax is a single indirect tax levied on the supply of goods and services from the manufacturer to the consumer. Input tax credits paid at each stage will be made available in the following stage of value addition. GST is a tax levied on value addition at each stage. Therefore, the consumer has to pay only the GST charged by the last dealer or supplier in the supply chain. PCD Pharma Franchise in India gives the best opportunity to be their boss and work independently in the Pharma industry.

Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for composition scheme will have to file quarterly returns. All filing of returns will be done online. 

Here are the 10 steps that you must take to file your GST return online

From manufacturers and suppliers to dealers and consumers, all taxpayers have to file their tax returns with the GST department every year. Under the new GST regime, filing tax returns has become automated. GST returns can be filed online using the software or apps provided by Goods and Service Tax Network (GSTN) which will auto-populate the details on each GSTR form. 

1. Make sure that you are registered under GST and have the 15-digit GST identification number with you based on your state code and PAN. In case you do not have this number, first register online to get it.
2. Next, visit the GST portal
3. Click on the ‘Services’ button.
4. Click on ‘Returns dashboard’ and then, from the drop-down menu, fill in the financial year and the return filing period.
5. Now select the return you want to file and click on ‘Prepare online’.
6. Enter all the required values including the amount and late fee, if applicable.
7. Once you have filled in all the details, click on ‘Save’ and you will see success the message displayed on your screen.
8. Now click on ‘Submit’ at the bottom of the page to file the return.
9. Once the status of your return changes to ‘Submitted’, scroll down and click on the ‘Payment of tax’ tile. Then, click on ‘Check Balance’ to view cash and credit balance, so that you know these details before paying tax for respective minor heads. Next, to clear your liabilities, you need to mention the amount of credit you want to use from the credit already available. Then click on ‘Offset liability’ to make the payment. When confirmation is displayed, click on ‘OK’.
10. Lastly, check the box against the declaration and select an authorized signatory from the drop-down list. Now click on ‘File form with DSC’ or ‘File form with EVC’ and then click on ‘Proceed’. Make the payment in the next step for your respective GST form.

You Can file GST Return with GSTN

The Goods and Service Tax  network will store information of all GST registered sellers and buyers, combine the submitted details, and maintain registers for future reference. Companies have to file 3 monthly returns every 3 months and one annual return in a financial year (37 returns in total). 

Conclusion

This is the procedure for filing GST Return on the portal. Joining the pharmaceutical industry by PCD Pharma franchise business is a very good business deal. One can earn a good amount in the Pharma field. Join hands with one of the top PCD Pharma Companies in India and get an excellent product range. DM Pharma delivers what it commits and this includes the quality of products and services.