A Complete Guide to GST Return Filing (GSTR-9)
A GSTR-9 filing is a form that a taxpayer has to file for every GSTIN to which he is registered. In this blog, we have provided various critical questions surrounding GST return filing.
Let’s get started.
What are GST returns?
Every taxpayer has to file a GST return. There are around 22 varieties of GST forms. So the number and type of GST you have to file depend on the type of taxpayer you have registered. While you understand what GST returns are, it is also important to know the types of taxpayers. There are seven types of taxpayers:
- Regular taxpayer
- Composition of taxable persons
- TDS deductors
- Non-resident taxpayer
- Input Service Distributor
- Casual taxable persons
- E-commerce operators
It is also worth knowing that you can begin the GST return filing process quarterly, monthly, or annually. And you can also check your GST return filing status.
Meaning of GSTR-9
GSTR-9 is an annual return to be done by taxpayers who are registered under GST. Following is the information contained in GSTR-9:
- Details of outward supplies made
- Inward supplies received
- Summary of supplies received under HSN code
- Details of tax payable and paid
Benefits of the GST return filing online
GST is one of the biggest tax reforms in India till now. The Goods and Services Tax (GST) is an initiative by the Indian Government that aims to ease the process of managing online payments and regulatory compliance. By accessing the GST portal, you can easily check your GST return filing status. Below are the benefits of filing the GST return online:
- The Elimination of a Wide Range of Different Taxes: Since the introduction of the GST, there have been fewer restrictions placed on the different types of taxes that may be applied to goods and services. Various taxes come under this category, including the Central Excise Tax, Sales Tax, Service Tax, Luxury Tax, and Special Additional Duty charged by Customs.
- Eliminating the Cascading Effect: The most important benefit of the GST return filing process is eliminating the cascading effect, sometimes known as removing a tax on top of another tax (double taxation). Before the Goods and Services Tax (GST), there was no other method for offsetting the value-added tax (VAT) on output against the service tax that was paid on input services.
- The Control and Supervision of Unorganized Businesses: Earlier, the disorganized and uncontrolled sectors in the country, like the textile and construction industries, were subjected to regulation and are now held accountable for their actions.
- Efficient Economy: The Goods and Services Tax (GST), which will eventually improve long-term economic development and efficiency, is unchanged by company types, methods, geographic location, and organizational structure. The ratio of taxes paid to GDP in India has increased due to the introduction of the Goods and Services Tax (GST).
Final Words
The Goods and Services Tax (GST) was first introduced in India on July 1, 2017, and its introduction was a game-changing reform that changed how businesses were managed in the nation. Because of the benefits of the GST return filing process, many businesses are moving into the official sector. You can get in touch with Eazybills if you are searching for a reliable and one-stop solution for billing software.
