How to File GST Returns for Imports and Exports?

Posted In | Finance | Accounting Software | India Accounting Tax

In the world of global trade, filing Goods and Services Tax (GST) returns for imports and exports is an essential process. The GST system has simplified the tax structure for businesses, making it easier to file returns and maintain compliance. This article will guide you on how to file GST returns for imports and exports.
 

Gridlex_Ultra_Customizable_All-In-One_App_Builder_Banner_Image

What is GST?

GST stands for Goods and Services Tax. It is a tax that has replaced many indirect taxes in India. The GST is levied on the supply of goods and services in the country. It is a comprehensive, multistage, destination-based tax.
 

GST Returns for Imports

When you import goods or services from a foreign land to India, IGST (Integrated Goods and Services Tax) is applied. The IGST is collected by the central government. The importer has to file a GST return for the imported goods or services. Here are the steps on how to file GST returns for imports:
 

  1. Registration: Register yourself on the GST Portal.
     
  2. GST Return Form: After registration, you need to fill up the GST Return form. The form for filing GST return for imports is GSTR-5A.
     
  3. Details: Provide the details of the imported goods or services, such as the description, quantity, and total value.
     
  4. Payment: Pay the IGST and file the return.
     

GST Returns for Exports

In the case of exports, the GST system allows zero-rated supply, meaning the goods or services exported are not subject to GST. However, exporters still need to file GST returns. Here are the steps on how to file GST returns for exports:
 

  1. Registration: Register yourself on the GST Portal.
     
  2. GST Return Form: After registration, you need to fill up the GST Return form. The form for filing GST return for exports is GSTR-1.
     
  3. Details: Provide the details of the exported goods or services, such as the description, quantity, and total value.
     
  4. Filing: File the return even though there's no GST to be paid.
     

Filing GST returns for imports and exports might seem complex at first, but once you understand the process, it becomes much easier. It's important to file these returns correctly and timely to avoid any legal complications and maintain your business's compliance with the tax regulations.