GST Return Filing

Before delving into the process of GST filing, it is crucial to comprehend the concept of GST returns for business owners and service providers. GST returns refer to the submission of all GST-related information to the Tax Department of India. It involves reporting the details of sales and purchases made by individuals covered under the GST Act.

Under the GST taxation system, registered tax collectors (every individual or business who is registered and having a GSTIN) are required to file their GST returns two times a month 25 times a year. This entails submitting GST filings twice every month for regular transactions and an additional on a yearly basis. Prior to proceeding with the GST return filing process, it is important to familiarize oneself with some additional key aspects

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    What is GST Return Form?

    A GST Return Form is a document that includes comprehensive information about purchases, sales, output GST (tax charged on sales), and input tax credit (GST paid on purchases). It helps businesses calculate their GST liability for a specific tax period. Currently, businesses have the option to file these GST returns either on a monthly or quarterly basis. But if there’s any tax payable on the assessee, the payment must be done monthly.

    Typically, a regular business needs to file two monthly returns: GSTR-1 (which includes details of outward supplies) and GSTR-3B (which summarizes the tax liability and input tax credit). Additionally, there is an annual return called GSTR-9, bringing the total number of GST returns to 25 in a year for suchbusinesses.

    When to file GST returns?

    GST return filing is mandatory for all individuals and businesses with GST registration, regardless of their turnover or profit. This means that even if a taxpayer has no business activity or turnover in a particular month, they are still required to file GST returns as NIL if they are registered under GST.

    Regular taxpayers are obligated to file monthly GST returns, while dealers registered under the Composition Scheme file quarterly GST returns. Non-resident taxable persons, on the other hand, are required to file one return every month.
    If a taxpayer fails to file their GST returns within the specified deadline, they will be liable to pay penalties for the delayed filing.