Everything About GST Returns And Its Procedure!
Registered taxpayers must file returns for Goods and Services Tax (GST) every month, a ‘return’ is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. It is a record of all the taxes collected from the customers.
Every individual registered under the new regime of GST would need to file timely returns. Even if a legal entity has no ongoing activity, it must file returns as ‘GST nil returns’ to avoid GST compliance issues. Some of the benefits of GST return filing are;
- Greater Tax Base.
- Lower taxes, subsuming of taxes.
- Ease of Doing Business.
- Unified Platform.
Returns must be filed online through a government approved portal (GSTN). One can prepare the return documents offline and submit the same through the online portal.
GST returns can be filed in different forms depending upon the nature of transactions. Return Forms that are applicable for Normal Taxpayers and their due dates are as below;
- Monthly Details of inward supplies in FORM GSTR-1 by the 11th of next month.
- Monthly Details of outward supplies in FORM GSTR-2 by the 15th of next month.
- Monthly Filing of Return in FORM GSTR-3 by the 20th of next month.
- Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.
If the return is not filed within the due date then the taxpayer is penalized with a late fee of Rs 100 per day up to a maximum of Rs. 5000/-