Filling of GST Return
GST is a consumption based tax and a comprehensive indirect tax which shall levy on supply of goods and services. This taxation system is supposed to make one taxation system within the entire country for all product and services. This would be the biggest tax reform since independence and a boon to the economy as it will eradicate the shortcomings of the current tax structure and provide a single tax on supply of all goods and services.
GST return is filed with GST department furnishing the details of sales, purchases and tax paid and collected and all the other information required under the law. Further, GST return filing would be mandatory for all the person registered under GST Act irrespective of the fact whether there was any sale or any other activity made during the period otherwise late fees of INR 2000/- per month will be levied.
GST return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
Who should file GST Returns?
In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other return GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.