Each and every business should perform GST Return Filing as it is a compulsory compliance for each business. This is registered under the GST Act/regime. According to Goods and Services tax (GST), this is an essential activity to file the GST returns. GST is like a bridge between the government and the taxpayer. The taxpayer needs to give the information like business activity in detail, payment of taxes, declaration of tax liability and other important information as needed by the government.
GST returns are filled online via GST Portal. However one can file GST returns manually. In those cases, returns are made offline and then they are uploaded to GSTIN portal through a facilitation centre or the taxpayer.
Every GST registration holder who comes under tax liability under the GST Act 2017 is needed to file GST returns depending on the nature of their business. Therefore if you are involved in the selling of goods or offering services to your clients, it is important to get GST registration and also file the returns regularly. According to GST, a registered business involved in the following tasks requires to file GST return :
ITC (Income Tax Credit) with GST paid while purchasing
Output GST (in case of sales)
If you have done GST registration but your business turnover does not reach the threshold limit of Rs. 40 lakh, then you don't need to fill GST returns. On the other hand, any business in hilly and the North Eastern regions with the turnover below Rs. 20 lakh is not needed to file GST returns.
In India, there are a number of GST return types. The number of returns needed to be filed based on the type of taxpayer :
Filing of Returns by a Normal Taxpayer
|GSTR-1||Particulars of Outward Supplies||10th day of the next month|
|GSTR-2||Particulars of Inward Supplies||15th of the next month|
|GSTR-3||Monthly return of tax payment||20th day of the next month|
|GSTR-4||Annual return||31st December of the next financial year|
Filling of Returns by a Composition Taxpayer
|GSTR-4||Quarterly Return||18th of each month of next quarter|
|GSTR-9||Annual Return||31st December of next financial year|
Additional Returns depending on the type of the Business
|RETURNS||PARTICULARS||DUE DATE||FILED BY|
|GSTR-5||Particulars of both inward and outward supplies. Consumption of tax liability||20th day of the next month. If is in last month, either 7 days following expiration or 20th of the next month whichever is earlier||A taxable person who is non-resident|
|GSTR-6||Distribution of Input Tax credit||13th day of succeeding month||Input Service Distributor|
|GSTR-7||Details of TDS or any other related alternations||10th of next month||Tax is deducted at source by authorities|
|GSTR-8||Detail records of supplies effected with them||10th of succeeding month||Tax is collected at source by e-commerce operator|
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