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;
GST return is a document that consists of all the details of income/sales, expense/purchase of any tax-paying individual or company. One must file their GST return with the tax administrative authority, according to the GST return filing consultants. The net tax liability of a person is calculated by the tax authorities with a GST return. In the GST regime, any regular business with more than 5 crores of annual aggregate turnover is obliged to file 2 monthly returns and 1 annual return. This totals to about 26 GST return filings in a year. However, under the QRMP scheme, the number of GST filings may vary for quarterly GSTR-1 filers. For them, the number of return filings in a year is 9 (this also includes GSTR 3B and annual return). Special cases such as composition dealers have separate returns that need to be filed. They are required to file 5 GSTR return filings in a year.