Goods and Services Tax (GST) is a consumption tax levied on the supply of goods and services in India. GST has replaced indirect taxes like service, excise, and value-added taxes. GST returns allow taxpayers to report their GST liability to the government. If you want to know how to file a GST return, the GST return filing is a simple online process through the GST portal. The due dates for filing GST returns are determined based on the taxpayer's turnover.
Filing GST returns is mandatory for all entities registered under GST, including individuals, sole proprietors, partnerships, companies, and others. Filing GST returns on time is important to avoid penalties and interest. In this article, we will discuss in detail what GST returns are, who should file them, and the due dates for filing GST returns.
A GST return is a document that a registered taxpayer must file with the Goods and Services Tax authorities. The GST return contains details regarding the taxpayer's revenue, such as purchases, sales, input tax credits, and output tax liabilities.
If you are a taxpayer, the GST authorities will use your GST return to calculate your GST liability. The return must be filed according to the GST council's deadlines.
GST returns must be filed by all organisations and people registered for GST, including:
Regular taxpayers are those who submit GST returns on a monthly or quarterly basis.
Non-resident taxpayers are businesses that provide products and services to Indian citizens without establishing a permanent presence there.
Input service distributors are individuals or businesses who purchase goods and services and distribute the input tax credit across their branches.
Businesses having a turnover of up to ₹1.5 Crores that opt to participate in the composition scheme can pay a predetermined proportion of their revenue as GST falls under this provision.
GST return filing can be done by logging in to the GST portal and navigating the Returns Dashboard section. After selecting the applicable return form, fill in the details of the outward supplies, tax collected, and Input Tax Credit (ITC) claimed. Verify the information provided and submit the return. If there is any tax liability, make the payment through the GST portal using online modes of payment. If there are no transactions during the period, file a NIL return. If there are any errors in the return filed, rectify them by filing a revised return within the due date. Finally, download a copy of the acknowledgement receipt after submitting the return. Ensure compliance with all GST regulations and keep oneself updated with any changes in the rules and regulations.
Here are the due dates for different types of GST returns:
In conclusion, filing GST returns is a crucial part of compliance for all organisations registered for GST. To avoid fines and interest fees, filing the returns on time and precisely is essential.
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A GST return is a document that a registered taxpayer must file with the Goods and Services Tax (GST) authorities. The GST return contains details regarding the taxpayer's revenue, such as purchases, sales, input tax credits, and output tax liabilities.
GST returns must be filed by all entities and individuals who have registered for the GST, including regular taxpayers, non-resident taxpayers, input service distributors, and composition scheme taxpayers.