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GST RETURN
Businesses registered under the GST regime are required to submit their GST returns on a monthly, quarterly, or yearly basis, depending on their operational framework. The submission should include a breakdown of sales or purchases of goods and services, including the corresponding tax transactions.
A taxpayer submitting GST returns as an individual is required to complete four forms, covering returns for supplies, returns for purchases, monthly returns, and annual returns.
GST return filing is compulsory for all entities in India holding valid GST registration, irrespective of their business activity, sales, or profitability during the filing period. This includes dormant businesses that possess valid GST registration; they too must adhere to the GST return filing requirements
In essence, a GST return is a detailed record containing information about all income or expenses that a taxpayer is required to report to the tax administrative authorities.
Documents required
- Invoice
- Purchase Invoices
- Bank Statement
- Sales Invoices
- Amended Invoices
- Credit Notes
- Debit Notes
- Accounting Data
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Why choose FilingUp
FILINGUP stands out as a premier business service hub in India, providing comprehensive GST solutions from registration to seamless return filing. Our expertise has facilitated numerous entrepreneurs in obtaining GST registration and navigating the intricacies of filing returns
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FAQs
How often would I have to file GST returns?
- Standard taxpayers are mandated to file GSTR-1 (outward supplies), GSTR-2 (inward supplies), and GSTR-3 (monthly return) by the 10th, 15th, and 20th of each month, respectively.
- Compounding taxpayers adhere to a quarterly timeline, submitting GSTR-4 by the 18th of the month following the quarter.
- In addition to monthly or quarterly obligations, all GST-registered entities must file an annual return by December 31 after the financial year concludes. If auditing is necessary, the GST reconciliation statement must be certified by a Chartered Accountant
Can the GST return be revised?
The GST return cannot be revised or amended. Any invoices not reported in the previous tax period must be incorporated in the current month’s return, with applicable interest, if any.
What penalties apply if GST returns are not filed?
The GST Department will monitor all individuals or entities who fail to file GST returns, providing a list of defaulters to the relevant GST authorities for further action and enforcement. The GST law also incorporates an automatic late fee for those who do not file or file late.