The businesses registered under GST have to file returns monthly, quarterly and annualy based on the category of business through the Government of India's GST portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid.
Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of returns will be done online.
What is GST Return?
GST return is an official document that furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales-related details. The GST returns is required to be filed, following which the taxpayer has to pay off the tax liability.
Who should file GST Returns?
GST returns has to be filed by all the business entities who are registered under the GST system. The filing process has to be identified on the basis of the nature of the business.
The registered dealer who part of the following activities needs to file a GST return:
- Sales
- Purchase
- Output Goods and services tax (on Sales)
- Input Tax Credit with GST paid on the purchase
Types of GST Returns under New GST Law
The list of all types of GST returns in India along with frequency and the due date for filing returns.