GST Returns Filing
GST is the indirect tax that is levied on the supply of goods and services between different entities. GST return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. All entities obtaining GST registration are required to file the GST returns every month. The returns are to be filed irrespective of business activity, sales, profitability and other criteria. A business which has not issued any invoice is also required to file its GST returns mandatorily.
Registered entities are required to file various GST returns, mandatory Returns for total of 26 returns in a year are :
GSTR 3B : Filing GSTR 3B form is mandatory for all those who have registered for the Goods and Services Tax (GST). Every business have to file GSTR-3B even when there has been no business activity (nil return). Due date for filing GSTR-3B return form is 20th of the next Month.
GSTR 1 : GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services every month by those whose turnover more than INR 1.5 Crore and to be filed quarterly by those whose turnover upto INR 1.5 Crore.
Due date for filing of GSTR 1 is 10th of the next Month.