GST Return Filing
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GST Return Filing :
A Goods and Services Tax (GST) return is a document that lists all of the income, sales, costs, and purchases that a taxpayer registered under the GST is required to file for each GSTIN that is registered. Additionally, if the taxpayer files returns on a regular basis, the GSTIN should be in active condition. For all those taxpayer who files returns on a regular basis period, the GSTIN being in active status.
Who Should Register for GST?
Regular enterprises with an annual aggregate revenue of more than Rs. 5 crore (as well as taxpayers who have not chosen to participate in the QRMP program) are required by the GST regime to file one annual return in addition to two monthly returns. This equates to twenty-five returns annually.
The QRMP plan allows taxpayers with a revenue of up to Rs. 5 crore to file returns. For QRMP registrants, there are nine GSTR files annually, comprising one annual return in addition to four GSTR-1 and GSTR-3B forms apiece. It should be noted that while though QRMP filers file quarterly reports, they are still required to pay taxes on a monthly basis.
What if GST Returns filed after the deadline?
Under GST, filing a return is required. You have to file a Nil return even in the absence of a transaction.
A few things to consider are:
- If you haven’t filed your return for the previous month or quarter, you can’t file one now.
- As a result, filing a GST return beyond the deadline will have a snowball effect that increases fines and penalties.
- The late filing charge for the GSTR-1 is recorded in the liability ledger of the GSTR-3B submitted immediately following the delay.