GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government)
Types of GST Returns
Purpose of this return is to furnish details of all sales including B2B and B2C. Due date of this return is 10th of every month and in case of a quarterly return, the end of next month of every quarter.
This is a summary return with details of net tax liability based on the output & input tax. Due date of this return is 20th of every month.
A business who opt for composition scheme and needs to pay to subsidize GST rates from 1% to 5% & file this quarterly return.
The purpose of this return is to rectify/resolve the mismatch in sales figures with your customers to whom you raise the tax invoice.
An e-commerce operator who needs to collect TCS (Tax collected at source) under GST requires to file this return till 10th of every month.
This is the Annual GST return, which is to be filed by all registered persons till 31st March of every financial year.
Why Should You File GST Returns On Time?
Failing to file GST Returns on time will attract a penalty of INR 200 per day and maximum up to INR 5000 of each return
Avoid Registration Cancellation
To be worst if you don’t file GST Returns on time your certificate might get cancelled.
Better Relationship With Your Prospects
Filing GST Returns on time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects
Better Compliance Rating
Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filing is one of the key factors to compute such
Ease Of Availing Loan
Evidently, timely and accurate GST Return filing helps a taxpayer a lot while applying for loans from a bank or financial institutions. The Banks ascertain a taxpayer’s credibility on the basis of his GST Returns.
In order to compel the businesses for regular compliance and GST return filing, the finance ministry has now restricted E-Way bill generation for transportation of goods, in case the trader has not filed GST returns for 2 successive