04/05/2024
Filing GST returns is an important process for businesses in India. Here’s a brief overview of what you need to know:
GST Return: A GST return is a document that contains details of income/sales and expenses/purchases that a GST-registered taxpayer is required to file with the tax administrative authorities. This is used to calculate net tax liability.
Who Should File: Regular businesses with more than ₹5 crore in annual aggregate turnover, and taxpayers who have not opted for the QRMP scheme, must file two monthly returns and one annual return, totaling 25 returns each year. Taxpayers with a turnover of up to ₹5 crore can opt to file returns under the QRMP scheme, which requires 9 filings each year.
Types of Returns: There are 13 types of returns under GST, including GSTR-1, GSTR-3B, GSTR-4, etc. Not all returns apply to every taxpayer, as it depends on the type of taxpayer/registration obtained.
Filing Process: Returns can be filed online on the GST portal. For example, to file GSTR-3B, you would log in to the GST portal, go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’, and follow the prompts to file your returns.
For detailed instructions and assistance with filing, you can visit the official GST portal or use services like CSP.
Remember to check the due dates for filing to avoid any penalties.
