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GST Return Service

GST Return

Every business registered for the Goods and Services Tax (GST) in India is mandated to file GST returns online through the GST portal. The frequency of filing returns depends on the type of business and its annual turnover.

Businesses with an aggregate turnover of up to ₹5 crore can choose to file their GST returns under the Quarterly Return Monthly Payment (QRMP) scheme. This scheme allows businesses to file quarterly returns instead of monthly returns, reducing the administrative burden. Businesses with an aggregate annual turnover of over ₹5 crore and those who have not opted for the QRMP scheme are required to file GST returns twice a month.

What is a GST Return?

A GST return is a document that provides detailed information about a taxpayer’s income, sales, expenses, and purchases during a specific tax period. This information is used by the tax authorities to calculate the taxpayer’s net tax liability, which is the amount of GST that the taxpayer owes to the government.

Types of GST Returns

There are several different types of GST returns, each with its own filing frequency and purpose. Some of the most common types of GST returns include:

How to File a GST Return

GST returns can be filed online through the GST portal. The portal allows taxpayers to register for GST, generate and file GST returns, track the status of their returns, and make payments. Taxpayers can also import data from their accounting software to streamline the filing process.

Penalties for Late Filing of GST Returns

There are penalties for late filing of GST returns. The penalty amount is based on the type of return and the number of days the return is late. For example, the late filing penalty for GSTR-1 is ₹100 per day, while the late filing penalty for GSTR-9 is ₹15,000.

Importance of Timely GST Return Filing

It is crucial to file GST returns on time to avoid penalties and to ensure compliance with GST regulations. Timely filing also helps businesses maintain a good track record with the tax authorities, which can be beneficial when applying for loans or other business opportunities.