GST Returns



GST Returns

All registered businesses have to file monthly, quarterly and/or annual GST Returns based on the type of business. Under GST, a registered dealer has to file GST returns that include:

• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases)

F.A.Q

GST return is the detail of all the sales and purchases made along with tax collected or paid.
A person fails to furnish details of outward or inward supplies, monthly return or final return by the due date – The GST penalty for late filing is INR 100 for every day during which the failure continues, subject to a maximum of INR 5,000.

A person fails to furnish the annual return by the due date – The GST late filing penalty is INR 100 for every day during which the failure continues, subject to a maximum of quarter percent of the person’s turnover in the state where he is registered.
Yes, interest is payable 18% per annum.
Yes, there is a concept of monthly and quarterly returns.
Monthly returns needs to be filed by the regular taxpayers, foreign non-residents, input service provider, tax deductors and e-commerce operators.
Quarterly returns needs to be filed by the composition taxpayers.