GSTReturn Filing

Knowledge About GST Return Filing

COMPLIANCES

Winzin Advisor Private Limited

12/8/20231 मिनट पढ़ें

GST Return

Compliance of GST

GST return is a document which contains information about the income that a taxpayer is required to file. This is used to calculate the tax liability i.e., the amount of tax payable by the business. All entities obtaining GST registration are required to file the GST returns every month. The returns are to be filed irrespective of business activity, sales, profitability and other criteria. A dormant business which has not issued any invoice is also required to file its GST returns.

Timelines of GST Return filers

Under the GST regime, regular businesses having more than Rs.5 crore as annual aggregate turnover (and taxpayers who have not opted for the QRMP scheme) have to file two monthly returns and one annual return. This amounts to 25 returns each year.

Taxpayers with a turnover of up to Rs.5 crore have the option to file returns under the QRMP scheme. The number of GSTR filings for QRMP filers is 9 each year, which include 4 GSTR-1 and GSTR-3B returns each and an annual return. Note that QRMP filers have to pay tax on a monthly basis even though they are filing returns quarterly.

There are also separate statements/returns required to be filed in special cases such as composition dealers where the number of GSTR filings is 5 each year (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4).

In case a business has a yearly revenue of less than Rs.1.5 crores, GST returns should be filed every quarter.

Annual GST returns must also be filed by all entities in addition to the above.