GST Return Filing
GST filing is a paperless and web-based reporting structure in India, whereby eliminating the need for physical submissions and paperwork. GST filing is an online process to be filed using the online GST Portal at gst.gov.in. GST return is to be filed by every registered dealer. A registered dealer can avail Input GST Credit and can offset his GST Liability against available credit in the credit ledger.
A return is a document in a Specified format containing details of Income that a Taxpayer is required to file with Tax Authorities.
Under GST a registered dealer has to file a return which contains the details of:
Sale (Goods and Services)
Purchase (Goods and Services)
GST on sale
GST on purchase
Any other GST Input credit
Under GST every business has to file GSTR 3B on a monthly basis and GSTR-1 on a monthly/quarterly basis depending on turnover viz. taxpayers with annual aggregate turnover up to Rs 1.5 crore in the previous financial year or anticipated in the current financial year can avail the option of filing quarterly returns in GSTR-1. All other taxpayers must file Monthly GST returns.
Why file GST Return?
Availing GST credit
Filing GST return is necessary to avail GST paid on inputs. Also, other dealers who have obtained product/service from a registered dealer gets credit only if that dealer has filed the GST Return.
Mandatory by Law
Every registered GST dealer has to mandatorily file GST return. Non-filing of GST Return within specified due dates may attract Late Fees and Interest. GST Registration may be revoked on the non-filing of GST return for a continuous period of 6 months.
In order to avail refund of excess GST paid in case of exporters or zero-rated goods, GST return is required to be filed within due date
Income Tax Notice
Non Disclosure of Income such as capital gain or Interest income or any other taxable income may attract proceedings from Income Tax authorities.
Some of the banks and financial institutions grant business loans on the basis of GST returns.