Business Formation Services
GST returns is a document that will contain all the details of your sales, purchases, debit note, credit note, tax collected on sales (output tax), and tax paid on purchases (input tax). GST return required to be file every month. Once you file GST returns, you will need to pay the resulting tax liability to the government.
Once you get GST registration then return filling is mandatory every month due to legal requirement in India as per Goods & service Act 2017.
Advantages of Filling GST return
* Unified Platform
* Subsuming of Taxes
* Lower Taxes
* Ease of Doing Business
* Larger Tax Base
* Simple and easy online procedure
Disadvantages of Non Filling/Delay filling GST return
* Heavy penalty for non-filling or delay filling of returns
* Increased operational Cost of dealer due to hiring of staff /professional for all GST compliance up to date.
GSTR-1 is a return which needs to be filed on or before 10th of every month, it is reporting of all sales
GSTR-2 is a return which needs to be filed on or before 15th of every month, it is reporting of all Purchases and Expenses
GSTR-3 is a return which needs to be filed on or before 20th of every month, it is reconciliation and Tax payment
GSTR-3B is a Summary return which needs to be filed for July and August 2017, it is Summary return to get data and tax collection