Despite of many suspicions and dilemma among the general public whether GST will be launched or not, it has finally been rolled out. GST is already a week old now and the transition into GST seems smooth. The “GST weather” suggests “clear sky” for at least few days to come but the “Tsunami of GST Returns” is about to hit the coast of India. Sooner or later all the “registered persons” will have to file GST returns. So let us know, what GST return actually mean.
Under the GST law, every registered taxable person should furnish the return. It is to be filed even if there is no business activity during the period covered by the return. It is a very important aspect of GST since all control over tax paid and input tax credit availed is on the basis of return filed by taxable person.
WHO? WHEN? & WHAT?
Under the GST law, a normal taxpayer will be required to furnish 3 returns monthly and 1 annual return making it a total of 37 returns for a financial year. Similarly, there are separate returns for a taxpayer registered under the composition scheme, Input Service Distributor, a person liable to deduct or collect the tax (TDS/ TCS), non-resident taxpayer.
Return should be filed electronically without any requirement for physical submission. Although facility of offline generation and preparation of returns shall be available but offline returns shall have to be uploaded before the due date. Registered person should pay the tax on self-assessment basis before filing of return. On the failure to do so the return shall be treated as invalid return.
For previous articles on GST see the links below:-
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