GST Returns

 

GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered. Did you know that there are 22 types of GST returns prescribed under the GST Rules? Out of them, only  GST returns are active, 3 suspended, and 8 view-only in nature. All registered individuals, traders, organizations, and companies registered have to furnish the details of their sales and purchases of the goods and services plus the tax paid and collected. Such details are submitted by filing GST Return. This return is a basis on which the tax authorities calculate tax liability. The registered GST user will have to file the return, which includes; purchases, sales, output GST, and input credit of GST. A registered user has to submit 4 forms to file their GST return, which are; return for purchases, return for sale/supplies, monthly return, and annual return. For those who have opted for composition scheme, quarterly returns are to be submitted.