GST ReturnsPersonal Tax Return

 

 Every transaction has to be reported through the last mile with a common invoice, identifiable to the seller and recipient of goods and services. Personal Tax Return GST registered businesses typically have to file three returns per month (GSTR-1, GSTR-2 and GSTR-3) in each state where they operate.  An annual GST return is also required.  This means a business will have to complete 37 returns per annum in each state where they are trading. As a business owner and a taxpayer, you must declare the income that you receive from carrying out business transactions in your GST return. GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government). All business owners and dealers who have registered under the GST system must file GST returns according to the nature of their business or transactions. A GST return is a document containing details of all income/sales and/or expense/purchase which a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.In the GST regime, any regular business having more than Rs.5 crore as annual aggregate turnover has to file two monthly returns and one annual return. This amounts to 26 returns in a year.