What is GST Return?
Once your business is registered, you are required to file a monthly, quarterly, and annual GST (Goods and Service Tax) return. The kind of business you run will determine the format of your GST return. The government has made it easier to submit GST returns through the GST portal. How does GST Return work? The official GST return details all purchases, sales, taxes paid on those purchases, and taxes collected on those sales. Following the filing of the GST returns , the taxpayer is obligated to pay the tax due. You are required to file GST returns on the broad categories depicted here when you register for GST: Who is required to file GST returns? Sales Purchases , Sales Output on GST , Paid GST on Purchases (also known as the Input Tax Credit)Based on the nature of their transactions and business, All business owners who have a registered business under the GST system must file GST returns. GSTR-1: Registered taxable suppliers are required to file details of outward supplies of t