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GST is a destination based consumption tax which means that revenue will be accumulated from the state where goods/service is consumed. Filing GST return is an important link between tax payer and tax administration as it is crucial for: Compliance verification program of tax administration.
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST, a registered dealer has to file GST returns that includes:
• Output GST (On sales)
• Input tax credit (GST paid on purchases)
In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
Get a free consultation for GST Filling and Compliance (Scrutiny) and Business Setup in India by Scheduling an appointment with an Adhimukti Associates Advisor.
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