Why is GST Return Important? Is it Necessary To File GST Returns Every Month?
What GST Return Is? GST return is a document that contains all the details of sales, purchases, tax collected on sales, and tax paid on purchases. Once you file GST returns, you will need to pay the resulting tax liability i.e money that you owe the government. The details of sales and purchases of the goods and services plus the tax paid and collected have to be furnished by all registered individuals, traders, organizations, and companies. Such details are submitted by filing a GST Return and on this, the tax authorities calculate tax liability. The registered GST user will have to file the return, including purchases, sales, output GST, and input credit of GST. A registered user has to submit 4 forms to file their GST return: return for purchases, return for sale/supplies, monthly return, and annual return. Quarterly returns are to be submitted by those who have opted for the composition scheme. Importance of GST Return filing All the Registered Dealers are required to file GS...