GST Return Filling

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GST Return Filling

GST return is a type of document in which it includes all the details regarding every individual’s income/sales/or expenses/purchases that a GST register tax payer is required to file with a certain tax administrative authorities. The GST return includes purchases, sales, output GST (on sales), input tax credit (GST paid on purchases etc.

There are 13 returns under GST which includes GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. Here in this, it is not applicable to all the tax payers, because it based on type of tax payer/type of registration.

Here are some benefits of GST return filing –

  • Prevent GST registration cancellation.
  • Improve credibility of businesses.
  • Helps to get loan easily.
  • It can generate E-way bills.

It is also important to file GST return on time in order to claim input credit, avoid levy of interest, to avoid late fees, to avoid GST cancellation, and to avoid notice of defaults.