What is a GST Return?
Goods and Services Tax, or GST, was implemented in India since 1st July, 2017. Under the new GST system, almost 1 crore businesses have obtained GST registration. As per GST registration norms, all entities registered are required to file GST returns. The return filing is an important activity that serves as the link between the taxpayer and the government. Irrespective of business activity or loss or profit, every entity registered under GST is obliged to return file GST during the return filing period.
In the GST return, the tax payer is required to submit details like particulars of business activity, payment of taxes, declaration of tax liability, etc. as requested by the government.
As per GST, every GST registration holders are required to file GSTR-1, GSTR-2 and GSTR-3. Dealers registered under the GST composition scheme are required to file GSTR-4 and annual GST return must be filled by all GST registered entities.
- GSTR-1 or return of outward supplies must be filled by all GST registered tax payers. The due date for filling the GTSR-1 return is the 10th of every month.
- GSTR-2 or return of inward supplies must be filed by all GST registered tax payers. The due date for filing the GTSR-2 return is the 15th of every month.
- GSTR-3 or monthly GST return must be filled by all GST registered tax payers after filling GSTR-1 and GSTR-2 returns. GSTR-3 is due on the 20th of every month.
- GSTR-4 return: must be filed by all GST taxpayers registered under the GST composition scheme. It is a quarterly return that is due on the 18th of the month after the end of the quarter, i.e, every January, April, July and October.
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