GST Return Filing
A business having a GSTIN is required to file timely GST returns. The business that has GST registration needs to compulsorily file the monthly and quarterly returns irrespective of the business scale or profits of the business. This means that a business that has no business activity during a period is also required to file GST return as Nil.
There are different kinds of GST returns that must be filed before the given due dates on a monthly, quarterly and yearly basis. Non-compliance with GST returns can attract heavy penalties to the business. The most common types of GST returns are GSTR-1, GSTR-2, GSTR-3, GSTR-3B and GSTR-9. A late fee of Rs. 100 per day is applied for non-filing of GST return.
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Documents required for GST Return Filing
- GSTIN of the business.
- The invoices of sales made during the period.
- The invoices of purchases made during the period.
Process of Filing a GST Return
The business submits its documents for the preparation of GST returns. On the basis of purchases, sales, output GST and input tax credit, the GST returns are prepared. The GST return is shared with the business for approval. The different returns applicable over the business are filed with GST authority before the due dates.
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