A simple definition of GST is the indirect tax levied on the goods and services which has removed all the others indirect taxes. Many companies refrained from paying their GST and then faces heavy penalties and other charges. A responsible citizen should always pay the GST and have their GST registration and GST return filing done on time.
What is GST return filing?
The document filed by a taxpayer containing the details of all the incomes is known as GST return filing. The document is filed with the taxation authority and then the authority used it to determine the tax liability. All those who fall under the GST regime should provide the details of the tax collected and the payment has done while the purchase and sales of the goods and services.
This GST rule of GST return filing has given a taxpayer many advantages by a transparent and straightforward trade. A taxpayer has to file the supplies return, purchase return, monthly returns, and annual returns. The GST return filing rules are different for the small taxpayer as per the composition scheme.
Importance of GST return filing
Penalties
As per the GST rule, a taxpayer has to pay heavy penalties if his/her GST return filingis not done. It is a late fee of about Rs.200 per day in accordance with CGST and SGST. The penalties may subject to change.
As all returns are done online and for that purpose our GST Suvidha Centre helps you with the best guidance and support. We understand how important is the GST return filing for a business and there should be no mistake. Our trained experts will explain you all the norms and by some easy steps, you get your filing done.
What is GST return filing?
The document filed by a taxpayer containing the details of all the incomes is known as GST return filing. The document is filed with the taxation authority and then the authority used it to determine the tax liability. All those who fall under the GST regime should provide the details of the tax collected and the payment has done while the purchase and sales of the goods and services.
This GST rule of GST return filing has given a taxpayer many advantages by a transparent and straightforward trade. A taxpayer has to file the supplies return, purchase return, monthly returns, and annual returns. The GST return filing rules are different for the small taxpayer as per the composition scheme.
Importance of GST return filing
- Carry forward your losses
- Get loans easily
- Get government tenders
Penalties
As per the GST rule, a taxpayer has to pay heavy penalties if his/her GST return filingis not done. It is a late fee of about Rs.200 per day in accordance with CGST and SGST. The penalties may subject to change.
As all returns are done online and for that purpose our GST Suvidha Centre helps you with the best guidance and support. We understand how important is the GST return filing for a business and there should be no mistake. Our trained experts will explain you all the norms and by some easy steps, you get your filing done.
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