GST Filing
GST or Goods and Services Tax replaced the numerous different taxes which were levied by
Central and State governments on different products or services. While it was enforced
in 2017, the GST Act was passed in the year 2019. This taxation system looks to streamline
the numerous taxes levied on products, making it simple for the taxpayers, their
collectors, etc. Additionally, it also makes tax filing easy since taxpayers have to
file for just one tax.
What Is the GST Return?
Before going into the process of GST filing, it is important to understand what GST
return means for business owners and service providers. GST returns essentially stands
for filing of all GST.
Every individual who is covered under the GST Act must produce their income to the Tax
Department of India. This is known as return and it includes details of every sale and
purchase.
Under this system of taxation, concerned individuals must file their GST return
26 times in a year. While business owners have to go for goods and services tax filing
two times every month, they must also file two additional times half-yearly. Before
moving into the process of filing GST return, it is essential to understand a few
additional things.
Who Should File GST Returns?
In the GST regime, any regular business having more than ₹5 crore as annual aggregate
turnover has to file two monthly returns and one annual return. This amounts to
26 returns in a year.
The number of GSTR filings vary for quarterly GSTR-1 filers under the QRMP scheme. The
number of GSTR filings online for them is 9 in a year, including the GSTR-3B and annual
return.
There are separate returns required to be filed by special cases such as composition
dealers whose number of GSTR filings is 5 in a year.
