GST Return Filing
Goods and Services Tax
GST stands for Goods and Services Tax, which is an indirect tax levied on the supply of goods and services in India. It was introduced on July 1, 2017, replacing multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT), among others. GST is a comprehensive tax that is charged on every value addition, from the manufacturer to the end consumer, and is divided into Central GST (CGST) and State GST (SGST).
What is GST Return Filing ?
Under the Goods and Services Tax (GST) regime, registered businesses are required to file periodic GST returns. The GST returns provide a summary of all the transactions made by the business during the return period, including details of sales, purchases, and taxes paid.
The frequency of return filing varies depending on the type of business and the turnover of the business. For businesses with a turnover of less than INR 5 crore, monthly GST returns must be filed, while for businesses with a turnover of more than INR 5 crore, both monthly and quarterly GST returns are required.
What is required for GST Return Filing?
In order to file GST returns,Businesses must maintain accurate records of transactions like invoices, receipts, and purchase orders for filing GST returns efficiently. Neglecting the filing deadline can lead to penalties and fines. Therefore, it is crucial for businesses to stay updated with their GST return filing obligations and submit all required forms within the due dates. By organizing their records systematically, businesses can streamline their filing process and avoid any errors or delays.
Our Value-Added GST Services
Is GST return filing taking Up too much of your time?
Ensure Smooth Return Filing and Stay Stress-Free with Ascend Tax Solutions' Expertise