A GST return is a document containing detailed information regarding financial transactions of any business or an individual who is GST registered tax payer and required to file with the administrative authorities.
Elements of GST Return Filing
The basic elements of GST return filing are:
- Sales – It provides the detailed information regarding tax payer’s sales activities.
- Purchases – Maintains the records of purchases made by the tax payer.
- Output GST – It records the GST charged on the tax payer’s sales.
- Input tax credit – It notes the GST already paid on the purchases and also eligible to be deducted from the GST owned on sales.
Who needs to file GST returns?
Under the GST regime,regular businesses having more than Rs. 5 crore as annual aggregate turnover have to file two months returns and one annual return. The businesses that have an aggregate turnover of Rs. 5 crore can choose to file their GST returns under the QRMP scheme.They need to file GST returns per year;4 GSTR -1 returns, 4 GSTR -3 B returns and one annual return must be submitted.
The businesses where annual turnover is Rs. 5 crore and haven’t chosen QRMP,have to file GST returns twice per month and must file one annual return.
There are separate returns for special cases as composition dealers as per GST regime.
So you can take the services of Mr. Arun Narang for the error – free GST Return Filing.
