GST RETURNS AND COMPLIANCES

ABOUT GST RETURNS AND COMPLIANCES

Companies registered for GST are required to file  monthly, quarterly, and annual GST returns, depending on their business. Here you must provide detailed information about the sale or purchase of  goods and services, along with the taxes you collect and pay. Implementation of a comprehensive income tax system such as GST in India will ensure that taxpayer services such as registration, refund and compliance are broadly and fully coordinated. Individual taxpayers filing GST are required to file GST by completing four forms: delivery declaration, purchase declaration, monthly return, and annual return. The filing of GST  in India is compulsory for all legal entities holding a valid GST registration regardless of  business activity, revenue or  profitability during the  filing period. Therefore, even a dormant business with a valid GST registration must file a GST declaration. A GST tax return is a document that contains  details about any income or  expenses  a taxpayer is required to file with the tax  authorities.

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Frequently Asked Questions

  • Can I apply for GST Registration online?

    Yes, you can apply for GST registration online. You can simply register your business on the official GST portal and then scan and upload all the required documents. You will then receive an acknowledgement. A GSTIN will be generated on acceptance of the application and a temporary password and login will be sent. GSTIN is a unique 15-digit ID.

  • Is the GST threshold limit the same for all Indian states?

  • How would the composition scheme work under GST?

  • Does GST apply to all businesses?

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