MSME Registration

What is GST Return Filing?

Taxable persons and entities under GST are required to file various GST returns. Under GST, return filing is a very important activity that serves as the link between the taxpayer and the government. In the GST return, the taxpayer is required to furnish details like the particulars of business activity, declaration of tax liability, GST payment and other information as requested by the government. GST return filing electronically and facility is to be provided for manual filing of GST returns, wherein the return can be prepared offline and uploaded on the GSTN by the taxpayer or a facilitation centre.

Who should file GST returns?

Registered persons who are taxable under GST are required to file GST returns. Therefore, any registered person who has obtained GST registration but has not crossed the exemption limit (i.e., Rs.20 lakhs across India, except for Northeastern and Hill states wherein its Rs.10 lakhs) will not be required to file GST return until they cross the exemption limit. However, once the exemption limit is crossed and the taxpayer begins filing GST returns, even if there is no taxable supplied made or received during a period, the taxpayer is required to file a NIL return. Hence, not filing GST return is not an option and without filing the return of a period, next return cannot be filed.

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GSTR 1 Return of Outward Supply

GSTR-1 or return of outward supply must be filed by GST registered taxpayers before the 10th of every month. In the GSTR-1 or return of outward supply details like item wise detail of goods and services supplied with HSN or SAC codes, supply with respect to all B2B transactions, details of all inter-state supplies of B2C transactions above Rs.2.5 lakhs and all other invoices of less than Rs.2.50 lakhs with state wise summary details of all B2C transactions must be submitted. GSTR-1 should also contain details like zero-rated supplies, return of goods received in pursuance of an inward supply, exports, debit notes, credit notes and supplementary invoices.

Types and due dates of GST Return