Every person/entity registered under GST has to keep with himself a systematic record of all taxable/non-taxable supplies made in the business whether inward or outward. He is also required to save details of Input credit availed by him or the amount of tax payable to the government at intervals.
All these have to be later reported to government through filling an online statement or electronic form namely GST Return.
All these have to be later reported to government through filling an online statement or electronic form namely GST Return.
A GST return is a statement of record of all transactions made by the taxpayer, which is reported to government either monthly, quarterly or annually basis. A GST return specifies the supplies made and the number of tax/non-tax invoices issued in a specified period including details of taxes applicable on such supplies.
For a registered taxpayer, filling a GST return is a mandatory requirement for a number of reasons, the most crucial of which is to avail Input credit of purchases .
A GST return can be filed by logging in to the GST common portal after registration, specifying details of supplies depending on the nature of transactions and rates applicable .