GST Return Filing

GST Return Filing

Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.

Eligibility for return filing


  • Registered persons taxable under GST has to file 3-monthly returns and 1-annual returns.

  • But all the businesses who has not exceeded the exempted limit, which is Rs.2 lakhs all over India and Rs.10 lakhs in Northeastern and Hill States, is not eligible.

  • All those businesses that exceed this limit, needs to file GST return

  • This should be applicable, even if an entity makes no sale during a given year in the form of NIL returns.

  • A company having turnover of more than Rs.1.5 crore needs to file returns monthly. And if the company has turnover of more than Rs.1 crore then, it should be filled annually as well. Below this threshold limit, an enterprise has an option to file it according to their needs.

     

    Documents Required for GST Returns

 

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