Everything that you need to know about GST return filing
In the latest indirect tax system, each business and specialist entity in India with a yearly turnover going beyond Rs 20 lakh (US$31,054), and Rs 10 lakh (US$15,527) in the north-eastern parts of India, will be needed to get GST registration.
When once registered, businesses will get a 15 number GST identification number depending on a state-wise system and their Permanent Account Number or PAN.
In the GST system, businesses will charge GST on their sales and submission of the same with the tax power each month. Afterwards, a monthly synopsis of all sales deals will have to be put forward online to the tax subdivision. This procedure is called as return filing and the form in which the return is to be filed is known as GST return.
GST return filing is an obligatory fulfillment even if there are no sales and buy done by a business all through the return period. These tax payers will have to file a zero return. Failing to file returns on time may impose fine, and in condition of non-fulfillment, a note from the tax regulatory.
On the other hand, because of confusion over the GST execution and non-awareness of small businesses, the administration has unperturbed the timelines for return filing for the initial two months, next to the GST roll-out. Therefore, no business or organization will be imposed late fee or fines for filing belatedly returns till September 2017.
