Under the new GST regime, a complete overhauling is expected in India’s indirect tax system. Every GST registration holder must file a periodical return. GST return filing would be mandatory irrespective of if there was any activity/sale during the return filing period.
Facts about GST Return Filing
GST registration holder would have to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 20th of each month. Compounding taxpayers would be required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December.
Under GST regime, businesses would no longer have to file returns in different States. A unified filing is sufficient for selling, providing services or purchasing goods across India and make doing of business ease.
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