GST RETURN
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A legal document that has all the details of income which an individual is required to file with the tax administrative authority is called a GST return. This return document should be filed monthly, quarterly and/or annually by all the registered businesses based on their types. A GST return includes details like purchases, Sales, Output GST (On sales) and Input tax credit (GST paid on purchases). IF the return is not filed on time, fine will be imposed on the taxpayer with an interest of 18% per annum.
The following are the benefits of GST Return filing:
- Common National Market
- Cascading tax effect
- Increased Exemption Limit
- Small Businesses Benefits
- Reduced Tax Compliances
- Registration and Filing Returns
- Regulated Unorganized Businesses
