GST RETURN FILING
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GST return is a transaction statement of your sales, purchases, tax collected on sales i.e output tax and tax paid on purchases i.e input tax . It is a mandatory file return every month by holder of GST.
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Several critical element of GST Return--
GST return is a transaction statement of your sales, purchases, tax collected on sales i.e output tax and tax paid on purchases i.e input tax . It is a mandatory file return every month by holder of GST.
What is GST Return
Purchases: financial transaction made on purchases of goods and services
Sales: financial transaction made on sales of goods and services
Output GST (On Sales): GST charged on the sales of goods and services.
Input Tax Credit (GST Paid on Purchases): GST paid on purchase of goods and services.
Penalty for late file GST Return
Every GST holder has to file GST returns regularly on or before due date even if there is no business activities. If GST return not life on due date than you could face late fee and interest charges. So return should submit on time for avoid these extra charge.
If you miss a return filing deadline, you can't file for the next month return until you've filed for the previous month return
Interest on Late Tax Payments: -18% interest per year on the amount starting from the day after the due date until you pay.
Late Filing Fees: late filing fee at Rs 20 Per day for nil invoice and Rs.50 per day for billed invoice.
Annual Return Late Fees: - 0.25% of your turnover amount.