GST RETURN FILING
What is a GST Return? A GST return is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) must file with the tax administrative authorities. The tax authorities use this information to calculate net tax liability. Under GST , a registered dealer has to file GST returns that broadly include: Purchases Sales Output GST (On sales) Input tax credit (GST paid on purchases) To file GST returns or for GST filings, check out the Clear GST software that allows the import of data from various ERP systems, such as Tally, Busy, custom Excel, to name a few. There is also the option to use the desktop app for Tally users to directly upload data and file. Who should file GST Returns? Under the GST regime, regular businesses having more than Rs 5 crore as annual aggregate turnover (and taxpayers who have not opted for the QRMP scheme ) have to file two monthly returns and one annual return. This amounts ...