GST return is a return containing details of all the purchases, sales, tax paid on purchases and tax collected on sales-related details.You must be thinking about when GST registration is required? Then let me inform you, that a business having aggregate turnover in a financial year exceeding Rs. 20 Lakhs has to mandatorily register under the Good and Services Tax. For North Eastern and hilly states categorized as special category states, the limit is set at Rs. 10 Lakhs.So, all the businesses registered under GST and falling under the criteria of the aggregate turnover of Rs. 40 Lakhs or 20 Lakhs are required to submit monthly, quarterly and annual returns on the online GST portal.GST returns are to be filed online and if not filed in the time allotted then, it shall attract penal provisions which are mentioned below in the page.All the taxpayers are required to submit a monthly return as well as an annual return. There are different returns for every taxpayer. It must be noted that all the returns are not required to be filed. In fact, taxpayers are required to file only those returns depending on the type of activities they have undertaken.The most basic feature of the GST return filing mechanism includes:-
- electronic filing of returns
- uploading of invoice level information
- auto-population of information relating to input tax credit from returns of supplier to that of recipient
- invoice level information matching and auto-reversal of input tax credit in case of mismatch
This mechanism is designed to help and assist the taxpayer to file returns and avail ITC.