Entrepreneurship or running a business on your own is not that much easy as it sounds. The more you dig deep, things get more complicated. The most complicated and essential part of entrepreneurship is to make your business GST compliant and fill the GST returns on time. Since GST or Goods and Service Tax rolled out for the first time in 2017, every business owner across the country requires to make their business tax compliant and accomplish the tax filling within the due date. In this article, we are going to discuss GST tax returns in detail.
Who Should File GST Returns?
Any regular business owner in India, successfully running a business needs to fill out two monthly GST returns and one annual returns. If you sell goods or provide any specific service to people, then you may charge GST to your customer. The rates of Goods and Service Tax vary from one business sector to another, from one industry to another. But, whatever that may be, if you want to run a business compliant to GST and the other taxes, you have to file for GST.
Does Filing Monthly GST Return A Hassle?
The Regular taxpayers would have to file GSTR-1, GSTR-2, and GSTR-3 as the monthly tax filing. The business owners with more than one registrations within a state, need to file GSTR-1, GSTR-2, and GSTR-3 separately for each of their GST registration. The taxpayers can accomplish all their monthly GST returns filing through the web portal, managed by the Goods and Service Tax Network (GSTN).
How To Accomplish The Annual GST Return Filing?
The annual GST return filing is very important for every business owner regardless of small or large. The annual GST return is known as GSTR 9. This One need to file it by 31st December of the next financial year. If you fail to file the GST return of your business, you will be burdened with the interest of the late fee that is 18% per annum.