Depending on the type of business, registered businesses are required to file monthly, quarterly, or annual GST returns. These GSTR filings are all done online through the GST portal.
How does GST return work?
GST returns are documents which contain information on the income/sales and/or expenses/purchase an individual (each GSTIN) must file with the tax authorities. Net tax liability is calculated using this information by tax authorities.
In a GST return, a registered dealer is required to provide the following information:
Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)
How does GST return work?
In the GST regime, companies with annual aggregate turnover over 5 crore have to file two monthly reports and one annual report. This amounts to 26 returns in a year.
Under the QRMP scheme, the number of GSTR-1 filings varies from quarter to quarter. Their annual filings include the GSTR-3B and GSTR-3B-B. They file 9 GSTRs online a year.
The number of GSTR filings by composition dealers is five in a year, which means special returns need to be filed by them.
