A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).
Features of GST Returns
- Returns are to be filed mandatorily, even if there is no transaction
- Absence of provisions pertaining to revision of returns
- Transaction level information to be provided
- Matching concept
- Subsequent returns can be filed only if returns of prior period are filed
- Compliance rating on GSTN is directly linked with return filing