GST Returns

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