Filing GST Return under the GST regime is crucial as non-compliance and delay will result in penalties and affect your compliance rating and timely refunds.As a business owner and a taxpayer, you must declare the income that you receive from carrying out business transactions.
In this document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that include: Purchases. … Input tax credit (GST paid on purchases)