What is GST Return? Who are required to file Returns under GST? (1)

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What is GST Return? Who are required to file
Returns under GST?
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What is GST Return? GST Return is a return in
which taxpayer provides the details of all the
sales and purchases made along with tax collected
or paid.
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Who are required to file Returns under GST? Under
the GST regime, every registered dealer has to
file GST return on a periodic basis which
includes the details of purchases, sales, output
GST on sales, and input tax credit i.e. GST paid
on purchases. As per GST law, a normal taxpayer
will be required to furnish three returns monthly
and one annual return. Similarly, there are
separate returns which are required to be filed
for a taxpayer registered under the composition
scheme, taxpayer registered as an Input Service
Distributor, foreign non-resident taxpayer, a
person liable to deduct or collect the tax
(TDS/TCS), e-commerce portals
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What if we dont file GST Returns on time? You
should always file your GST Return on time
because late GST Return filing attracts penalty,
which is called late fee. The late fee is Rs.25
per day under the CGST Act Rs.25 per day under
the SGST Act and the total will be Rs.50 per day
for intra-state supply. And, the late fee is
Rs.50 per day under the IGST Act for inter-state
supply. However, if you are filing NIL return or
you have a return with zero tax liability, then
the late fee is Rs.10 per day under the CGST Act
Rs.10 per day under the SGST Act and the total
will be Rs.20 per day for intra-state supply.
And, the late fee is Rs.20 per day under the IGST
Act for inter-state supply. Along with the late
fee, interest has to be paid at 18 per annum on
late GST payment by the taxpayer. And, if a
person is claiming an undue or excess claim of
ITC or undue or excess reduction in output tax
liability than he shall be liable to pay interest
on such excess claim or reduction at the rate of
24. The Interest is to be calculated from the
next day on which tax has become due.
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How to File GST Return online? You can file GST
returns easily with the help of professionals
through CAONWEB at very reasonable prices. For
any other queries and services relating to online
GST registration and online GST return filing,
you can also contact professionals through
CAONWEB.
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Corporate Office Address E-36, First Floor,
Sector 8, City - Noida 201301
Phone Number [phone]
WhatsApp Number 917065818801
Email Address info_at_caonweb.com 
Website www.caonweb.com
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