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GST Return Filing Process | Know all about GST Return Filing | Clear Your Misconceptions about GST

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GST Return Filing Process | Know all about GST Return Filing | Clear Your Misconceptions about GST
Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.
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).
The GST return cannot be revised. Any changes in details can however be made in the amendment section of the Return Form of next period.
The Goods and Services Tax Network (GSTN) has launched an offline Excel-based format for traders and businesses to sales data on the GST portal.
For July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
The recently concluded meeting of the GST Council on June 18th brought some good news to business owners. The Council has agreed to relax the return filing requirement for the first two months under the new GST regime. As per the provisions of GST law, a normal taxpayer is required to file GSTR-1 by the 10th of the next month. Similarly, GSTR-2 and GSTR-3 are required to be furnished by the 15th and 20th of the next month respectively.

However, in order to address the concerns of small taxpayers who are still maintaining manual records, the GST Council has now proposed a relaxation in return filing for the month of July and August. September onwards, every taxpayer has to strictly follow the regular provisions of filing return on 10th, 15th and 20th of next month i.e. October. Also, there will be no late fee or penalty levied for the initial two months.

GST Return Filing | GST Return | Types of GST returns | GST Filing Form | GST Guide

GST Composition Scheme :

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