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The Goods and Service Tax, popularly termed as GST, was introduced in India on July 1, 2017. It is a comprehensive and uniform indirect tax which is levied on goods and services across India. It is an umbrella tax which replaced some of the then existing central taxes including central excise, service tax, additional excise and customs duty, special additional customs duty, cess and surcharges on supply of goods and services.
Since GST is payable on goods and services, there are registered dealers/businesses having a unique GST Identification Number issued by the authorities. GST Returns are the documents reflecting the income, sales including all the purchase and expenditure related to such goods and services offered by those dealers/businesses. GST Returns are filed with the Income Tax Authorities. GST Return Filing is done on a monthly as well as annual basis. The types of GST Return is decided based on the different categories of tax-payers/ businesses.
Online Legal Query brings GST Return Filing Services to help businesses avoid the headache and doing the deed for them based on the applicable rules and regulations. While people can also do GST Return Filing by themselves at the GST portal, they need accurate transaction details handy with them, in order to avoid any penalties due to incorrect information.
Yes, in case of no sale or supplies, a specific form for GST Returns has to be filed. So even if there is no sale, GST Return Filing cannot be skipped by registered businesses.
In case GST Return liability is missed out and filing is not done within the time limit, there is a fine applicable on a per day basis for both State and Central GST, having an upper limit as well. To avoid the same, GST Return Filing Services are recommended for such businesses/dealers.