Description

Goods and Services Tax filings: 1. GST filings are mandatory for all businesses registered under the GST regime in India. 2. Businesses must file monthly, quarterly, and annual GST returns based on their turnover and type of business. 3. GSTR-1 is a monthly return for reporting outward supplies of goods and services. 4. GSTR-3B is a monthly summary return that includes details of sales, purchases, input tax credit, and tax payable. 5. Composition scheme taxpayers need to file GSTR-4 on a quarterly basis. 6. Annual return GSTR-9 is required to be filed by regular taxpayers at the end of each financial year. 7. The deadline for filing GSTR-1 is the 11th of the subsequent month. 8. GSTR-3B must be filed by the 20th of the following month. 9. Late filings attract penalties and interest charges, emphasizing timely compliance. 10. Accurate GST filings ensure seamless tax credit claims and avoid legal complications for businesses.