GST Monthly Returns

GST Monthly Returns

A GST return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for specific period.
All registered business have to file GST returns monthly, quarterly and / or annual returns based on the type of business. Non compliances and delay will result in penalties.

1. Periodicity of filing return will be deemed to be monthly for all taxpayers unless quarterly filing of the return is opted for.
2. For newly registered taxpayers, turnover will be considered as zero and hence they will have the option to file monthly, Sahaj, Sugam or Quarterly (Normal) return.
3. Change in periodicity of the return filing (from quarterly to monthly and vice versa) would be allowed only once at the time of filing the first return by a taxpayer.
4. The periodicity of the return filing will remain unchanged during the next financial year unless changed before filing the first return of that year.
5. The taxpayers opting to file quarterly return can choose to file any of the quarterly return namely – Sahaj, Sugam or Quarterly (Normal).
6. Taxpayers filing return as Quarterly (Normal) can switch over to Sugam or Sahaj return and taxpayers filing return as Sugam can switch over to Sahaj return only once
in a financial year at the beginning of any quarter.