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A document consisting of each detail related to receipts, payments, GST invoices, and all for a specified period, is particularly known as GST Return. The taxpayers running intrastate or interstate businesses across India become liable to file it on the correct GST return filing date. GSTR forms are used to file returns as suiting to eligibility criteria and slabs.
To get it filled, the taxpayer is obliged to submit the entire data related to every business transaction, like total purchase, sale, ITC, Output GST and all. Then the authorities calculate the tax amount to be paid by the taxpayer by contemplating each detail.
It’s a great step towards an integrated economy. It subsumes all central and state taxes into one.
The harmonized tax procedures, laws, and rates have simplified the taxation process with the least compliance costs
The registration and tax refund procedures are common. Tax systems have greater certainty now with common tax bases.
Either the least tax rate or full exemptions are provided on most of the products and services.
GST prevents cascading effects with an all-inclusive mechanism of an input tax credit
The products & services are permitted to move across the nation freely and without any interruption.
There are strict measures adopted against tax offenders in case he commits any offense like, non-registering under GST, fraudulently obtaining refunds, submission of fake information, etc. then he is supposed to some penalties. For strict compliance of rules, the government has come up with different penalties for every different offense committed by the taxpayer concerning GST return filling.
It’s a statement of a prescribed period regarding the financial activity of a taxable person. It permits self-assessment of tax to the taxable person for a particular period.
Tax is paid first and then return is filled. If anyhow, the return is filed before paying taxes then that return will become invalid.
You can make changes to details that you provided while filing the return but its not possible to revise the whole.
It's possible to do at the time when you first file return in that particular financial year. You can change the period like monthly, quarterly, etc. only once while filling the first return of that year.
In that case, other methods can be adopted like, getting OTP from a phone number, DSC, PAN information, etc.