GST filing is a mandatory process for all registered businesses to report their sales, purchases, and tax liabilities. It involves submitting various forms regularly through the GST portal, ensuring compliance, and enabling the claiming of tax credits. Filing on time helps avoid penalties and keeps your business running smoothly.
Filing GST returns is essential because it allows the government to track the movement of goods and services, ensure proper tax collection, and prevent tax evasion. It also helps businesses to claim input tax credits, reducing their overall tax burden.
All businesses registered under GST must file returns. This includes regular businesses, composition dealers (small businesses under a special scheme), and even those involved in e-commerce.
Not filing your GST returns on time can result in fines and interest on the amount of tax due. It’s crucial to adhere to the filing schedule to avoid these penalties.