Understanding GST Returns
A GST return is a financial document that taxpayers must submit to tax authorities as per legal requirements. According to GST law, taxpayers must file two returns either monthly or quarterly, along with an annual return (if applicable). All returns must be filed electronically. Non-compliance with return filing is not an option. It's mandatory to include all unreported invoices from the previous tax period in the current month's return. Registered dealers are obligated under GST to file returns for purchases, sales, output, GST (on sales), and input tax credit (GST paid on purchases).
Understanding GSTIN
Each taxpayer under GST is assigned a unique identification number known as GSTIN. This GST number allows access to the GST portal for validating GSTIN numbers.
Understanding GSTN
The Goods and Service Tax Network (GSTN) is a non-profit private limited company that operates independently of the government. GSTN acts as a comprehensive platform for all indirect tax-related needs. Managing the Indirect Taxation platform for GST, GSTN facilitates tasks such as preparation, filing, amendment of returns, and payment of indirect tax dues.
