What is GST Return Filing?
- Nitin Sharma
- Dec 21, 2024
- 1 min read
GST Return Filing is a mandatory process under the Goods and Services Tax (GST) system, where businesses registered under GST submit their sales, purchases, tax collected, and tax paid to the government. This helps the government ensure transparency and compliance while enabling businesses to claim tax benefits.
Key Components of GST Return Filing
✔️ Sales Details: Report of outward supplies (sales) during the tax period.
✔️ Purchase Details: Record of inward supplies (purchases) to claim input tax credit (ITC).
✔️ Tax Liability: Amount of GST collected and payable to the government.
✔️ ITC Claim: Input tax credit claimed for taxes already paid on purchases.
Comments