GST Audit
What is GST Return?
GST returns is a document that will contain all the details of your sales, purchases, debit note, credit note, tax collected on sales (output tax), and tax paid on purchases (input tax). GST return required to be file every month. Once you file GST returns, you will need to pay the resulting tax liability to the government.
Why file GST return?
Once you get GST registration then return filling is mandatory every month due to legal requirement in India as per Goods & service Act 2017.
Advantages of Filling GST return
* Unified Platform
* Subsuming of Taxes
* Lower Taxes
* Ease of Doing Business
* Larger Tax Base
* Simple and easy online procedure
Disadvantages of Non Filling/Delay filling GST return
* Heavy penalty for non-filling or delay filling of returns
* Increased operational Cost of dealer due to hiring of staff /professional for all GST compliance up to date.
