Understanding GST Returns:
GST Return, just like the income tax return is a statement of a business account that need to be filed in compliance with the laws laid by the governing tax authorities. The GST payer is obligated to pay three different returns every month and a separate annual return to the tax authorities. GST returns once filed cannot be revised, any invoices from the previous month, which you missed to mention in the return, must be included in the current month GST Return.
Filing GST Return: the schedule
A total of four returns must be filled by the tax payer including:
Monthly return with details of outward supplies to be filed by 10th of every month.
Monthly return with details of inward supplies to be filed by the 15th of every month
Monthly return to be filed by the 20th of every month.
There is a distinctive annual return to be filed by 31st December of every year.