Everything that the latest GST resolution says

GST stands for Goods & Services Tax and is a multi-stage consumption tax on goods and services. This tax is levied on supply of goods and services. It covers each and every stages of the chain starting from the supplier and going up to the retailer. Thus all the individuals and firms registered for GST is required to file a GST return. Since new GST regulations have been introduced in India lately, this article tells everything about the proposed GST.

Very similar to excise duty, VAT, service tax etc, GST has now been made a part of the process for starting and managing a business in India. GST filing, same as in case of service tax or VAT, is required to be done periodically. All the people who pay their taxes on the regular basis would have to file GSTR-1 (details of outward supplies) on 10th of each month, GSTR-2 (details of inward supplied) on 15th of each month and GSTR-3 (monthly return)due on the 20th of each month. In case of compounding taxpayers, GSTR-4 has to be filed quarterly.
Apart from the monthly/quarterly returns that are to be filed depending on your case, an annual return has to be filed by every individual and firm registered under GST. The return has to be filed by 31st of December of each year.

GST Returns are filed online. You may also choose to prepare the returns offline and upload them on an online portal.
According to the latest resolution, all the defaulters, i.e all those who fail to file their GST Return will be tracked down by the department and enforcement action will be taken against them. The GST law may as well impose automatic late fee for those who file the return late and those who don't file the return at all.

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