GST returns: How small businesses can file their returns online
Ease of doing business for MSMEs: Filing Goods and Services Tax (GST) returns, in order to declare the income earned from business transactions, is important for all businesses registered under GST, including those with nil returns. GST return involves details of sales, purchases, tax collected on sales and tax paid on purchases. Based on this, the tax to be paid by the company to the government is calculated.
GST-registered businesses have to file returns monthly, quarterly or annually based on the business type. Businesses with turnover of more than Rs 5 crore have to file 25 returns in a year –two monthly returns (GSTR-1 and GSTR-3B) and one annual return (GSTR-9). Those with turnover below Rs 5 crore can opt for quarterly filing.