What is a return? A return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for that period. Types of GST Returns to be filed by normal taxpayers GSTR-1 The taxpayer records all his outward supplies of goods and services in details in this form. This has to be mandatorily done by the 10th of the next month (GSTN is frequently changing the due date of filing GSTR1. So, keep checking announcements). This will form the basis for all future flow and match for credit reconciliations. GSTR-1 is a detailed form containing 13 different heads. The critical headings are: GSTIN of the Taxable Person – Auto-populated results Name – Auto-populated result Gross Turnover in Last Financial Year – This has to be filed only once. From next year onwards, this field will be auto-populated The Period for which the return is being filed – Month & Year shall be available as a drop-down f...
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