RTS Professional Studies

GST return is a document that holds all the details of sales, purchases, tax collected on sales, and tax disbursed on purchases. As soon as you file GST return, you’ll have to pay the resultant tax liability i.e. money that you owe the government.  The details of sales & purchases of the goods and services plus the tax paid and collected need to be furnished by all enrolled traders, organizations, companies and individuals. Such details are surrendered by filing a GST return and on this, the tax specialists estimate tax liability. The enrolled GST user will need to file the return, encompassing purchases, sales, output GST, and input credit of GST. An enrolled user need to surrender 4 forms to file their GST return: return for purchases, return for sales/supplies, monthly return, and yearly return. Quarterly returns are to be deposited by those who’ve choose the composition scheme.  Significance of GST return filing: All the enrolled dealers are needed to file GST returns ...