Is GST Filing Monthly or Quarterly?

Goods and Services Tax (GST) was introduced in India to streamline the indirect taxation system and make it more efficient. As a result, it has become mandatory for businesses to file GST returns regularly. However, many businesses are unsure whether they need to file GST returns monthly or quarterly. In this blog post, we will explore this topic in detail and provide you with the information you need to know.

In general, the frequency of GST returns filing depends on the type of taxpayer and the turnover of the business. For small businesses with an annual turnover of less than Rs. 1.5 crores, GST returns can be filed on a quarterly basis. On the other hand, businesses with an annual turnover of more than Rs. 1.5 crores are required to file monthly returns.

However, it is important to note that there are some exceptions to this rule. For example, businesses registered under the GST Composition Scheme are required to file quarterly returns, regardless of their turnover. Similarly, businesses that make supplies to SEZs (Special Economic Zones) or are engaged in the export of goods and services are also required to file monthly returns, regardless of their turnover.

In addition to the frequency of filing, businesses must also adhere to the deadlines for filing GST returns. The due date for filing quarterly returns is the 18th of the month following the end of the quarter, while the due date for monthly returns is the 20th of the month following the end of the month.

In conclusion, whether GST returns need to be filed monthly or quarterly depends on the type of taxpayer and the turnover of the business. Small businesses with an annual turnover of less than Rs. 1.5 crores can file quarterly returns, while businesses with an annual turnover of more than Rs. 1.5 crores must file monthly returns. However, there are exceptions to this rule, and it is important to adhere to the deadlines for filing returns to avoid penalties and other legal consequences.