Which GST is Filed Monthly?

Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It has simplified the tax structure and brought transparency to the taxation system. GST returns are filed on a monthly, quarterly, or annual basis depending on the type of taxpayer. In this blog, we will discuss which GST return needs to be filed on a monthly basis.

As per the GST law, businesses with an annual turnover of up to Rs. 5 crores can opt for the quarterly filing of GST returns. However, taxpayers with a turnover exceeding Rs. 5 crores have to file their GST returns monthly.

The monthly GST return is called GSTR-3B. It is a summary of all transactions made during the month, including both inward and outward supplies, input tax credit (ITC) availed, and tax paid. GSTR-3B must be filed on or before the 20th of the following month. For example, for the month of March, GSTR-3B must be filed on or before 20th April.

GSTR-3B is a self-declaration form, and hence it is essential to ensure that the details entered are accurate. In case of any discrepancies or errors, the taxpayer may face penalties and fines. Hence, it is recommended to take the help of professionals or use automated software to file the returns.

In addition to GSTR-3B, taxpayers also need to file GSTR-1 and GSTR-2 on a monthly basis. GSTR-1 is a return for outward supplies, and GSTR-2 is a return for inward supplies. These returns provide a detailed description of all supplies made and received during the month.

To conclude, taxpayers with an annual turnover exceeding Rs. 5 crores need to file their GST returns monthly, and the return to be filed is GSTR-3B. Filing GST returns accurately and on time is crucial to avoid any penalties and fines. It is recommended to seek professional help or use automated software for hassle-free filing of returns.