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GST Quarterly Returns - Taxonomy
Startup Services
GST Quarterly Returns
- Process of Filing:
Taxpayers need to log in to the GST portal and enter details of their sales and purchases for the relevant tax period. The data is then used to calculate the tax liability or refund. - Reconciliation:
It’s essential for businesses to reconcile their purchase data with that of their suppliers. This helps in identifying any mismatches or discrepancies. - Payment of Tax:
After filing the returns, taxpayers need to pay the tax liability, if any, through online modes on the GST portal. - Late Fees and Penalties:
Late filing of GST returns may attract penalties and late fees. It’s crucial to adhere to the specified due dates to avoid such charges.
