Broadly speaking there will be two types of GST Registered dealers one is regular dealer and another one is composition dealer, both of them should file their gst returns within due date for proper compliance of GST ACT and rule.
Here we covered only gst monthly return filing for regular dealer.
Top 10 Important point every gst registered regular dealer should know regarding filing gst returns.
1. 3 Returns – GSTR 1 for detailed sales entry, GSTR 3B (Hereafter we call it as primary gst return) for Summary of sales and purchases, GSTR 9 for annual returns, GSTR 9C reconciliation statement.
2.Do not file GSTR 1 return on quarterly basis because it will cause rework and confusion and sometimes many cause difference between GSTR-1 and GSTR – 3B.
3. GST primary return filing (GSTR-3B)is allowed only if payment of GST is made.
4. Input credit can be claimed as per rules and any wrong declaration or claim will bring serious issues.
5. Penalty for delayed gst return filing will be added in next month return.
6. Interest of 18% Per annum is applicable on balance tax liability payable in cash.
7. GST returns cannot be revised like income tax returns.
8. Values should be declared in respective columns with proper understanding.
9. No concept of purchase without GST and sell without GST for registered dealers.
10. GST Registration may be cancelled if GSTR 3B return is not filed for continuous period of 6 months..