GST Monthly Return Filing Regular Scheme(Upto 100 Invoice)

Under the GST Regular Scheme, taxpayers are required to file monthly returns providing details of their inward and outward supplies, taxes paid, and input tax credit availed. The process for GST monthly return filing under the Regular Scheme for up to 100 invoices is as follows:

Determine Eligibility: The taxpayer must first determine their eligibility for filing monthly returns under the Regular Scheme. If the taxpayer's aggregate turnover is more than Rs. 5 crore, they are required to file monthly returns.

Collect Invoices: The taxpayer must collect all invoices issued during the month for outward supplies and invoices received during the month for inward supplies.

Prepare Details: The taxpayer must prepare the details of their inward and outward supplies, taxes paid, and input tax credit availed during the month.

File GSTR-1: The taxpayer must file their GSTR-1 return by providing details of their outward supplies and invoices issued during the month. The due date for filing GSTR-1 is the 11th of the following month.

File GSTR-3B: The taxpayer must file their GSTR-3B return by providing details of their inward and outward supplies, taxes paid, and input tax credit availed during the month. The due date for filing GSTR-3B is the 20th of the following month.

Pay Taxes: The taxpayer must pay any tax liability for the month by the due date using Form GST PMT-06.

It is important for taxpayers to ensure timely and accurate filing of their GST returns under the Regular Scheme to avoid any penalties or interest charges. Therefore, it is advisable to seek professional help if necessary to ensure compliance with GST regulations. Also, it is essential to keep accurate records of all transactions to ensure correct calculation of tax liability and filing of returns.