Goods and service tax (GST) was a landmark implementation in the taxing scenario of India. This landmark act was passed on 29thMarch 2017 and incorporated into the system on 1st of July, 2017. The act was passed after 17 years of planning, drawing, and speculations. GST system is already adopted in many countries. The benefits of GST are:
GST registration was filed on a humungous scale which was never seen before. It became mandatory for every business enterprise in order to advance their business. This will go a long way to fight corruption in the country.
After the registrations, the registerees are supposed to file their GST Returns on a specified date according to the return being filed. These range from GSTR-1 to GSTR-10. However, even if the enterprises haven’t done any business in a month, it is still compulsory for them to file NIL GST Return on the GST portal. Inability to comply with the rules would invoke an INR 100 penalty per day.
All GST registration number holders are required to file the returns on the 10th, 15th and 20th of a month. Inability to generate invoices during the same period would not revoke this rule and should be strictly adhered to. However, you must be wondering about how to file a NIL GST Return. The process is elaborated below.
Click here to know more about GST Return Filings