After the registration of GST furnishing of return is mandatory and the amount of turn over has no connection in it.
In other words even if your turn over is Zero you will have to furnish return in every month.
Is it right to fill nil GST return even though I have income from a business which is under 5Lakh
Hi, I have GST number under proprietorship for a start-up photography business from OCt 2018. I have filled nil return in GST so far as my income was less than 5 lakh for last year. I have generated a few invoices to the company and TDS deducted on my payment. Is it right to fill nil return even though I have income from a business which is under 5Lakh for now? And which right way to claim TDS with ITR-4 or GST cash ledger way?
Asked 5 years ago in Business Law
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9 Answers
Yes gst is for turnover of 40 lakhs now.
You have to pay GSt and charge same on the invoices NIL GST returns cannot be filed if you had business and you have registration.
Even if you have registered for GST voluntarily having turnover of less than Rs 20 lakhs you have to charge GST and file GST returns
1. Though NOT required by law, you can continue to file "nil" GST returns for probable future records and references. You may also seek some "set-off" for any GST paid to other vendors.
2. TDS refund can be claimed only by filing ITR.
You must have submit your pan card to the company, when you will file return, TDS will resume in your account in 2 months.
Income up to Rs 5 lakh can pay zero tax but still need to file ITR..
GST return has to be filed by every registered person under GST irrespective of business turnover or profitability in a month. Hence, even if there were no invoices issued during a month, the taxpayer must log in to the GST Portal and submit a NIL return.
Nil return can be filed by you if you have not made any outward supply (commonly known as sale) AND have NOT received (commonly known as purchase) any goods/services and do not have any tax liability.
You can refer to certain tables while filing Nil return in the following circumstances:
Have you made any supply of goods/services (including nil rated supply under GST, exempt and non- GST supplies) or received any supplies liable to reverse charge during this tax period? (Table 3.1)
. Have you made any inter-state supplies to unregistered persons, composition taxable persons or UIN holders? (Table 3.2)
. Do you have any claim/reversal of Input tax credit (ITC) on purchase of goods or receipt of services? (Table 4)
. Have you received any nil rated, exempt or non-GST supplies during this tax period? (Table 5)
Do you have any interest or late fee (including carry forward late-fee) liability? (Table 5.1)
. Do you have any tax liability due to GST TRAN-1? (System-populated) (Table 6)
Dear
If you have registered for GST then you have to file the Return even if your tax liability is NIL tax liability doesn't have anything to do with turnover you should show your original turnover in GST return.
