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After getting registered under GST it becomes necessary for every tax payer to file the GST return on time irrespective of their business turnover, profit made or revenue collected in a month. if there is any case due to which the taxpayer has not generated any invoice for their registered firm, they have to file nil return otherwise Penalty is to be paid as per there turnover.
Filing a GST Nil Return may seem like a simple task, but it is an essential part of compliance with GST regulations. By submitting a Nil Return, you are effectively communicating to the tax authorities that your business had no taxable sales or purchases during the relevant period. While this may not seem significant, it is crucial to ensure that your business remains in good standing with the GST department.
By filing GST return including nil GST return filing creates a healthy track record of filing return
Since filing return maintains the track record the taxpayer can easily get loan services
By timely filing return the taxpayer can avail benefits like lower tax rates and improves the ease of doing business
Timely filing of return increases the trustworthiness of the taxpayer improving the creditability of business in market
• Nil GSTR-1 Return Filing –
In GSTR-1 the taxpayer have to give detail return which includes invoices with their amount and tax collected on them and if there is no supplier or customer the taxpayer have to file Nil GSTR-1
• Nil GSTR-3b Return Filing-
Under this GSTR-3b return filing there is need to submit the input tax and output tax. Where wholesale amount including tax and total purchase amount with input tax. If the tax payer has neither outward supply nor inward supply in a month then they have to file NIL GSTR-3b
• Login credential of GST portal (Id and password)
• Detail of supply made to registered or unregistered person
• Detail of purchase made by registered, unregistered person and of good accountable for reverse charge
• DSC for company and Electronic Verification System (EVC) OTP is required
All registered taxpayers under GST are required to file GST nil returns, even if they have not made any GST transactions during the relevant period.
GST nil returns are required to be filed on a monthly or quarterly basis, depending on the turnover and category of the business.
Not filing GST nil returns can lead to penalties and fines, and may result in the cancellation of GST registration.
Yes, GST nil returns can be revised or corrected within a specified time frame as per the GST laws and regulations.
Yes, it is necessary to file GST nil returns even if the business has no GST liability to show that there have been no GST transactions during the relevant period.