GST Nil Return Filing – Everything You Need to Know | Startup Guruz

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. GST registration is mandatory for businesses whose annual turnover exceeds a certain threshold. However, not all businesses are required to file regular GST returns. In some cases, businesses may have no sales or purchases during a tax period, and they are not required to file a regular GST return. This is called a GST Nil Return.

What is GST Nil Return Filing? GST Nil Return Filing refers to the process of filing a nil return for a tax period when a business has not made any sales or purchases during that period. This is a mandatory compliance requirement under GST. Even if there is no business activity during a particular tax period, the registered taxpayer must file a Nil return.

Who is Required to File GST Nil Return? All GST registered taxpayers are required to file a Nil return if there is no business activity during a particular tax period. This includes businesses that have not made any sales or purchases during that period. Failure to file a Nil return can result in penalties and fines.

How to File GST Nil Return? Filing a Nil return under GST is a simple process. Here are the steps to file a GST Nil return:

1. Log in to the GST portal using your registered credentials.
2. Go to the ‘Services’ tab and click on the ‘Returns’ option.
3. Select the appropriate tax period for which you want to file a Nil return.
4. Click on the ‘Prepare Online’ button to start the process of filing a Nil return.
5. In the ‘GSTR 3B – Nil Return’ form, select the ‘Nil’ option for all sections.
6. Submit the Nil return form and file it.

Conclusion Filing a Nil return is an important compliance requirement under GST. Even if your business has not made any sales or purchases during a particular tax period, you must file a Nil return to avoid penalties and fines. The process of filing a Nil return is simple and can be done online through the GST portal. Make sure to file your Nil return on time to stay compliant with GST regulations.