A GST return is a document containing the details of income that is required to be filed as per the law with the tax authorities.
Under GST law, a taxpayer has to submit two return two returns on a monthly basis and one such return annually.
Though the Government implemented GST in India with a view to simplifying the indirect taxpayer system. The return filing process can sometimes seem quite difficult.
At the same time, it is up to every taxpayer to stay 100% compliant, with minimal errors made for the overall health of their business.
The GSTR-5 return is to be filed monthly by the 20th of each month under GSTIN that the taxpayer is registered in India. GST Payment is extremely crucial for the compliance of a business.
As per guidelines, every registered taxpayer has to furnish the GST returns on a monthly basis and pay the requisite tax by the due date for payment of GST.