Home |Goods and Service Tax (GST) | Is GST filing mandatory for small business either in starting of business they have very low amount of sales. And what is the meaning of turnover is it monthly or yearly?

Is GST filing mandatory for small business either in starting of business they have very low amount of sales. And what is the meaning of turnover is it monthly or yearly?

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Subin VR Subin VR, Chartered Accountant,FCA, DISA (ICAI) verified
Answered on March 06,2021
Filing of GST is mandatory. If you fail to file it will create huge liability in the form of fine. Now you can file GST return quarterly by paying tax monthly.

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Abhishek Mishra MISHRA CONSULTANTS, GST Practitioners ,Income Tax Practitioners & Auditor Based Service in Coimbatore, Tamil Nadu verified
Answered on November 16,2022

Yes filing of GST is mandatory. As if in starting stage business is low you can file nil return till or else show the bills which you have sold with GST.If you fail to file it will create huge liability in the form of Penalty. Also you can now file GST return quarterly by paying tax monthly.

Turnover is always calculated on yearly basis but if you want can tell your monthly turnover also it is charged on the basis of your purchase and sale leftout profit is turnover. 

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