New GST Rules: Taxpayers Must File Monthly, Annual Returns; QRMP Available for Turnovers Under Rs. 5 Crore

The GST law mandates that every registered taxpayer assess their tax liability and file returns for each tax period. The CGST Act, 2017 and related rules outline the provisions for filing various types of returns, including those for outward and inward supplies, annual returns, and returns for non-resident taxable persons. The return mechanism involves electronic filing, invoice-level information matching, and auto-reversal of input tax credit in case of mismatches. Taxpayers must file monthly and annual returns, with a Quarterly Return Monthly Payment (QRMP) option for those with turnovers under Rs. 5 Crore. Returns are scrutinized by officers to ensure tax compliance.