GST is a simplified indirect tax structure, wherein tax paid on goods/services procured by one person at one stage can be availed as credit while passing on the goods/services to the next stage, until they reach the final consumer who bears incidence of tax. In the GST Regime, businesses whose turnover from sale of goods exceeds Rs. 40 lakhs (Rs 20 lakhs for NE and hill states) or turnover from providing services exceeds Rs 20 lakhs is required to register as a normal taxable person. For certain other businesses, registration under GST is mandatory irrespective of turnover, like those paying tax under the reverse charge mechanism, supply to SEZ, Exports, etc. 

As per the Goods & Service Tax Act, any company or person registered as tax payer is required to give details of his supply and discharge tax liability and do the GST return filing on a monthly basis. It is the responsibility of the registered taxpayer to pay GST with the government within the 20th of the succeeding month by filing GST 3B & file details of outward supply on a monthly /quarterly basis before the 11th /20th of the succeeding month/quarter based on the scheme applicable to him. In addition, all registered person has to file an annual return if the total supply in a year exceeds Rs 2 crores and get their GST audited if the total supply exceeds Rs 5 crores.