Form G-45, the periodic tax return, is used to report your gross income and to pay your general excise tax. Periodic returns must either be filed monthly, quarterly, or semiannually.
Form G-49, the annual general excise tax return, is a summary of your activity for the entire year. There will be no additional tax due if the gross income, exemptions and deductions, taxable income, and taxes due were accurately reported and paid with the periodic tax returns.
The annual tax return also may be used to make corrections to the amounts previously reported. For example, if you forgot to claim an allowable deduction such as a refund of rent previously reported, you may include the deduction on the annual return. Doing so will lower your tax due for the year and result in a refund.