Which GST Returns to be filed?

Goods and Services Tax (GST) is a unified tax system that was introduced in India in July 2017. Under the GST regime, businesses are required to file various types of GST returns based on their turnover and other factors. In this blog, we will discuss which GST returns are required to be filed by businesses.

GST Returns for Regular Taxpayers:

Regular taxpayers, including businesses with a turnover of over Rs. 5 crore, are required to file the following GST returns:

1. GSTR-1: This return contains details of all outward supplies made by the taxpayer in a given period. It is to be filed monthly.
2. GSTR-3B: This is a monthly summary return that contains details of all inward and outward supplies, tax paid, and input tax credit claimed.
3. GSTR-2B: This is an auto-drafted return that contains details of all inward supplies made by the taxpayer. It is generated on the 14th of every month.
4. GSTR-9: This is an annual return that contains details of all supplies made during the financial year, tax paid, and input tax credit claimed.

GST Returns for Composition Taxpayers:

Composition taxpayers, including businesses with a turnover of up to Rs. 1.5 crore, are required to file the following GST returns:

1. GSTR-4: This is a quarterly return that contains details of all outward supplies made by the taxpayer, tax paid, and input tax credit claimed.
2. GSTR-9A: This is an annual return that contains details of all supplies made during the financial year, tax paid, and input tax credit claimed.

GST Returns for Other Taxpayers:

Taxpayers who are registered under the GST but do not make any outward supplies or have any tax liability are required to file the following GST returns:

1. GSTR-3B: This is a monthly summary return that contains details of all inward supplies, tax paid, and input tax credit claimed.
2. GSTR-9: This is an annual return that contains details of all supplies made during the financial year, tax paid, and input tax credit claimed.

In conclusion, businesses must file GST returns as per the requirements mentioned above. Non-compliance with the GST return filing may lead to penalties and legal actions. Therefore, businesses must ensure that they file the correct GST returns within the due date to avoid any complications.