GST Return

 Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.

An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.

GST return filing in India is mandatory for all the entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.

GST return is a document that contains the details of all the income or the expenses that a taxpayer is required to file with the tax administrative authorities.

 GST Return filing in India is to be done by any person having GST number. Timeline depends upon the nature of registration.

Regular Businesses

GSTR1

Tax return for outward supplies made (contains the details of   interstate as well as intrastate B2B and B2C sales including purchases under   reverse charge and inter state stock transfers made during the tax period).   If Form GSTR-1 is filed late (post the due date), the late fee will be   auto-populated and collected in the next open return in Form GSTR-3B. From   January 1, 2022, taxpayers will not be permitted to file Form GSTR-1 if they   have not filed Form GSTR-3B in the preceding month.

GSTR3B

Temporary consolidated summary return of inward and outward supplies   that the Government of India has introduced as a relaxation for businesses   that have recently transitioned to GST. Hence, in the months of July and August   2017, the tax payments will be based on a simple return called the GSTR-3B   instead. 

GSTR9

Annual consolidated tax return (It contains the taxpayer’s income and   expenditure in detail. These are then regrouped according to the monthly   returns filed by the tax payer). When their aggregate turnover exceeds INR 2 crores in a financial year.

GSTR9C

Reconciliation form that needs to be filed by every taxpayer when their   aggregate turnover exceeds INR 5 crores in a financial year.

Businesses registered under the Composition Scheme

GSTR4 

Quarterly return for compounding vendors (It contains the total value of supply made during the period covered by the return, along with the details of the tax paid at the compounding rate (not more than 1% of aggregate turnover) for the period along with invoice-wise details for inward supplies if they are either imports or purchased from normal taxpayers).

GSTR9A 

Annual composition return form that has to be filed by every taxpayer who is enrolled in the composition scheme.