GST Returns

Goods and Services Tax (GST) returns are periodic statements that businesses registered under GST in India must file with the tax authorities. These returns contain details of the sales, purchases, tax collected, and tax paid by the business during a specific period. Here are the key points regarding GST returns:

Types of GST Returns:

1. GSTR-1 (Outward Supplies):
Details of outward supplies (sales) made by the taxpayer. It includes information on the value of supplies, tax collected, and any amendments to previous returns.

2. GSTR-3B (Monthly Summary Return):
A summary return filed monthly, providing a snapshot of the taxpayer's sales and purchases during the month. It also involves the payment of tax.

3. GSTR-4 (Composition Dealer Return):
Filed by businesses opting for the Composition Scheme. It includes details of turnover and tax payable.

4. GSTR-9 (Annual Return):
An annual return summarizing the details filed in monthly/quarterly returns. It needs to be filed by regular taxpayers. Every registered person whose aggregate turnover during a financial year exceeds Rs. 2 crore rupees must file this form.

5. GSTR-9A (Annual Return for Composition Dealers):
Annual return for businesses registered under the Composition Scheme.

6. GSTR-9C (Statement of Reconciliation)
GSTR-9C is a form for annual GST reconciliation statement filed by applicable taxpayers. Every registered person whose aggregate turnover during a financial year exceeds Rs. 5 crore rupees must file this form. They shall also furnish a copy of the audited annual accounts

7. GSTR-2A and GSTR-2B (Auto-drafted Return):
GSTR-2A reflects auto-populated details of inward supplies based on information submitted by the counterparty. GSTR-2B is a consolidated version with additional features.