GST Returns in India
GST Returns are periodic filings businesses require to report their sales, purchases, and tax liabilities under the Goods and Services Tax (GST) system. These returns help the government track tax compliance and ensure transparency.
Key Types of GST Returns:
1. GSTR-1:
Monthly/quarterly return for outward supplies (sales).
2. GSTR-2:
Monthly return for inward supplies (purchases), though it is currently suspended.
3. GSTR-3B:
Monthly summary return for tax payments and ITC (Input Tax Credit) claims.
Benefits of Registration:
- Provides liquidity to businesses.
- Ensures fair tax treatment for exporters and businesses facing input credit accumulation.
- GST refunds help in maintaining business cash flow and reducing tax burden.