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GST Return
- Mandatory Filing – Registered businesses must file GST returns to report sales, purchases, and tax liability to the government.
- Types of Returns – Different returns exist, such as GSTR-1 (sales details), GSTR-3B (summary return), GSTR-4 (composition scheme), and GSTR-9 (annual return).
- Filing Frequency – Returns can be monthly, quarterly, or annually, depending on business turnover and the chosen GST scheme.
- Input Tax Credit (ITC) – Proper return filing allows businesses to claim ITC, reducing their overall tax liability.
- Late Fees & Penalties – Delayed filing attracts late fees (₹50/day for normal returns, ₹20/day for nil returns) and possible penalties for non-compliance.
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A GST return is a document that businesses registered under GST must file to report their sales, purchases, tax collected, and tax paid. It ensures tax compliance and allows businesses to claim Input Tax Credit (ITC). Different returns like GSTR-1 (sales), GSTR-3B (summary return), and GSTR-9 (annual return) must be filed monthly, quarterly, or annually based on business turnover. Timely filing avoids late fees and penalties, ensuring smooth tax operations.