A periodic document filed with GST authorities declaring sales, purchases, tax collected, tax paid, and claiming input tax credit for a specified period.
GST returns are the backbone of India's Goods and Services Tax compliance system. Regular taxpayers file multiple returns: GSTR-1 (outward supplies — monthly by 11th), GSTR-3B (summary return with tax payment — monthly by 20th), GSTR-9 (annual return — by Dec 31), and GSTR-9C (audit reconciliation for turnover above ₹5 crore). The ITC claim process flows through GSTR-2B (auto-generated from suppliers' GSTR-1). Late filing attracts penalties of ₹50/day (₹20/day for Nil returns) plus 18% annual interest on unpaid tax.
A business files GSTR-3B for April: Output GST (sales tax) ₹2,00,000 − Input GST (purchase tax credit) ₹1,50,000 = Net GST payable ₹50,000. This ₹50,000 is paid via challan before the 20th of May.
Ensures accurate financial reporting and record-keeping
Helps maintain regulatory and tax compliance
Enables better-informed business decisions
Improves operational efficiency and cash flow management
Late fee: ₹50/day (₹25 CGST + ₹25 SGST), maximum ₹10,000 per return. For Nil returns: ₹20/day. Plus 18% annual interest on unpaid tax from due date. Consistent late filing may lead to GST registration cancellation.
Yes, under the QRMP scheme (Quarterly Returns with Monthly Payment) for businesses with turnover up to ₹5 crore. You file GSTR-1 and GSTR-3B quarterly but pay tax monthly via PMT-06 challan.
A comprehensive indirect tax levied on the supply of goods and services in India, replacing multiple earlier taxes like VAT, excise duty, and service tax.
The GST paid on business purchases that can be claimed as a credit against the GST collected on sales, reducing the net tax payable.
Harmonized System of Nomenclature — an internationally standardized system of names and numbers to classify traded products, used in GST for goods classification.
A system of collecting income tax at the source of income, where the payer deducts a percentage of tax before making payment to the payee.
Let Laabam.One handle the complexity. From invoicing to GST filing, our ERP software makes accounting effortless.