GST Returns - What is GST Return, & Types of GST Returns

A GST return is a type of tax document that records a company’s purchases, sales, input tax credit (tax paid on purchases), and output tax credit (tax paid on sales). Simply put, the GST return meaning is that it acts as a formal declaration of income and expenses under the Goods and Services Tax system.

Before the introduction of GST, businesses had to deal with multiple taxes like service tax, excise duty, VAT, customs duty, and purchase tax. Each required separate filing, making the process tedious. The implementation of GST simplified this by bringing everything under one unified tax system.

A GST return has to be filed online, and the process can only be done once a business is registered under GST and has a valid GST number.

Any person or business registered under the GST system with a GST number must file returns. It is a mandatory compliance for all GST-registered entities.

You need to file GST returns for the following transactions:

• Purchases
• Input Tax Credit on all purchases
• Sales
• Output Tax Credit on sales

The different types of GST returns depends on your business turnover and the scheme opted:

• Businesses with turnover above ₹5 crore: 24 monthly returns + 1 annual return (if not under QRMP).
• Businesses with turnover up to ₹5 crore under QRMP scheme: 9 returns + 1 annual return.
• Businesses under composition scheme: 4 quarterly returns + 1 annual return.

Many first-time taxpayers ask: how to file GST returns online? The process is simple if you follow these steps:

1. Visit www.gst.gov.in
2. Click on Login and enter your GST username and password.
3. Go to Services → Returns Dashboard.
4. Select the Financial Year and return filing period.
5. Choose the form based on the types of GST returns available.
6. Fill in all details carefully. (This is essentially how to fill GST return forms correctly).
7. Save, then submit.
8. Check balances, make payments if necessary.
9. Verify using EVC or DSC, then proceed.

This entire process explains how to submit GST return online securely and within deadlines.

There are different types of GST returns, and the one you file depends on your business type, turnover, and transaction category. For instance:

• GSTR-1: For reporting outward supplies (sales).
• GSTR-3B: Monthly self-declared summary return.
• GSTR-9: Annual return.
• GSTR-4: For taxpayers under the composition scheme.

Each return serves a unique purpose, ensuring accurate reporting of transactions under GST.