Businesses involved in the supply of goods with annual turnover exceeding ₹40 lakh and service providers with turnover over ₹20 lakh must register for GST. Lower thresholds apply in special category states.

All registered businesses and individuals under the GST regime must file returns, regardless of turnover or activity during the period.

The main types of GST returns include:

• GSTR-1 – Details of outward supplies of goods or services

• GSTR-3B – Summary return for declaring GST liabilities

• GSTR-9 – Annual return for regular taxpayers

• GSTR-9C – Reconciliation statement and certification by a CA for applicable businesses

A GST audit is mandatory when a registered taxpayer’s aggregate turnover exceeds ₹5 crore in a financial year. It includes reconciliation of GSTR-9 with the audited financial statements.

Late filing attracts penalties of ₹50 per day for GSTR-3B and GSTR-1, and ₹100 per day for GSTR-9, subject to a maximum cap. Additionally, interest may be charged on any outstanding tax liability.

Currently, the GST system does not allow for revision of returns once filed. Corrections can be made in subsequent returns.

ITC allows businesses to reduce their tax liability by claiming credit for the GST paid on purchases related to their business operations.

You can track the status of your return by logging into the GST portal and navigating to the ‘Returns Dashboard’ section.