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There are several types of GST returns that businesses must file based on their turnover, nature of business, and tax liability. The most common types of GST returns include:
GSTR-1: This return is for reporting outward supplies (sales) made by the business. It needs to be filed monthly or quarterly, depending on the taxpayer's turnover.
GSTR-2: This return reports the inward supplies (purchases) and the input tax credit (ITC) claimed. GSTR-2 is currently suspended, and businesses are not required to file it for the time being.
GSTR-3B: This is a summary return that includes details of the tax liability and ITC claimed for the month or quarter. Most businesses are required to file GSTR-3B every month.
GSTR-4: Filed by composition scheme taxpayers, this return summarizes both sales and purchases for the quarter.
GSTR-5: This return is for non-resident foreign taxpayers to report their supplies in India.
GSTR-6: Filed by Input Service Distributors (ISD), it details the distribution of input tax credit among different units.
GSTR-7: This is filed by taxpayers who are required to deduct tax at source (TDS) under GST.
GSTR-8: Filed by e-commerce operators who are required to collect tax at source (TCS) on transactions facilitated through their platforms.
GSTR-9: Annual return to be filed by taxpayers who have filed GSTR-1 and GSTR-3B for the financial year.
GSTR-10: Filed when a GST registration is canceled, this return details the final stock and liability as on the date of cancellation.