Mastering GST Return Filing in India

GST return filing is crucial for businesses in India to report sales, purchases, and GST paid or collected. There are different returns based on business type, such as GSTR-1, GSTR-3B, GSTR-4, and GSTR-9. Filing on time is essential to avoid penalties, with fines of Rs. 100 per day and an 18% interest on late tax payments. Businesses can also claim Input Tax Credit (ITC) on purchases, but this requires accurate and timely filing. Staying on top of deadlines and reconciling data ensures compliance and smooth GST filing.