Under GST LAW, every business whether it be small or large has to file certain returns. These returns are filed to pay taxes/ providing data to government relating to the transactions made by the business during the period under consideration.

GSTR-3B is a monthly return for reporting all the outward supplies made, inward supplies received and input credit claimed. It is a simplified monthly return for the declaration of tax liability, interest and penalty, tax paid for a tax period.

The taxpayers shall file GSTR-3B return every month irrespective of their turnover to avoid penalty and further complications. Even those businesses that had no business or transaction during the month under consideration must file nil GSTR-3B return.

This return is required to be furnished for reporting all the outward supplies of taxable goods and services. In simple words, the registered dealer has to report the total sale made and debit and credit notes issued during the tax period in GSTR-1 Form

GSTR-1 return must be filed by all regular taxpayers having GST registration even if there were no sales transaction in a month. If the taxpayer fails to file GSTR-1 return, a penalty of Rs.100 per day shall apply.