As a business owner and a taxpayer, you must declare the income that you receive from carrying out business transactions. GST returns is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).
Who should file it?
All business owners and dealers who have registered under the GST system must file GST returns according to the nature of their business or transactions.
Businesses registered under the Composition Scheme.
Other types of business owners and dealers.