GST Annual Return Filing

Process Of GST Annual Return Filing

Filing GST annual return is a crucial compliance requirement for all taxpayers registered under the Goods and Services Tax (GST) regime in India. It is an annual statement that summarises the entire year’s transactions of a taxpayer, including purchases, sales, input tax credit, and output tax liability. In this answer, we will explain the process of filing GST annual return in detail:

Step 1: Gather all relevant documents Before starting the process of filing GST annual return, you need to ensure that you have all the relevant documents and information needed. This includes:

• GSTR-1, GSTR-2A, and GSTR-3B filed for the financial year.
• Records of all invoices issued and received during the year.
• Details of any amendments made to the returns filed during the year.
• Details of all input tax credit availed during the year.

Step 2: Choose the correct form There are three types of GST annual return forms available based on the taxpayer’s business and turnover. The forms are:

• GSTR-9 for regular taxpayers with a turnover of more than Rs. 2 crores.
• GSTR-9A for composition scheme taxpayers.
• GSTR-9C for taxpayers with an annual turnover of more than Rs. 5 crores, who require an audit.

Step 3: Fill in the details After selecting the correct form, the next step is to fill in the relevant details such as turnover, tax paid, input tax credit, and output tax liability. The form will have several tables, and you need to fill in the details in each table. The tables are:

• Basic details such as name, address, and GSTIN.
• Details of outward and inward supplies made during the year.
• Details of input tax credit availed during the year.
• Details of tax paid during the year.
• Other additional information like demand and refund, HSN summary, etc.

Step 4: Reconciliation of GSTR-1 and GSTR-3B After filling in the details in the form, you need to reconcile the figures with the GSTR-1 and GSTR-3B filed during the year. Any discrepancies must be corrected before submitting the annual return.

Step 5: Submit the return After completing all the above steps, you can submit the annual return form. You can submit the form either directly through the GST portal or with the help of a GST practitioner.

Step 6: Verification After submitting the return, you need to verify it using a digital signature certificate (DSC) or an electronic verification code (EVC).

In conclusion, filing GST annual return is a crucial compliance requirement for all taxpayers, and it is essential to ensure that it is filed accurately and on time. By following the above steps, you can file your GST annual return smoothly and efficiently.

Filing Of GST Annual Return:

All taxpayers registered under GST must file an annual return. This includes regular taxpayers, composition scheme taxpayers, and those registered under the GST on a voluntary basis. The annual return must be filed once a year, by all eligible taxpayers, regardless of their turnover.

GST Annual Return Due Date:

Note: Due dates may be subject to change based on notifications issued by the government. It’s important to keep an eye on updates and deadlines related to GST filing.

GST Annual Return Due Date:

Note: Due dates may be subject to change based on notifications issued by the government. It’s important to keep an eye on updates and deadlines related to GST filing.

Eligibility to file GST:

Under the Goods and Services Tax (GST) regime, there are three different types of annual return forms that a taxpayer may be required to file, depending on their business activity and turnover. These are GSTR-9, GSTR-9A, and GSTR-9C. Here is a detailed explanation of the eligibility criteria for each of these forms:

1. GSTR-9: GSTR-9 is the annual return form that every registered taxpayer under GST is required to file, except for the following:

• Input Service Distributors (ISD)
• Casual Taxable Persons
• Non-Resident Taxable Persons
• Persons paying tax under the Composition Scheme (unless they have opted out of the scheme and become a regular taxpayer)
• Persons liable to deduct tax at source (TDS) under Section 51 of the CGST Act

Therefore, if you are a regular taxpayer under GST, then you are eligible to file GSTR-9. This form contains details of all sales, purchases, input tax credits, and tax liabilities for the entire financial year.

2. GSTR-9A: GSTR-9A is the annual return form that is applicable to persons who have opted for the Composition Scheme under GST. If you have opted for the Composition Scheme during the financial year, then you are required to file GSTR-9A for the period during which you were a composition taxpayer.

3. GSTR-9C: GSTR-9C is the reconciliation statement form that is to be submitted by taxpayers for whom GST audit is applicable. The following persons are required to file GSTR-9C:

• Every registered person whose aggregate turnover during a financial year exceeds Rs. 2 crores is required to get their accounts audited by a Chartered Accountant or a Cost Accountant.
• Such persons are required to file GSTR-9C along with their audited annual accounts and a reconciliation statement, which reconciles the values declared in the GSTR-9 with the audited annual accounts.

In summary, the eligibility criteria for filing GSTR-9, GSTR-9A, and GSTR-9C are based on the type of business activity, turnover, and compliance requirements under GST. It is important for taxpayers to understand these eligibility criteria and file the appropriate annual return form within the due date to avoid any penalties or fines.

PENALITIES:

GSTR-9, GSTR-9A, and GSTR-9C are annual return forms that need to be filed by registered taxpayers under the Goods and Services Tax (GST) regime in India. The penalties for not filing these returns are as follows:

1. Late fees: If a registered taxpayer fails to file GSTR-9, GSTR-9A, or GSTR-9C within the due date, a late fee of Rs. 200 per day of delay (subject to a maximum of 0.25% of the taxpayer’s turnover in the respective state or union territory) will be levied. The late fee for GSTR-9, GSTR-9A, and GSTR-9C is charged separately.

2. Interest: In addition to the late fee, the taxpayer will also be liable to pay interest at the rate of 18% per annum on the outstanding tax liability.

3. Prosecution: In case of willful non-filing or incorrect filing of GSTR-9, GSTR-9A, or GSTR-9C, the taxpayer may be prosecuted under the GST Act, which may result in imprisonment or penalty.