Everything You Need to Know about GST Annual Return Filing
Goods and Services Tax (GST) is a comprehensive indirect tax that has replaced multiple indirect taxes in India. Every registered person under GST is required to file an annual return in addition to regular monthly or quarterly returns. In this article, we will provide you with everything you need to know about GST annual return filing.
What is GST Annual Return?
GST Annual Return is a return that every registered person under GST must file annually. It includes details of all transactions made during the financial year such as sales, purchases, input tax credit, and output tax liability. The GST Annual Return is filed in form GSTR-9.
Who Needs to File GST Annual Return?
Every registered person under GST who has a turnover of more than Rs. 2 crores in a financial year is required to file the GST Annual Return. It is mandatory for all taxpayers except those who have opted for the Composition Scheme, Input Service Distributor (ISD), Non-Resident Taxable Person, or Casual Taxable Person.
Due Date for Filing GST Annual Return:
The due date for filing the GST Annual Return is December 31 of the following financial year. For example, for the financial year 2021-22, the due date for filing the GST Annual Return would be December 31, 2022.
Late Fees for Non-Filing or Delayed Filing:
If a registered person fails to file the GST Annual Return by the due date, a late fee of Rs. 200 per day (Rs. 100 under CGST and Rs. 100 under SGST/UTGST) will be charged, subject to a maximum of 0.25% of the turnover in the state or union territory. The late fee for filing GSTR-9A and GSTR-9C is also Rs. 200 per day under CGST and Rs. 200 per day under SGST/UTGST.
Details Required for Filing GST Annual Return:
The following details are required for filing the GST Annual Return:
- Basic Details: The registered person's name, GSTIN, and financial year for which the return is being filed.
- Outward and Inward Supplies: The details of all outward and inward supplies made during the financial year, including taxable supplies, exempt supplies, and exports.
- Input Tax Credit (ITC): The details of all input tax credit claimed and reversed during the financial year.
- Payment of Tax: The details of all tax paid, including GST, IGST, CGST, SGST, and UTGST.
- Other Information: Any other information required as per the instructions provided in the form.
Conclusion:
GST Annual Return filing is a crucial compliance requirement under GST. It helps in reconciling the transactions made during the financial year and ensures accurate and timely payment of tax. Non-compliance with the provisions of the GST Act can result in penalties and interest, so it is advisable to seek the help of a professional tax consultant to ensure timely and accurate compliance with GST laws. ASC Group assist companies in complete GST Annual Return like downloading the desired forms GSTR-1, 2A, 2B, GSTR-9\9C to GSTR-1, 2A, 3B, etc., filing ITC, and comparing them with books of accounts to check mismatches.
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