GST Annual Return

GST Annual Return

GST Annual Return is required to be filed annually by reconciling books of account with various GST returns filed by the entity.

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As the name itself suggest “Annual Return” is filed annually. Annual Return is the one return which comprises of all the details of Supplies of goods or services made including output tax thereon and all the purchases of goods or services taken including input tax thereon, annual return also comprises all the adjustment made in the form of debit note and credit note. GST Annual Return must me mapped with the Annual Financial Statement of the tax payer in terms of revenue and all other entries in which GST is attracted. Any adjustment in the GST Output tax and Input tax corresponding to the Financial Statement of the tax payer need to be clarified and adjusted accordingly in the annual return.

GST Annual Return comprises of 4 forms:

GSTR-9: GSTR-9 Annual Return Form need to be prepared and deposited by all registered tax payers except taxpayers opting for composition scheme, E-commerce operators, Casual Tax payers, Input service Distributors, Non-resident tax payers and Tax payers on which TDS/TCS provisions of GST applies.

 GSTR-9A: GSTR-9A Annual Return Form need to be prepared by those registered tax payers who have opted for composition scheme for payment of GST

GSTR-9B: GSTR-9B Annual Return Form needs to be prepared by E-commerce operators

GSTR-9C: GSTR-9C Annual Return is also known “Reconciliation Statement”. This GSTR-9C is required to be filed by those tax payers who are required to get their accounts audited. In accordance with GST Act, all those taxpayers whose turnover exceeds INR 2 crores are required to get their accounts audited by a Chartered Accountant.

GST Annual Return is not applicable on Casual Tax Payers, Input Service Distributors, Non-resident tax payers and Tax payers on which TDS/TCS provisions of GST applies. GST in India is in nascent stage as it becomes applicable on and from 01st July 2017. Thus, first annual return for GST is applicable for financial year 2017-18, its due date was extended seven times and finally its due date was 30th November 2019. Further, Government has also made GST annual return filing for FY 2017-18 and FY 2018-19 optional for all those registered tax payers whose turnover does not exceed INR 2 crores. GST Annual Return due date for FY 2018-19 is extended till 30th September 2020. Late filing of GST Annual Return will attract late filing fees of Rs. 200 per day (i.e. Rs. 100 per day for CGST and Rs. 100 per day for SGST) subject to maximum of 0.25 % of the turnover.

GST Annual Return required to be mapped with the Audited Financial Statement of the tax payer, thus in case if any difference arises on account of tax which has not been paid or short paid or erroneously availment of input tax credit, the tax payer has option for self-assessment of tax at the time of filing annual return and declare it in annual Return and correspondingly paid it through DRC-03 Challan which will ultimately tagged in the annual return as proof of payment of tax.

In case the Registered tax payer has its presence of business in multiple states and having GST registration in multiple states, then such tax payer need to segregate the turnover and all GST applicable entries as per state-wise and ultimately its consolidated must mapped with Audited Financial Statement. Now such tax payer needs to submit Annual return as per State wise pertaining to GST entries corresponding to state. GST Annual Return is required to be uploaded as per state wise registration on GST Portal.

With the ever changing Law and regulatory requirements, we keep on track and advise the same on timely manner in order to ensure proper compliance. We at ReturnFilings.Com will understand the purpose of your GST Annual Return and thereafter will provide you detailed analysis mentioning the law requirement and compliance need to fulfill for GST Annual Return filing economically and efficiently. We at ReturnFilings.Com will provide you details of regulatory filings in order to ensure proper smooth and timely compliance. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliance need.