GST Annual Return Filing Services in India

 

In India, businesses and merchants are encouraged to file their annual returns for the financial year before June 30 to avoid last minute rushes. This is in light of glitches that were witnessed on the GSTN portal last year, where businesses and merchants could not file their returns by the end date.

GSTR-9 is the compiled annual return that registered taxpayers are required to submit after every financial year. The form includes details of all business transactions made under various tax heads (CGST, SGST and IGST) for the whole year, along with turnover and audit information.

The government has issued several types of annual return keeping in mind the various categories of taxpayers. The main forms are GSTR-9, GSTR-9A and GSTR 9C.

Form GSTR-9 is an annual return filed by all registered taxable persons under the GST law, including those under the composition scheme. It also consists of a reconciliation statement, known as GSTR 9C, that is filed by those who have a turnover exceeding Rs.2 crores.

Moreover, Form GSTR-9C is an audit form for those who have a turnover of more than 2 crores. It is considered as a settlement statement between the annual returns filed in GSTR 9 and audited annual financial statements of the taxpayer.

It is important to file the GST annual return on time, as late filing of the form attracts a penalty of INR 100 per day under CGST and INR 100 under SGST. In addition, there is an interest rate at 18% on any amount of tax outstanding that has not been paid by the due date.

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