What is GST Annual Return ?

GST Annual Return Filing is a comprehensive return that consolidates the information provided in the monthly or quarterly GST returns filed during the financial year. It is a mandatory requirement for businesses registered under the Goods and Services Tax (GST) regime in India. The return includes details of outward and inward supplies, Input Tax Credit (ITC) availed, and taxes paid.

Benefits

  • Compliance : Ensures adherence to GST regulations and avoids legal repercussions.
  • Accuracy : Provides a detailed and accurate summary of the year's GST transactions.
  • Reconciliation : Helps in reconciling monthly/quarterly returns with actual transactions, ensuring accuracy.
  • Avoid Penalties : Timely and accurate filing prevents late fees and penalties for non-compliance.

Process /Steps

01

Preparation

Gather all necessary data, including sales, purchases, ITC details, and tax paid.

02

Reconciliation

Reconcile the monthly/quarterly returns (GSTR-1, GSTR-3B) with the books of accounts.

03

Form Filling

Fill the relevant sections of GSTR-9 or other applicable forms based on the type of return required.

04

Verification

Verify the data to ensure its accuracy and completeness.

05

Submission

Submit the return online through the GST portal.

06

Acknowledgment

Download the acknowledgment receipt for records.

Documents Required

Basic Information
  • GSTIN : GST Identification Number.
  • Legal and Trade Names : Registered and trade names of the business.
Sales and Supplies
  • Outward Supplies : Invoices for all sales, debit, and credit notes.
  • Inward Supplies : Purchase invoices and import invoices.
Tax Paid
  • Tax Payment Records : Details of CGST, SGST, IGST, cess paid, and payment challans.
Input Tax Credit (ITC)
  • ITC Details : Records of ITC claimed, reversed, and ineligible ITC.
  • ITC on Imports : Bill of Entry for imports.
Refunds and Demands
  • Refund Claims : Records of any refunds claimed.
  • Demand Notices : Details of demand notices received.
Reconciliation
  • Reconciliation Statements : Reconciliation of GSTR-1 and GSTR-3B with books of accounts.
Financial Statements
  • Annual Financial Statements : Balance sheet and profit & loss account.
  • Trial Balance : Trial balance for the financial year.
For GSTR-9C
  • Certified Reconciliation Statement : Certified by a Chartered Accountant or Cost Accountant.
  • Audit Report : If turnover exceeds the specified threshold.
Other Relevant Information
  • HSN/SAC Summary : Summary of HSN codes or SAC for goods and services.
  • B2B and B2C Sales : Breakup of B2B and B2C sales.
  • Exempted/Nil-Rated/Non-GST Supplies : Records of such supplies.

Our Support?

  • Expertise : Access to a team of experienced professionals with in-depth knowledge of GST laws and regulations.
  • Accuracy : Ensuring that the returns are accurate and free from errors, thereby avoiding penalties.
  • Time-saving : Saving time for the client by handling all aspects of the return filing process.
  • Compliance : Keeping the client compliant with the latest GST rules and amendments.

Frequently Asked Questions

The due date for filing the GST Annual Return (GSTR-9) is typically 31st December of the subsequent financial year. For example, for the financial year 2022-23, the due date would be 31st December 2023.

Late filing attracts a late fee of ₹200 per day (₹100 each for CGST and SGST), subject to a maximum of 0.25% of the taxpayer's turnover in the state or union territory. Additionally, penalties may be imposed for non-compliance.

No, the GST Annual Return cannot be revised once it is filed. Therefore, it is crucial to ensure all details are accurate and complete before submission.

Yes, even if there are no transactions during the financial year, a nil GST Annual Return must be filed to stay compliant with GST regulations.