GST Annual Return
GST Annual Return
GST (Goods and Services Tax) Annual Return is a yearly document that is required to be filed by registered taxpayers under the GST regime. It is a comprehensive summary of all the transactions that have taken place during the financial year. The GST annual return is a consolidated summary of all the monthly or quarterly returns filed during the year. The GST annual return is a reconciliation statement that helps the taxpayer to ensure that all the details provided in the monthly or quarterly returns are accurate and complete.
The GST annual return is filed electronically on the GST portal. The due date for filing the GST annual return is December 31 of the next financial year. For example, the GST annual return for the financial year 2021-22 must be filed by December 31, 2022.
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At Tax Zone India, we prioritize our clients’ satisfaction when it comes to GST annual return filing. Our team of experts is dedicated to providing top-notch services at the best market rates. We value our clients’ feedback, whether it is positive or negative, and use it to improve our services continually. With Tax Zone India, you can rest assured that you will receive the best service possible for GST annual return filing.
GST Annual Return Components
The GST annual return consists of two parts:
Part A: This part includes the basic details of the taxpayer such as the legal name, GSTIN (Goods and Services Tax Identification Number), and the financial year for which the return is being filed. It also includes the aggregate turnover for the financial year and the number of HSN (Harmonized System of Nomenclature) codes declared.
Part B: This part is further divided into two sections:
a. Outward Supplies: This section provides details of all the supplies made by the taxpayer during the financial year. It includes the total taxable value, tax rate, and tax amount for all the supplies made under each tax category (CGST, SGST/UTGST, and IGST). The section also includes details of the zero-rated supplies made to SEZ (Special Economic Zone) units or SEZ developers.
b. Inward Supplies: This section provides details of all the supplies received by the taxpayer during the financial year. It includes the total taxable value, tax rate, and tax amount for all the supplies received under each tax category (CGST, SGST/UTGST, and IGST). The section also includes details of the supplies received from unregistered persons or composition dealers.
Documents Required for GST Annual Return
The following documents are required to file the GST annual return:
GSTR-9: This is the main form for filing the GST annual return. It is used to provide a consolidated summary of all the transactions that have taken place during the financial year.
GSTR-9A: This form is used by taxpayers who have opted for the composition scheme under GST.
GSTR-9B: This form is used by taxpayers who are required to file an audited annual account.
GSTR-9C: This form is used by taxpayers who are required to file an audited annual account along with a reconciliation statement certified by a Chartered Accountant.
Penalties for Late or Non-filing of GST Annual Return
Late or non-filing of the GST annual return can attract penalties and legal action. The penalties are as follows:
Late fees: A late fee of Rs. 200 per day (Rs. 100 per day for CGST and Rs. 100 per day for SGST/UTGST) is applicable for late filing of the GST annual return subject to a maximum of 0.25% of the taxpayer’s turnover for the relevant financial year.
Penalty: A penalty of Rs. 10,000 or 0.25% of the taxpayer’s turnover for the relevant financial year, whichever is higher, can be levied for non-filing of the GST annual return.
The GST annual return is December 31st of the following financial year, and it is important to file it within the due date to avoid penalties and legal action.
While filing the GST annual return can be a daunting task, it is essential to maintain accurate records and ensure compliance with the GST laws. The government has provided various tools and resources to make the process easier, including online filing portals and help desks.
In conclusion, the GST annual return is an essential compliance requirement that cannot be overlooked. By maintaining accurate records and filing the return within the due date, taxpayers can avoid penalties and legal action and maintain a good compliance track record. With the right guidance and resources, the process can be simplified, and taxpayers can focus on their core business activities.