GST Annual Return
Contact Us
GST Annual Return: Stay Compliant and Informed! π
GST Annual Return is a comprehensive summary of all the transactions conducted by a registered taxpayer during a financial year. Filing your annual return is essential for maintaining compliance with the Goods and Services Tax (GST) laws and avoiding penalties.
At Startup2MSME, we simplify the GST annual return process, ensuring you stay compliant without the hassle.
Contact us today for expert assistance with your GST annual return! π
What is GST Annual Return? π
The GST Annual Return is a consolidated statement of all sales, purchases, input tax credit, and tax liability for the financial year. It is mandatory for all GST-registered businesses to file their annual return, regardless of their turnover.
Types of GST Annual Returns π
There are different types of GST annual returns based on the taxpayer's classification:
β’ GSTR-9: This is the annual return for regular taxpayers, detailing all inward and outward supplies made during the financial year.
β’ GSTR-9A: This return is for composition scheme taxpayers, providing a simplified version of the annual return.
β’ GSTR-9C: This is a reconciliation statement, mandatory for taxpayers whose turnover exceeds βΉ2 crores, requiring an audit of financial statements.
Importance of Filing GST Annual Return ποΈ
β’ Legal Compliance: Filing your annual return is a legal requirement under GST laws, helping you avoid penalties and legal issues.
β’ Tax Credit Maintenance: It allows you to claim input tax credit on your purchases, ensuring you benefit from the tax paid on inputs.
β’ Financial Clarity: Regular filing ensures clarity in your financial statements, aiding in better decision-making for your business.
β’ Avoid Penalties: Timely filing helps you avoid late fees and penalties imposed by the tax authorities.
Process of Filing GST Annual Return π
Hereβs a simple guide to filing your GST annual return:
1. Collect Necessary Documents: Gather all relevant documents, including invoices, receipts, and previous GST returns.
2. Log in to the GST Portal: Access the GST portal using your login credentials.
3. Select the Appropriate Return Form: Choose the relevant annual return form (GSTR-9, GSTR-9A, or GSTR-9C).
4. Fill in the Details: Enter all required details such as sales, purchases, input tax credit, and tax liabilities for the financial year.
5. Upload Supporting Documents: Attach any supporting documents as required, ensuring accuracy in the information provided.
6. Review and Submit: Double-check all information for accuracy before submitting the return.
7. Receive Acknowledgment: After submission, you will receive an acknowledgment of your return filing.
8. Keep Records: Maintain a copy of the filed return and acknowledgment for future reference.
Important Considerations β οΈ
β’ Filing Deadline: The due date for filing the GST annual return is usually 31st December of the following financial year.
β’ Late Fees: Be aware of the late fees for non-filing or delayed filing, which can add up quickly.
β’ Audit Requirement: If your turnover exceeds βΉ2 crores, ensure that GSTR-9C is audited by a Chartered Accountant.
How Can Startup2MSME Help You? π€
At Startup2MSME, we provide expert assistance in filing your GST annual return, making the process smooth and efficient. Our services include:
β’ Guidance: Our knowledgeable team will help you understand the filing process and requirements.
β’ Document Preparation: We assist in gathering and preparing all necessary documentation for filing.
β’ Timely Filing: Ensure that your returns are filed on time to avoid penalties and interest.
β’ Post-Filing Support: We offer ongoing support to address any queries or concerns after filing.
With Startup2MSME, you can navigate the GST annual return process confidently, ensuring compliance and clarity in your business operations.
Contact us today to get started on your GST annual return! π
Our Clients
Services
Pvt Ltd Incorporation
LLP Incorporation
Trademark Registration
Udyam Registration
DSC-Digital Signature Certificate
Startup India Registration
GST Registration
Preparation of MIS
ESI Registration
Events
FAQ
1. How many subcategories are there under GSTR-9?
GSTR-9 consists of four subcategories: GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C.
2. What is the penalty for failing to file GST annual returns?
Under Section 47(2) of the Central Goods and Services Tax Act (2017), individuals who do not submit GSTR-9 by the deadline will incur a penalty of INR 100 per day for CGST and an additional INR 100 per day for SGST, resulting in a total fine of INR 200 per day. However, the maximum penalty a person can incur is 0.25% of their total turnover.
3. What is the due date for filing GST annual returns?
The due date has been extended by the CBIC through GST Notification 04/2021, setting the new deadline for GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021.
4. If a taxpayer chooses the composition scheme, do they need to file GSTR-9?
Yes, any taxpayer who has opted out of the composition scheme during the financial year is required to file GSTR-9 for the period when they were classified as a regular taxpayer.
5. Can GSTR-9 be filed online?
Currently, GSTR-9 must be filed online, although the government plans to introduce an offline filing option in the near future.
6. Is there a late fee for delayed filing of GSTR-9?
Yes, if GSTR-9 is filed after the due date, a late fee will be charged as a penalty.
7. Can GSTR-9 be revised after filing?
No, once GSTR-9 has been submitted, it cannot be revised by the taxpayer.
8. Who is required to file GST annual returns?
All registered GST taxpayers must file GSTR-9 annually. Recently, intrastate suppliers and businesses in the service sector with an annual turnover of Rs. 20 lakh, as well as goods sector businesses with a turnover of Rs. 40 lakh, are also required to submit GST annual returns.
9. Who should undergo a GST audit?
Registered GST taxpayers with a turnover exceeding the specified limit for annual returns must have their accounts audited. As per current regulations, this limit is set at Rs. 2 crores.
10. Has the deadline for GST filing been extended?
Yes, the government has announced an extension for GST filing deadlines through Central Tax Notifications Nos. 10/2021, 11/2021, 12/2021, 13/2021, and 14/2021, all dated May 1, 2021.
Contact
KP SQUARE, 8th Floor, office no -: 806, 41/3, Telco Rd, Indira Nagar, Mohan Nagar, MIDC, Chinchwad, Pimpri-Chinchwad, Maharashtra 411019
Email Us