The GST Annual Return is a comprehensive summary of a taxpayer's GST transactions for a financial year, detailing sales, purchases, and tax liabilities. It consolidates information from monthly or quarterly returns and ensures compliance with GST regulations. Filing this return helps reconcile input and output tax credits and ensures accurate tax reporting.
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.
In India, GST Annual Return must be filed by:
- All Registered Taxpayers: Businesses with GST registration, regardless of turnover.
- Those Filing Monthly/Quarterly Returns: Including regular taxpayers, composition scheme taxpayers, and those under the Input Service Distributor scheme.
- Exempted Cases: Certain small taxpayers or those who have opted for special schemes may have different requirements.
- All Registered Taxpayers: Businesses with GST registration, regardless of turnover.
- 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.
- Compliance: Ensures adherence to GST regulations and avoids legal repercussions.
- Preparation: Gather all necessary data, including sales, purchases, ITC details, and tax paid.
- Reconciliation: Reconcile the monthly/quarterly returns (GSTR-1, GSTR-3B) with the books of accounts.
- Form Filling: Fill the relevant sections of GSTR-9 or other applicable forms based on the type of return required.
- Verification: Verify the data to ensure its accuracy and completeness.
- Submission: Submit the return online through the GST portal.
- Acknowledgment: Download the acknowledgment receipt for records.
- Preparation: Gather all necessary data, including sales, purchases, ITC details, and tax paid.
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.
- 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.
- Expertise: Access to a team of experienced professionals with in-depth knowledge of GST laws and regulations.
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.
Legal Disclaimer
The information on this website is provided for general informational purposes only. It does not constitute legal or professional advice. We do not guarantee the accuracy, timeliness, or completeness of the information provided. You should always seek the advice of a professional consultant or attorney regarding your specific situation. Use of this website is at your own risk and subject to our Terms of Use.
SS Auditors understands the importance of client satisfaction and strives to provide high-quality auditing services. However, it is important to note the following refund policy:
Cancellation & Refund Policy
S S AUDITORS AND TAX CONSULTANTS believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
• Cancellations will be considered only if the request is made immediately after placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
• S S AUDITORS AND TAX CONSULTANTS does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
• In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within only same day days of receipt of the products. In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within only same day days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
• In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them. In case of any Refunds approved by the S S AUDITORS AND TAX CONSULTANTS, it’ll take 3-5 Days for the refund to be processed to the end customer.Legal Disclaimer
The explanations and information provided on this page are general and high-level guidelines on how to write your own Shipping Policy. This article should not be relied upon as legal advice or specific recommendations, as we cannot foresee the exact shipping policies you wish to establish between your business and your customers. We recommend seeking legal advice to assist you in understanding and creating your own Shipping Policy.
Shipping Policy - The Basics
A Shipping Policy is a legally binding document that establishes the legal relations between you and your customers. It provides a framework for outlining your obligations and addressing various potential issues that may arise, and what happens in each case.
A Shipping Policy is good practice and benefits both sides—you and your customers. Customers benefit from being informed about what to expect from your service, while you benefit because clear Shipping Policies can attract more customers by eliminating uncertainties about shipping timeframes or processes.