Certainly! Here is a detailed explanation of GST Annual Return:
Goods and Services Tax (GST) Annual Return is an annual return that needs to be filed by registered taxpayers under the GST system in India. It is a summary of all the transactions carried out by the taxpayer for a particular financial year. The GST Annual Return is filed in two parts - Form GSTR-9 and Form GSTR-9C.
Form GSTR-9:
Form GSTR-9 is a reconciliation statement that contains details of all the outward and inward supplies made during the financial year, including details of taxes paid, input tax credit claimed, and any amendments made to previous returns. The form is divided into six parts:
Part I - Basic Details:
This part contains basic information about the taxpayer, such as their name, address, and GSTIN (Goods and Services Tax Identification Number).
Part II - Details of Outward and Inward Supplies Declared During the Financial Year:
This part contains details of all the outward supplies made during the financial year, including taxable supplies, exempt supplies, and zero-rated supplies. It also contains details of all the inward supplies received during the financial year, including supplies on which reverse charge is applicable.
Part III - Details of Input Tax Credit (ITC) and Reversal of ITC:
This part contains details of all the input tax credit claimed by the taxpayer during the financial year. It also contains details of any reversal of ITC that may have been made during the financial year.
Part IV - Details of Tax Paid:
This part contains details of all the taxes paid by the taxpayer during the financial year, including GST, interest, late fees, and any other tax.
Part V - Particulars of the Transactions for the Previous Financial Year Declared in the Returns of April to September of the Current Financial Year or Up to the Date of Filing of Annual Return of the Previous Financial Year Whichever is Earlier:
This part contains details of any transactions that were not included in the previous financial year's returns but were declared in the current financial year's returns.
Part VI - Other Information:
This part contains any other relevant information that the taxpayer may want to provide.
Form GSTR-9C:
Form GSTR-9C is a reconciliation statement between the taxpayer's declared turnover in their GSTR-9 form and the audited annual financial statements of the business. It includes details of any additional liabilities that may arise due to discrepancies between the GST returns filed and the audited financial statements.
Who Needs to File the GST Annual Return?
The GST Annual Return needs to be filed by all registered taxpayers, except those who have opted for the composition scheme, Input Service Distributors (ISDs), Non-Resident Taxpayers (NRTs), and taxpayers who are required to deduct tax at source (TDS) or collect tax at source (TCS).
Due Date for Filing the GST Annual Return:
The due date for filing the GST Annual Return is December 31st of the subsequent financial year. However, the deadline for filing the return may be extended by the government from time to time.
Penalties for Late Filing or Non-Filing of the GST Annual Return:
Filing the GST Annual Return is mandatory for all eligible taxpayers, and failure to file the return can result in penalties and fines. The penalty for late filing of the GST Annual Return is Rs. 200 per day of delay, subject to a maximum of 0.25% of the taxpayer's turnover. In case of non-filing of the return, the penalty is Rs. 5000.
How to File the GST Annual Return?
The GST Annual Return can be filed online on the GST portal. To file the return, the taxpayer needs to log in to the GST portal using their GSTIN and password.
To file the GST Annual Return, follow the steps below:
1. Log in to the GST portal using your GSTIN (Goods and Services Tax Identification Number) and password.
2. Navigate to the "Returns Dashboard" on the main menu and select "Annual Return" under the "Financial Year" dropdown menu.
3. Select the financial year for which you want to file the annual return and click on "Search."
4. Click on "Prepare Online" to file the return online. If you have already prepared the return offline, you can upload the JSON file by clicking on "Upload JSON File."
5. Fill in the required details in Form GSTR-9 and Form GSTR-9C. Ensure that all the details are accurate and complete.
6. Once you have filled in all the details, click on "Preview" to review the return. Make any necessary corrections if required.
7. After previewing and verifying the details, click on "Submit."
8. You will receive a confirmation message on the screen once the return has been successfully filed. You can download the acknowledgement receipt of the filed return for your records.
Note: If the taxpayer's annual turnover exceeds Rs. 5 crores, they are required to get their accounts audited by a Chartered Accountant or a Cost Accountant, and file the audited copy of their financial statements and reconciliation statement in Form GSTR-9C along with the GST Annual Return in Form GSTR-9. In such cases, it is recommended that the taxpayer engages the services of a qualified professional to ensure accurate and timely filing of the return.
