GST Annual Return

GST Annual Return

GST annual return filing is mandatory for all entities with a turnover of more than two crores required to obtain GST registration, irrespective of the business activity or sales or profitability during the return filing period. Hence, even a dormant business that gets GST registration must file GST returns.

GSTR 9: Annual Return Filing

GSTR 9 is the annual return that is to be to be filed yearly by the taxpayers registered under GST.

GSTR 9 is to be filed yearly by the taxpayers registered under GST. It consists of details regarding the outward and the inward supplies made during the relevant financial year.

Before filing GSTR 9, the taxpayer must file all GSTR-1, GSTR-3B, or GSTR 4 returns. In case of over dues, the GSTR registration holder will not be allowed to file an annual GST annual return.

GSTR 9 consists of details regarding the outward and the inward supplies made or received during the relevant financial year under CGST, SGST, and IGST. It is a consolidation of all the monthly/quarterly returns filed in that year

GSTR-9C  Annual Return Filing

Form GSTR 9C is meant for filing the reconciliation statement of taxpayers about a particular financial year. The form is a statement of reconciliation between the Annual Returns in GSTR-9 and the figures mentioned in the taxpayer’s Audited Financial Statements. Given that, this CA-certified form must be filed during the filing of Annual Returns in GSTR-9 and the Audited Financial Statements. The obligation can either be completed through the GST portal or a Facilitation Centre. This article deals with the usage and need of the form.

Eligibility

GSTR 9C applies to taxpayers who are required to obtain an annual GST audit of their accounts. It must be prepared and certified by a Chartered Accountant or Cost Accountant.