gst-annual-return

GST ANNUAL RETURNS IN INDIA 2022

DEFINITION
THE GST annual returns in india are a yearly compilation of outward supplies/inward supplies/tax liability and input tax credit which has been availed during a said financial year. The GST annual returns are due to be filed by 31 December of the year which follows the particular financial year.

The GST annual return 2022 filing is compulsory for all entities/individuals who have a GST registration. These annual GST returns have to be filed irrespective of business activity/ sales/ profits during the filing period for returns. That means that even if a business has zero activity during the year but possesses a GST registration are obligated under GST to file their GST returns.
A GST registration holder who has got the GST registration before 1st April of a said financial year is required to file GST annual return for the financial year on or before 30th June of the following year. Before filing the GST annual return a registered taxpayer must file all GSTR-1/GSTR-3B/GSTR-4 returns for the period of July to March. In the case of overdue GST returns for the above-mentioned period, a GST registration holder will not be allowed to file GST annual returns.
DIFFERENT TYPES OF GST ANNUAL RETURNS
The GST Annual Return Filings is divided into three types basis on the form the annual GST returns have to be filed under:
1)GSTR-9: All entities/individuals who have a GST registration need to file their GST annual return in Form GSTR-9.
2)GSTR-9A: A GST registered taxpayer who has opted for the GST Composition Scheme under Goods and Services Tax (GST) is required to file in Form GSTR-9A.
3)GSTR-9C:  Form GSTR 9C is used for filing the reconciliation statement of registered taxpayers that pertain to a said financial year. This form is a statement of reconciliation between the Annual Returns in GSTR-9 and the figures mentioned in the Audited Financial Statements of the registered taxpayer. GSTR 9C applies to taxpayers who need to get an annual GST audit done of their accounts.GSTR-9C has to be prepared and verified by a Chartered Accountant or Cost Accountant. The GST audit applies for individuals/entities who have a GST registration with an annual turnover of over Rs.2 crores in a said financial year.
GST ANNUAL RETURN DUE DATE
FOR EXAMPLE: The due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18to 31st December 2019 and for Financial Year 2018-19 to 31st March 2020. The Government has ALSO simplified these GST forms by making the various fields of these forms as optional.
INFORMATION THAT IS REQUIRED TO BE FILED IN GSTR-9 RETURN
The following information is expected to be filed in GSTR-9A return:
1) The total value of purchases on which input tax credit(ITC) has been availed (Inter-State).
2) The total value of purchases on which input tax credit(ITC) has been availed (intra-State).
3) The total value of purchases on which input tax credit(ITC) has been availed (Imports).
4)  The other purchases on which no input tax credit(ITC) has been availed.
5) The sales returns.
6) Any other Expenditure other than purchases.
7) The total value of supplies on which GST has been paid (inter-State Supplies).
8) The total value of supplies on which GST has been paid (intra-State Supplies).
9) The total value of supplies on which GST has been paid for exports.
10) The total value of supplies on which no GST has been paid for exports.
11) The value of other supplies on which no GST has been paid.
12) The purchase returns.
13)  Any other income than from supplies).
14) The return reconciliation statement.
15) The arrears (Audit/Assessment etc).
16) The refunds.
17) The turnover Details.
18) Profit earned as per the profit and loss Statement.
19) Gross Profit.
20) Profit after Tax.
21) Net Profit.
22) Details of Statutory Audit

PENALTY FOR LATE FILING OF GSTR-9 RETURN

The penalty for late filing of GSTR-9 returns attracts a daily penalty of Rs.100, up to a maximum amount of Rs.5000. Only after the GSTR-1, GSTR-2 and GSTR-3 returns are all filed can the registered taxpayer file GSTR-9 return on the GST Portal.

TAXPAYERS WHO REQUIRE GSTR-9 RETURNS TO BE AUDITED

Regular taxpayers/entities who are registered under GST and have an annual aggregate turnover of over Rs.5 crores during a said financial year are required to file the GSTR-9 return with audited accounts. The GSTR-9 accounts can be audited by a practising Chartered Accountant or Cost Accountant.

The three different packages that ACE ALLIANCE offers for GST services are as follows:
BASIC
GSTR-9 or GST annual return filing for taxpayers registered under GST Scheme.
STANDARD
GSTR-9 or GST annual return filing for regular taxpayers registered under GST that do not require Audit.
PREMIUM
GSTR-9 or GST annual return filing for regular taxpayers registered under GST along with GST audit.