GST ANNUAL RETURN

GST has been implemented by the Government of India WEF   1st July, 2017. All entities having GST registration are required to file the GST annual returns time to time , as per the GST guide lines . GST annual return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.

GST registration holder who obtained the registration anytime before 1st April 2018 are required to file GST annual return for the financial year 2017-18 on or before 30th June 2019. Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B or GSTR-4 return for the period of July to March 2018. In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return.

GST Annual Return –

GST Annual Return Filing are divided into three types  which is the based on the below mentioned form –

GSTR-9: All entities having GST registration are required to file GST annual return in form GSTR-9.

GSTR-9A: GST registered taxpayers who have opted  the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A.

GSTR-9C: Form GSTR 9C  for filing the reconciliation statement of taxpayers pertaining to a particular financial year should be reconciled in proper manner.

Returns in GSTR – 9 and the figures mentioned in the Audited Financial Statements of the taxpayer.

GSTR 9C is applicable to taxpayers who are required to obtain the  GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant.

GST audit is compulsory  if the annual aggregate turnover exceeding by  Rs. 2 Crore in the respective financial year.

GST Annual Return Due Date

The due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to 31st December 2019 and for Financial Year 2018-19 to 31st March 2020. The Government has also decided to simplify these forms by making various fields of these forms as optional.