GSTR 9 (Annual Return) Filing
GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual returns, as per the GST return due date schedule mentioned below. 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.
GSTR 9 is consolidated return for the information furnished in monthly/quarterly GST returns during Financial year for every GSTIN
It usually takes 3 to 5 working days.
- GSTR 9 Filing for one GSTIN upto 1000 invoices
- GST 1 and 3B filing is not included in this plan
- All eligible taxpayers under GST
- Purchase of plan
- Tax expert will be assigned
- Share the sales purchase data in correct format
- Tax expert will share the final filing data before filing to government
- Customer approves the numbers
- Tax expert to file the return and send confirmation to the customer
- GSTIN Details
- Sales Purchase Data
Are you aware about a Annual Compliance under GST ? If not then watch this video
All About GST Audit
The GST audit is a compliance check carried out by the tax authorities to ensure that businesses are correctly paying GST. Businesses with a GST turnover of more than Rs 2 crore are required to get their accounts audited by a Chartered Accountant (CA) or a Cost and Management Accountant (CMA). The audit must be conducted on or before 31st December of the financial year following the financial year being audited.
For businesses with a turnover of less than Rs 2 crore, the audit is not mandatory but it is advisable to get one done to ensure that all GST compliance requirements are met.
The GST audit report must be submitted to the tax authorities within 30 days of the completion of the audit, businesses can be fined up to Rs 10,000 for failing to comply with the GST audit requirements. If you are planning to get your GST audit done, here are some important things to keep in mind:
- Choose a CA or CMA who is experienced in GST audits.
- Make sure that all GST compliance requirements are met before the audit starts.
- Keep all relevant documents and records ready for the auditor.
- Cooperate with the auditor and provide all the information and documents required.
- Respond to the auditor’s findings and queries in a timely manner.
- Make sure that the GST audit report is submitted to the tax authorities within the prescribed time frame.
Following these tips will help you ensure a hassle-free GST audit.
How many types of GST Annual Return are there ?
- Should GSTR Annual Returns be Audited ?
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 for the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A.
GSTR-9C: Form GSTR 9C is meant for filing the reconciliation statement of taxpayers pertaining to a particular financial year. The form is a statement of reconciliation between the Annual 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 an annual GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. GST audit is applicable for person having GST registration with an annual aggregate turnover of above Rs. 2 crores in a particular financial year.
