GST Annual Return Filing Services in India

GST Annual Return Filing Services in India



As per section 44 of the CGST Act, every registered person is required to file an annual return electronically on or before 31st December following the end of the financial year. Those whose turnover exceeds 2 crore INR are also required to submit an audited annual account along with the GSTR-9C form.

Taxpayers facing difficulty in filling out a GST Return are advised to take help from the professionals who are experts in this field. This process is quite time consuming and requires extensive knowledge about the rules of the CGST Act.

The first section of a GST Annual Return Filing contains the basic information such as the taxpayer's address, date of birth, etc., which is auto-populated from the consolidated summary of all returns filed in the previous fiscal year. It also has a field for Input Tax Credit (ITC) acknowledgement.

In the second section of a GSTR-9, there are details about inward and outward supplies. There is also a field for a consolidated statement of all ITC declared in the previous FY, including ineligible and reversed ITC.

There are also details about taxes paid under the Reverse Charge Mechanism (RCM). The tax that is paid under RCM should be accounted for in the cash ledger or electronic cash receipts and payments.

One of the major concerns among taxpayers is that there are mismatches between the auto-populated data and the actual entry in their books of accounts or returns. This can cause an increase in turnover in the consolidated return of the company and lead to payment gaps. Hence, it is recommended to ensure that the figures in the books of accounts and Tax invoices match with the figures in the GSTR.

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