GST Annual Returns

GST Annual Returns

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GST Annual Returns

The implementation of the Goods and Service Tax has led to one of India’s greatest tax reforms of all time. GST is a comprehensive tax levied on the supply of goods and services that replaces all other indirect taxes such as central excise duty, state VAT, central sales tax, purchase tax, etc. So, whether you are a trader, manufacturer or a service provider, you need to register under GST to file returns.

A GST Return is a document that mentions all details related to GST invoices, payments, and receipts for a specific period. A taxpayer is liable to declare all transactions related to the revenue of the business based on which the authorities will calculate the amount of tax to be paid by the business.

Besides, the monthly/quarterly returns that businesses are required to file, a consolidated return at the end of each year which is GSTR-9 is also required to be filed. GSTR-9 is an annual return form that needs to be filed once a year by registered taxpayers under GST disclosing a detailed summary of outward supply and taxes paid thereon, input tax credits claimed, taxes paid and refund claimed in the financial year in respect of which such annual return is filed.

As per Section 47(2) of Central Goods and Service Tax Act (2017), a person will be fined a penalty of INR 100 per day (CGST) + INR 100 per day (SGST), amounting to a total of INR 200 per day if he/she fails to file GSTR-9 before the due date. However, the maximum amount of penalty a person can be fined is 0.25% of the total turnover.

The due date for filing GSTR-9 is 31st December of the subsequent financial year. For example, the due date for filing GSTR-9 for the financial year 2018-2019 is 31st December 2019. However, the same has been extended several times due to recent implementation of GST and COVID-19.

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