GST Annual Return Filing !

Filing of Annual Return – Annual return is to be filled by all registered taxpayers under GST regardless of the turnover of a business. It comprises of extensive reconciliation whilst the audit is a reconciliation between the annual return and the audited financial statements. Although the two are due on the same, the annual return needs to be filed first for the GST audit. Hence, businesses are required to submit annual return before the deadline, for smooth compliance with the GST audit.

Annual returns must be filed on or before the 31st day of December following the end of the financial year, for which the return is being filed for all category of taxable person.

Audit under GST means inspection of returns, records and other documents furnished by the taxpayer. GST Audit is carried out to check whether the turnover, taxes paid, ITC refund claimed and ITC availed mentioned in annual report are true and fair or not.

GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than Rs 5 crores, by the sale of goods or services in the financial year.

Forms for Annual return and GST Audit:

Type of taxpayer	Form to be filed
Whether or not applicable to GST Audit A Regular taxpayer filing GSTR 1 and GSTR 3B A Taxpayer under Composition Scheme E-commerce operator Applicable for GST Audit Taxpayers whose turnover exceeds Rs. 5 crores^ in FY	..... GSTR-9 GSTR-9A GSTR-9B ..... GSTR-9C

Sales	GSTR 9	GSTR 9C
Up to 5 Cr More than 5Cr	Optional Mandatory	N/A Mandatory

It is pertinent to note that as per Section 44 of CGST Act, the following persons are not required to file an annual return:- >

Input Service Distributor
Tax Deductor under Section 51
Tax Collector under Section 52
Casual Taxable Person
Non-resident Taxable person

What is GSTR 9C (GST Audit Form)?

GSTR 9C is an annual audit form for all the taxpayers having the turnover above 5 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.

GSTR 9C Audit Form Penalty Norms If Miss the Last Date

As per the penalty provisions of GSTR 9C audit return form, the taxpayer has to pay Rs. 200 per day as a penalty in which Rs. 100 consist of SGST and Rs. 100 for CGST. Also, it is to be noted that the total penalty cannot exceed 0.50% of the total turnover on which the said penalty is being levied.

GST Annual Return

Turnover upto 50 Lakh= Rs. 6000.00	Turnover upto 1 Crore = Rs. 10000.00	Turnover upto 2.50 Crore = Rs. 13000.00	Turnover upto 5 Crore = Rs. 18000.00	Turnover more than 5 Crore = Rs. 25000.00
GST Invoicing Software	GST Invoicing Software	GST Invoicing Software	GST Invoicing Software	GST Invoicing Software
Quarterly Comparative Analysis of GSTR 2A and Books of Accounts	Quarterly Comparative Analysis of GSTR 2A and Books of Accounts	Quarterly Comparative Analysis of GSTR 2A and Books of Accounts	Quarterly Comparative Analysis of GSTR 2A and Books of Accounts	Quarterly Comparative Analysis of GSTR 2A and Books of Accounts
Annual Return Filing	Annual Return Filing	Annual Return Filing	Annual Return Filing	Annual Return Filing