GST Annual Returns in India
GST Annual Returns are comprehensive filings that businesses must submit at the end of the financial year, summarizing all transactions and tax-related details under the Goods and Services Tax (GST) regime. The primary return forms are GSTR-9 and GSTR-9C.
Key Features:
- Can be claimed for excess tax paid, exports, or ITC unutilized.
- Refund application is submitted through the GST portal.
- Processing time is typically within 60 days from the date of application.
1. GSTR-9:
- Annual summary of all monthly/quarterly returns (GSTR-1, GSTR-3B).
- Includes details on sales, purchases, input tax credit, and tax paid.
2. GSTR-9C:
- Audited reconciliation statement (for businesses with turnover exceeding ₹2 crore).
- Includes details of financial statements and GST returns reconciliation.
Due Date:
- GSTR-9 is typically due by 31st December of the following financial year.
- GSTR-9C must be filed along with GSTR-9 for businesses exceeding the turnover threshold.
Benefits of Registration:
- Ensures compliance with GST laws.
- Helps in reconciling financial statements with GST returns, maintaining transparency.
- Filing GST Annual Returns is crucial for maintaining accuracy in tax filings and avoiding penalties or discrepancies.