GST Annual Return Filing: A Simple Guide

The filing of a Goods and Services Tax (GST) annual return is a crucial compliance requirement for businesses registered under GST. It involves reporting the details of sales, purchases, taxes paid, and input tax credits claimed during a financial year.

Who Needs to File GST Annual Returns?

• Businesses with an annual turnover above ₹2 crore must file GSTR-9.

• Businesses under the composition scheme (turnover up to ₹1.5 crore) must file GSTR-9A.

• GST-registered taxpayers who are required to file monthly/quarterly GST returns.

Types of GST Annual Returns

1. GSTR-9 – For regular taxpayers.

2. GSTR-9A – For composition scheme taxpayers (not applicable after FY 2018-19).

3. GSTR-9C – For taxpayers with turnover above ₹5 crore (audit reconciliation statement).

Due Date for GST Annual Return Filing

The usual deadline for filing GST annual returns is 31st December of the following financial year. However, the government may extend the due date.

Steps to File GST Annual Returns

1. Login to the GST portal (www.gst.gov.in).

2. Go to the ‘Returns Dashboard’ and select the financial year.

3. Choose the applicable return (GSTR-9 or GSTR-9C).

4. Fill in the required details (sales, purchases, ITC, tax paid).

5. Verify the information and reconcile data with books of accounts.

6. Submit the return and pay any pending tax liability.

Penalty for Late Filing

• Late fee of ₹200 per day (₹100 for CGST + ₹100 for SGST) up to a maximum cap.

• Interest at 18% per annum on the outstanding tax liability.

Conclusion

Filing GST annual returns on time is essential to avoid penalties and maintain compliance. Businesses should ensure accurate reporting and data reconciliation before submission. Accounting software or professional assistance can help simplify the process.