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GST Annual Return Filing in Bangalore

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Renuka M
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2 min read

Goods and Services Tax (GST) is a crucial tax system in India, requiring businesses to file annual returns to ensure compliance. In Bangalore, businesses registered under GST must file their annual returns accurately and on time to avoid penalties.

Who Needs to File GST Annual Returns?

All businesses registered under GST, except small taxpayers under the Composition Scheme, are required to file annual returns. This includes:

  • Regular taxpayers filing GSTR-1 and GSTR-3B

  • Businesses with an annual turnover exceeding the prescribed limit

  • E-commerce operators and aggregators

Types of GST Annual Returns

  1. GSTR-9: Applicable for regular taxpayers who file GSTR-1 and GSTR-3B.

  2. GSTR-9A: For businesses under the Composition Scheme (not required since FY 2019-20).

  3. GSTR-9C: A reconciliation statement and audit report for businesses with a turnover above ₹5 crore.

Due Date for GST Annual Return Filing

The due date for GST annual return filing is 31st December of the following financial year. However, this may be extended by the government in some instances.

Steps to File GST Annual Return in Bangalore

  1. Gather Required Data: Collect details of sales, purchases, input tax credits, and tax payments.

  2. Login to GST Portal: Use your GSTIN and credentials to access the portal.

  3. Select the Applicable Form: Choose GSTR-9 or GSTR-9C based on eligibility.

  4. Fill in the Details: Ensure accuracy while entering sales, tax liabilities, and input credits.

  5. Verify and Submit: After reviewing the details, submit the return and make any necessary tax payments.

  6. Download the Acknowledgment: Save the confirmation for future reference.

Penalties for Late Filing

Failure to file GST annual returns on time can result in penalties:

  • ₹200 per day (₹100 for CGST and ₹100 for SGST) subject to a maximum of 0.25% of turnover.

  • Additional interest may apply if tax is unpaid.

Professional Assistance

Businesses in Bangalore can seek assistance from GST consultants and professionals to ensure accurate filing, avoid errors, and comply with GST regulations efficiently.

Conclusion

Filing GST annual returns is essential for businesses in Bangalore to maintain compliance and avoid penalties. Timely filing with accurate data ensures smooth tax management and financial transparency. Business owners should stay updated on due dates and leverage professional support for hassle-free GST filing.

gst annual return filing in Bangalore