kanakkupillai

GST annual return filing in Chennai

Renuka M's photo
Renuka M
·

2 min read

Goods and Services Tax (GST) is a crucial compliance requirement for businesses operating in Chennai. One of the key obligations under GST is the filing of the GST Annual Return (GSTR-9), which consolidates all the transactions made during the financial year. This article provides an overview of GST annual return filing in Chennai, its importance, and the process involved.

Who Needs to File GST Annual Return?

All registered taxpayers under GST, except composition taxpayers, Input Service Distributors (ISD), casual taxable persons, and non-resident taxable persons must file GSTR-9 annually. Composition taxpayers must file GSTR-9A instead.

Importance of Filing GST Annual Return

  1. Legal Compliance: Businesses with a turnover exceeding Rs. 2 crores must file the GST annual return.

  2. Prevention of Penalties: Late filing can lead to penalties of Rs. 200 per day (Rs. 100 under CGST and Rs. 100 under SGST) until the return is filed.

  3. Financial Accuracy: Ensures proper reconciliation of input tax credit (ITC) and tax payments.

  4. Audit and Transparency: Businesses with turnover above Rs. 5 crores must also submit GSTR-9C, a reconciliation statement certified by a Chartered Accountant.

Steps to File GST Annual Return in Chennai

  1. Gather Data: Compile invoices, purchase details, ITC claims, and tax payments.

  2. Login to GST Portal: Visit www.gst.gov.in and log in with your credentials.

  3. Select GSTR-9: Navigate to the ‘Annual Return’ section and choose GSTR-9.

  4. Fill in the Details: Enter sales, purchases, tax paid, and ITC data for the financial year.

  5. Verify and Submit: Check the entered details and submit the return.

  6. Pay Any Additional Liability: If discrepancies exist, pay any outstanding tax.

  7. Download the Acknowledgment: Save the confirmation receipt for records.

Due Date for GST Annual Return Filing

The due date for filing GSTR-9 is usually 31st December of the following financial year. However, it is advisable to check for any extensions announced by the GST department.

How to Get Professional Assistance?

For businesses in Chennai, seeking professional help from GST consultants or chartered accountants can simplify the filing process and ensure compliance. Many online platforms also offer affordable services in Chennai, such as GST return filing in Chennai services at affordable rates.

Conclusion

Filing the GST annual return is an essential compliance activity for businesses in Chennai. Timely and accurate filing helps avoid penalties and ensures smooth business operations. Whether filing independently or with expert help, companies must stay updated on GST norms to remain compliant.

gst annual return filing in chennai