GST Annual Filing

Introduction

Firms that are registered for the Goods and Services Tax (GST) must file different returns regularly to follow the rules. It is very important to consider the GST Annual Return, which provides a brief overview of all an individual’s tax-related actions for the year.

GST annual filing plays a key role by ensuring transparency in your tax reports and guiding the process of comparing sales, tax credits, and purchases done during the year. If you are not compliant with your loans, you may have to deal with high penalties, interest, and could end up in court. The service we offer for GST annual filing guarantees your returns are done accurately, timely, and comply with all auditing rules.

What is involve in GST Annual Filing?

To do GST Annual Filing, you must send the GST Annual Return in Form GSTR-9 or GSTR-9A/9C to the GST department. It is made at year-end to put together all monthly or quarterly returns filed during the financial year.

Types of Annual GST Returns:

• GSTR-9 – It is required for regular businesses in the Normal Scheme.
• GSTR-9A this form is for people who chose the Composition Scheme (which is no longer available).
• GSTR-9C stands for Reconciliation Statement & Self-Certified Audit – this step is done only when turnover is over the given threshold.

Why should businesses do GST annual filing?

• Legal Mandate
  Section 44 of the said Act requires every registered taxpayer to report their transactions in an annual return.
• Avoid Penalties
  There are heavy penalties, collection of interest on late payments, and letters from the tax officials for failure to submit your tax details on time.
• Audit Compliance
  If a company’s turnover exceeds the necessary limit, reconciliation with the audited financial statements is required.
• Claim ITC Accurately
  It links the Input Tax Credit used during the year to avoid losing any credits because of incorrect claims.
• Help Tax Raise Its Reputation
  If you file your annual documents on time, it will improve how suppliers, clients, and financial institutions see you during due diligence.

Eligibility Criteria

Every person who carries out the business activity of ‘selling goods and services’ must file their GST annual returns.

• Any registered taxpayer with a total turnover over ₹2 crores should file their returns with GSTR-9C.
• All business people required under the Normal Scheme (GSTR-9)
• People with composition status (for returns up to GSTR-9A for the FY 2018-19)

Not Included in:

• Any person who does not have a business and needs to pay tax is called a casual taxable person.
• People who are not living or keeping a business in the EU
• Input Service Distributors are known as ISD.
• Any person who deducts TDS is required to register under GST.

Documents Required

Usually, you need these documents/information for a flawless GST annual filing process:

• Account information to make use of GST services.
• The GSTIN and the name of the business as registered with law
• Monthly and quarterly filing of GSTR-1 and GSTR-3B is needed.
• Books of accounts and statements showing the profit and loss and balance sheet
• Sales and purchase registers
• Summary of the goods/services being sold by HSN
• The table of Input Tax Credit (ITC).
• If issuing a challan is applicable, include that as well in the invoice.
• Records of achievements that have been updated
• This is an auditor’s report for GSTR-9C.

Step-by-Step Process

• Step 1: Gather and look over the data collected
  All the filled forms (GSTR-1, GSTR-3B, GSTR-2A/2B) are collected and checked against the books of accounts.
• Step 2: Find errors in the code
  If we find differences in sales, purchase data, or ITC numbers, we will explain and fix them before we finish our work.
• Step 3: Form Preparation
  The GSTR-9 or GSTR-9C form is prepared by using correct information from the books and reconciliations.
• Step 4: You must file your return
  The return can be submitted on GST portal using your own credentials or by lawfully representing you.
• Step 5: Acknowledgement and Documentation
  As soon as your return is filed, we confirm to you and give you a copy for future reference.

Timeline

If the deadline for filing an Annual GST Return comes on 31st December following the end of the financial year, it can be extended by the CBIC.

Time needed for completing the filing is:
Depending on how complicated or large the transactions are, you should get the results within 5–10 days after sending us the data.

Fees and Costs

Government Fees:

• While you do not need to pay for GSTR-9 filing, being late will result in fines.
• In case of late filing, the taxpayer will face penalties; ₹200 per day (₹100 CGST + ₹100 SGST), as long as the total turns out to be no more than 0.25% of sales.

About Our Service Charges

• For business with a turnover of up to ₹1 crore, tax will range from ₹2,500 to ₹4,000.
• If your business grosses ₹1–5 crore, you are in this bracket, and you can pay between ₹4,000 and ₹7,000.
• If your business has turnover above ₹5 crore : Custom pricing (including GSTR-9C)

Penalties for Non-Compliance

• Every day, the company may be fined ₹200 (maximum per day limit of up to 0.25% of its turnover)
• A stop to the process of generating e-way bills
• Messages from the GST department
• Losing the chance to claim input tax credit in the future
• What happens if the company is found guilty of not complying with the law for a long time

What Makes Us Different?

• Many years of experience in the GST field distinguish these Experts.
• Each year, we have filed thousands of annual returns on behalf of many different industries using the services of Chartered Accountants and GST consultants.
• Accurate Reconciliation
  Your books are completely matched to the kind of returns, so you do not face either ITR mismatches or penalty issues.
• Deadline Assurance
  We monitor all deadlines to make sure you do not miss any of them.
• End-to-End Support
  We take care of all the procedures, from collecting the documents to filing and helping after the submission is made.
• Transparent Pricing
  Packages that can fit any business size and are easy on the pocket.