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    drawback979
    GST registered persons, with some exceptions, must file an annual return for each financial year. This return includes details of supplies made and received, input tax credit availed and reversed, taxes payable and paid, and transactions being reported in the next financial year. Those with over Rs. 2 crores turnover must also submit an audited statement and reconciliation of annual accounts with turnover declared. Failing to submit the annual return can result in a late fee and penalties.

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    GST registered persons, with some exceptions, must file an annual return for each financial year. This return includes details of supplies made and received, input tax credit availed and reversed, taxes payable and paid, and transactions being reported in the next financial year. Those with over Rs. 2 crores turnover must also submit an audited statement and reconciliation of annual accounts with turnover declared. Failing to submit the annual return can result in a late fee and penalties.

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    GST registered persons, with some exceptions, must file an annual return for each financial year. This return includes details of supplies made and received, input tax credit availed and reversed, taxes payable and paid, and transactions being reported in the next financial year. Those with over Rs. 2 crores turnover must also submit an audited statement and reconciliation of annual accounts with turnover declared. Failing to submit the annual return can result in a late fee and penalties.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    10 views12 pages

    Presentation (2) (1) - 1

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    drawback979
    GST registered persons, with some exceptions, must file an annual return for each financial year. This return includes details of supplies made and received, input tax credit availed and reversed, taxes payable and paid, and transactions being reported in the next financial year. Those with over Rs. 2 crores turnover must also submit an audited statement and reconciliation of annual accounts with turnover declared. Failing to submit the annual return can result in a late fee and penalties.

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    of 12

    ANNUAL RETURN UNDER GST

    N TR O DUCTIO
    Na value-added tax levied at all points in the supply chain, with credit for taxes paid on
    GST
    good s a n d services acquired for use in making the supply.

    To ensure the correctness a n d veracity of the reported information, annual return a n d GST
    audit are required.

    GST principles e m b ra ce information technology a n d reduce the interaction with the


    tax administrators.

    All entities having GST registration, except few specified categories of persons, are required
    to file GST annual return for every financial year respective of their turnover during the return
    filing period.
    ANNUAL RETURN SEC
    44
    Every Registered person, other than

    Input Service Distributor

    Person paying tax under Sec 51 or 52


    (Prescribes to deduct tax

    Casual Taxable Person (CTP)

    Non-Resident Taxable Person


    Shall furnish an annual return for every FY electronically in such form and manner as may be prescribed on or before
    the 31st day of December following the end of such FY

    Every registered person who is required to get his accounts audited in accordance with the provisions of 35(5)
    -shall furnish electronically, the annual return
    -along with a copy of the audited annual accounts and a reconciliation statement

    Sec 35(5)

    Every registered person whose turnover during a financial year exceeds Rs. 2 crores shall
    get his accounts audited by a chartered accountant or a cost accountant
    TYPES OF
    FORMS
    To be filed by y regular taxpayers registered under GST
    It consists of details regarding advances, supplies made and received during the FY under different tax
    heads i.e. CGST, SGST and IGST –details of outward supplies made during the FY on which tax is not
    payable.
    G STR 9 Details of ITC availed and reversed, taxes payable and paid, transactions reported in next
    FY, particulars of demands and refunds, HSN wise details of outward and inward supplies It
    consolidates the information furnished in the monthly or quarterly returns during the year
    GSTR 9A To Be filed by taxpayers registered under GST’s composition scheme it is a summary of all
    quarterly returns previously filed by the composition taxpayer

    To Be filed by e-commerce operators who have to collect tax during the PY –It is basically an
    GSTR 9B
    annual statement

    Captures the basic details of the Registered Person, and Reconciliation of turnover declared in
    audited Annual Financial Statement with turnover declared in Annual Return and reconciling of tax
    GSTR 9C paid, ITC
    PRE CONDITION FOR FILING
    GSTR

    Active GSTIN during said All applicable GST returns such


    Financial Year for at least one as GSTR 38 and GSTR 1 should
    day be filed
    RELEVANT
    CONSIDERATION

    PERSON REGISTERED UNDER GST BUT HAVING NO TRANSACTIONS DURING THE YEAR IS ALSO
    REQUIRED TO FILE A NIL ANNUAL RETURN
    A REGISTERED PERSON WHO HAS OPTED IN OR OPTED OUT OF COMPOSITION IS REQUIRED TO FILE
    BOTH GSTR 9 & GSTR 9A FOR THE RELEVANT PERIODS

    GSTR 9 DOES NOT ALLOW FOR ANY REVISION AFTER FILING

    FILING OF ANNUAL 2017 18,2018 19 AND 2019 20 HAS BEEN


    RETURN IN RESPECT OF FINANCIAL YEAR
    MADE VOLUNTARY FOR THE REGISTERED PERSONS WHOSE TURNOVER IS LESS THAN ₹2 CRORE AND WHO
    HAVE NOT FURNISHED THE SAID ANNUAL RETURN BEFORE THE DUE DATE
    CONSEQUENCES OF FAILURE TO SUBMIT THE ANNUAL
    RETURN
    N o tic e A notice shall b e issued requiring to furnish the requisite return within 15 days.
    to
    d e fa ulte
    r

    Levy of a late fee of Rs. 100/- per day under CGST Act a n d Rs. 100/- per
    d ay under SGST/ UTGST Act subject to a maximum amount of 0.5% of the
    Late fee
    turno v e r in the Sta te o r Unio n Te rrito ry.

    Penalty which m a y extend to Rs. 75,000 (Rs. 25,000 e a c h under


    Penalty CGST, SG ST, G ST A c t)
    THANK YOU

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