GST Annual Return Filing Services in India

GST Annual Return Filing Services in India

 



The deadline for filing the annual returns under Goods and Services Tax (GST) is approaching fast. The Department of Revenue has been organising awareness programs to encourage taxpayers to file their GST returns in time

After the enactment of Goods and Service Tax (GST) in India, there is a new requirement for registered taxpayers to file GSTR-9 every year. This is an annual return that covers a variety of details including sales and purchases from vendors, turnover and audit information.

Business Owners have to be prepared for a lot of complexity when filing GSTR-9. This is because it requires extensive reconciliation between the returns filed by businesses for reporting supplies and paying taxes, along with those they have filed by their vendors and their books of accounts.

According to the Ministry of Finance, the annual return will contain the details of tax paid and refunds granted by the government. It should include all the relevant transactions and other details for a particular financial year.

Moreover, the annual return will also contain details of all transactions for which input tax credit is claimed. This will help the government track the utilisation of input tax credit by the taxpayers.

Taxpayers under Goods and Services Tax (GST) are required to file annual returns. This is an annual report which consists of all details related to the supplies made during the year under different tax heads like CGST, SGST and IGST.

 

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