When to File Annual Return in GST?

As the annual GST return due date is arriving, everyone is in hustle.

The due date for filing the Annual Return in GST is

of the subsequent financial year. You have to file the Annual Return in Form GSTR-9.

The due date for filing your Annual Return for a particular financial year is the 31st of December. For example, for the financial year ending on 31st March 2023, your Annual Return for GST (GSTR-9) would be due on or before 31st December 2023.

If your Annual Return is not filed by the due date, late fees are applicable. Late fees are generally Rs. 100 per day of delay. It is subject to a maximum of 0.25% of your turnover in the respective state or union territory.

Along with the Annual Return (GSTR-9), if your aggregate turnover exceeds a specified limit, you are also required to file a reconciliation statement in Form GSTR-9C.

If you are a small taxpayer with an aggregate turnover, you are exempted from filing the Annual Return.

I hope you have understood the annual

GST return due date.

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Before I tell you when to file annual return in GST, I will tell you what GST registration is and how it is done because a certain base knowledge is necessary before we dig in deep. Commenced on July 1st, 2017, in India. Underneath the new GST regime, over 1.3 crore firms in India have indeed been established and given a GST registration. The GST-registered firms are required to submit annual returns by the set GST return deadline. No of the company activity, sales, or profit at the time of the return filing period, all organisations with a revenue of much more than two crores are required to file an annual GST return. Consequently, even an inactive entity that registers for GST is required to file GST returns. But what is more important is to know when to file GST annual return. If you do not know about it, I will help you out.

What is GSTR 9: Annual Return Filing?

The annual report, or GSTR 9, is required to be submitted each year by taxpayers who have registered for GST. Each year, taxpayers who are GST-registered must submit GSTR 9. It includes information about the supply made throughout the relevant financial year, both internally and externally.

The taxpayer is required to submit all GSTR-1, GSTR-3B, or GSTR 4 returns prior to submitting GSTR 9. The GSTR registration holder cannot be permitted to submit an annual GST return if there are outstanding debts.

Information on the outgoing and incoming goods produced or acquired during the key accounting year under CGST, SGST, and IGST is included in GSTR 9. It is a compilation of all the quarterly and monthly returns submitted throughout that year.

Who should file GSTR 9?

The GSTR 9 must be submitted by all GST-registered taxpayers and taxable individuals. The following, however, are NOT necessary to submit GSTR 9:

• Taxpayers choose the composition plan (They should surely file GSTR-9A)

• Distributors of sporadic Taxable Person Input services

• Non-resident taxpaying entities

• TDS payers in accordance with Section 51 of the CGST Act.

When to file annual return?

Based on the current scenario, the deadline for submitting Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for the fiscal year 2019–2020 has been extended until March 31, 2021. The government has additionally made the decision to make some of the fields on these forms optional in order to make them simpler.

Now you know all about GST return filing and when to file annual return in GST.