GST Annual Return Filing Services in India

GST Annual Return Filing Services in India

 


The Goods and Services Tax (GST) Act requires all registered taxpayers to file the annual return in form GSTR-9 on a yearly basis. This form is available online and can be filled from any place and at any time during the year.

It is compulsory for normal taxpayers whose aggregate turnover exceeds 2 crores to get their accounts audited by a chartered accountant and submit a copy of the audited financial statement along with their annual return. In addition to this, composition taxpayers are required to submit a reconciliation statement in form GSTR-9C, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement.

The GSTN auto-populates several tables in Form GSTR-9 / 9A & 9B as per the details available on monthly filed GSTR 3B / 1M returns of the taxpayer for convenience and ease of filing. This is done to help the taxpayers in reducing their manual effort for data entry and to ensure that the information is accurate.

As a result of this auto-populated data, many of the annual returns are being filed by tax experts and in-house accountants with inaccuracies, which are leading to the occurrence of various errors that could lead to a lot of litigation costs, fines, interest and penalties. This has a negative impact on the overall business performance and the credibility of accounting firms.

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