GST Yearly Filing

GST Yearly Filing

A GST annual return is a yearly summary statement consolidated from your monthly or quarterly GST filings (GSTR-1 and GSTR-3B). Regular taxpayers must file Form GSTR-9 by December 31 of the year following the financial year. It provides a comprehensive overview of your outward supplies, inward supplies, and Input Tax Credit (ITC) for the entire financial year. [1, 2, 3]Key GST Annual Return Forms

• Form GSTR-9: Mandatory for regular taxpayers with an aggregate annual turnover exceeding ₹2 Crore. It is optional for those with turnover below ₹2 Crore. 
• Form GSTR-9A: Applicable to taxpayers registered under the composition scheme. [1]
• Form GSTR-9C: A self-certified reconciliation statement that must be filed along with GSTR-9 by taxpayers whose annual aggregate turnover exceeds ₹5 Crore. 

• Exemptions: Casual taxable persons, Non-resident taxable persons, Input Service Distributors, and e-commerce operators deducting TCS are exempt from filing GSTR-9. [1]
• No Revisions: Once a GST annual return is filed, it cannot be revised later. Therefore, you must carefully reconcile your GSTR-2B, GSTR-3B, and account books before filing. [1]
• Late Fees: Failure to file the return by the deadline attracts a late penalty of ₹200 per day (₹100 CGST + ₹100 SGST), capped at a maximum of 0.25% of your annual turnover