GST Annual Return
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- Fewer legal formalities than LLP.
- Associated with the GST and income tax departments.
- Full control over the business for the sole proprietor.
- No separate business tax filings.
- Easy to disassemble.
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GST Annual Return
GST Annual Return Due Date & Rules You Need to Know
How To File GST Annual Return
Step 1:
Visit the GST portal
Step 2:
Click on ‘Services’ on the navigation bar, choose the ‘Returns’ option in the drop-down menu and select ‘Annual Return.’
Step 3:
Select the financial year you want to file for and read the instructions displayed on the portal carefully.
Step 4:
Click on appropriate checkboxes and fill out the form.
Step 5:
After submission, download the system-generated form and summary in PDF format.
Step 6:
Further, enter the details of ITC, central tax, integrated tax, state tax inward supplies, rate of tax, Cess and more.
Step 7:
You will get a long PDF document after submitting all the details in the form and you cannot make changes after that.
Documents for Annual Return GST
- GSTIN
- Business Invoice
- DSC and EVC (to sign the form)
- Financial statements and purchase records
- Details of amendments
- Proof of exports
GST Annual Return Due Date
The gst annual return due date for the financial year, 2023-24 is 31 December 2024.
Worried About Missing the GST Annual Return Due Date? Now, No More Worries!
Importance of Filing Before the GST Annual Return Due Date
a. Benefits for You
- Compliance and record-keeping for the entire financial year.
- Reconciliation of all forms and error detection in all previous tax filings.
- Demonstration of responsible tax behaviour.
- Rectification of errors.
b. Benefits for the Government
- Detection of tax evasion.
- Improved tax administration.
- Comprehensive tax assessment.
GST Annual Return Limit
Regular Taxpayers and Composition Taxpayers (exceeding the composition scheme turnover limit during the year) must file for the annual returns. On the other hand, occasional taxable suppliers and non-resident taxable persons are exempted from filing GSTR-9.
Conclusion
Filing annual returns, especially before the gst annual return due date, is mandatory as it helps you stay aligned with GST compliance and enjoy tax benefits provided by the government. Remember that delaying your GSTR-9 filing can lead to late fees, cause potential registration suspension and organise department inquiries. It has a lengthy gst annual return filing process. So, an appropriate tax consultant might help you. If you are looking for gst annual return near me you can find local tax consultants to help you with the gst annual return registration process. You should also check the gst annual return advisory and gst annual return guidance to make sure you are filing your return correctly. Also note the gst annual return form last date. The gst annual return format is available online. Filing the gst annual return benefits your business greatly.