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GST Annual Return

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GST Annual Return Due Date & Rules You Need to Know

Annual returns, known as GSTR-9, are mandatory for regular taxpayers and specific categories of taxpayers during a specific financial year. The annual return filing process is more tedious than filing monthly returns but helps you gather all documents and ensure transparency in your business before the GST annual return due date. You must file it even if your business was registered for a day during the financial year.

How To File GST Annual Return

Before filing the annual return GST, ensure that you have a set of required documents for thorough compliance.

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.

There isn’t a specific date for getting your GST yearly return. However, the department might contact you in the case of discrepancies.

Documents for Annual Return GST

- 1. GSTIN
  2. Business Invoice
  3. DSC and EVC (to sign the form)
  4. Financial statements and purchase records
  5. Details of amendments
  6. Proof of exports

You might not need to upload every document mentioned here, but you need to mention the details contained in these documents while filling out the form for annual return GST.

GST Annual Return Due Date

The GST Annual Return Due Date for the financial year, 2023-24 is 31 December 2024.

Are You 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.

Non-filing can trigger scrutiny by the GST department, late filing fees and in severe cases, non-filing might lead to temporary suspension of your GST registration.

GST Annual Return Limit

There is no specific GST annual return limit associated with filing the Goods and Services Tax (GST) Annual Return (GSTR-9) in India. All registered taxpayers, regardless of their turnover, should file for the GST yearly return.

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.

Final Words

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 form-filling process. So, an appropriate tax consultant might help you.

FAQs

Should I Fill out the GST Yearly Return if it Is Less than Rs. 2 Crores (USD 238,962)?

Filing the annual GST returns is optional for those having returns of less than Rs. 2 crores (USD 238,962).

How Do I Sign Form GSTR-9?

Sign the GSTR-9 Form using your digital signature or the Electronic Verification Code (EVC).

May I Make Changes to Form GSTR-9 After Submitting It?

No, you cannot make changes to Form GSTR-9 after submitting it. Remember that the button to submit differs from the ‘Proceed to File’ button.

May I Claim ITC Through Form GSTR-9?

No, you cannot claim ITC via Form GSTR-9.

Does Form GSTR-9 Accept Negative Amounts?

Yes, Form GSTR-9 accepts negative amounts.