GST Annual Return Filing Services in India

GST Annual Return Filing Services in India



Taxpayers in India need to file GST Returns every month, quarterly and annually based on their type of business. The returns cover information like sales or purchases, and taxes that have been collected and paid for the goods & services purchased or sold by them.

Under the Goods and Services Tax (GST) Act, the government introduced a common GST portal for all the taxpayers registered under the GST to file their returns online. This portal makes the process of filing the returns easy and hassle-free for all the taxpayers.

A business that has been registered under the Goods and Services Tax is required to submit its annual return by 31st December of each year, irrespective of whether the turnover is higher than the prescribed threshold limit of Rs 2 crore or not. If a business does not file its GSTR 9 annual return, it will face penalties and late fees that can reach up to a quarter percent of the total turnover of the entity.

It is crucial to file the annual return without any delay as it can be very damaging for businesses that have a mismatch between their books of accounts and their GSTR 9 annual return. It can lead to the Department levying penalties on their accounts and could result in an immediate closure of all the liabilities.

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