GST Annual Return Filing Services in India

The finance ministry is bringing in many changes for the ease of taxpayers and their accountants. Among the major changes that are being introduced is the facility of filing of GST Annual Return.

The new GSTR Annual return forms will be available from August for the taxpayers to file them. These returns have to be filed by all registered taxable persons under GST.

Forms GSTR-9 and GSTR-9C will have to be filed by all normal tax payers whose turnover exceeds INR 2 crores during the financial year. They will have to also submit copies of audited annual accounts and reconciliation statements of tax paid as per audited account.

Taxpayers are required to upload details of purchases and sales invoices, e-way bill data state-wise. These should be matched to tax invoices issued during the period. This is important as the figures should match to avoid any discrepancies in the amount of input tax credit claimed and the tax paid on the purchases.

Small Taxpayers are able to select the option of monthly or quarterly return in accordance with their choice. They would also be allowed to change the option of monthly or quarterly return during the course of the year.

This is a welcome move to ease the burden of tax payers. The government has been aware of the fact that most of the small taxpayers are not accustomed to using the tax return filing systems and they are always confused and worried about the availability of the facilities.

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