GST Annual Return Filing Services in India

GST Annual Return Filing Services in India


A number of statutory compliances are required to be followed by businesses and individuals. These include filing Annual Returns, Financial Statements and other forms as per the governing rules. Any non-compliance results in penalties and fines that must be paid.

The Goods And Services Tax (GST) Act, 2017 prescribes the format of annual returns to be filed by regular taxpayers. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST.

Taxpayers are required to file the annual return on or before the last date as prescribed in the law. If it is filed late, a penalty of Rs 200 per day may be levied for each day the tax is not submitted by a business.

Taxpayers are required to reconcile data in the GST - Filing for Dupont and its subsidiaries with their books of accounts. This is of utmost importance as any discrepancy between the figures in their books of accounts and invoices can result in the incorrect Good Service Tax paid to the government.

Taxpayers are able to populate certain sections of the GSTR-9 using the information they have already filled in their GSTR-3B return. However, other details must be manually populated by the taxpayers.

The reconciliation process is a tedious one that requires extensive effort from the taxpayers. It is a complex process that involves collating a lot of information from several different sources, such as returns filed by the taxpayer for reporting and paying taxes as well as those filed by their vendors. This will also require a thorough review and reconciliation of the books of accounts with the tax returns and tax payment.

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