Aditi Patni and Associates
Chartered Accountants
GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual returns, as per the GST return due date schedule mentioned below. GST annual return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GST registration holder who obtained the registration anytime before 1st April 2018 are required to file GST annual return for the financial year 2017-18 on or before 30th June 2019. Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B or GSTR-4 return for the period of July to March 2018. In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return.The new GST regime mandates that all entities involved in buying or selling goods or providing services or both are required to register and obtain GSTIN. Registration is mandatory once the entity crosses a minimum threshold turnover or when an individual starts a new business that is expected to cross the prescribed turnover.
GST Annual Return Types
GST Annual Return Filing can be divided into three types based on the form to be filed as under:
GSTR 9C is applicable to taxpayers who are required to obtain an annual GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. GST audit is applicable for person having GST registration with an annual aggregate turnover of above Rs. 2 crores in a particular financial year.
GST Annual Return Due Date
All entities having GST registration are required to file GST annual return in form GSTR-9.
GST registered taxpayers who have opted for the GST Composition Scheme is required to file GSTR-9A.
GSTR 9C is applicable to taxpayers who are required to obtain an annual GST audit of their accounts.