GST Annual Return Filing Services in India

Taxpayers are required to file an annual return (GSTR-9 and GSTR-9A) on or before 31 December of each financial year pertaining to the preceding fiscal period. It enables the taxpayer to formally complete one business transaction and hence, is crucial for smooth implementation of GST.

Filing of Annual returns is a complex process which requires expert understanding of tax laws and adherence to deadlines. In order to streamline compliance processes and ensure timely issuance of refunds, business owners need to adopt simple yet effective software solutions that systemise their business operations and reduce the workload.

The key to filing GST annual returns effectively is the accuracy of information entered in the return. Details like IFSC code, bank account number, postal address and email ID need to be correct and up-to-date. A mistake in any of these details can result in a delay in issuance of refunds or a delay in tax credit.

There are many challenges faced by taxpayers while filing the GST Annual Return. One such challenge is that a lot of data is required to be fed for filing GSTR-9. For instance, a summary of amendments and additions made in supplies during the financial year is needed to be reported.

It is important to keep track of purchase invoices, e-way bill data and other documents that are required for preparing the annual returns. This information should be reconciled with the books of accounts to ensure that taxable, exempted and non-GST turnovers are properly matched. Moreover, input tax credit claims on purchases should be verified against the actual input tax paid on those purchases. Any disparity between these three elements can cause an error in the annual return.