GST Annual Return Filing
GST annual filing (GSTR-9) is filed annually by taxpayers who are registered under the GST. Annual tax consists of outward supplies, inward supplies, tax liability and input tax credit which is availed in that financial year. The restrictions not to pay annual GST restrictions have been imposed on composition Dealers, Input Service Distributors, Tax Deductor, Tax Collector, Casual taxable person and Non-resident taxable person. Penalty and long-term litigations have been imposed if the details mentioned is incorrect.
Under recent changes in GST annual return filing, threshold have been increased to Rs 5 crore for filing GST annual return and audit compliance, which will help small businesses in ease compliances. Different forms for annual return filing are GSTR-9, GSTR-9A and GSTR-9B. Regular taxpayers files form GSTR-9, whereas GSTR-9A are for those who are under GST’S composition scheme. Other form i.e. GSTR-9B to be filed by the ecommerce operators.
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