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GST Annual Return Filing (GSTR-9)

Filing the GST Annual Return (GSTR-9) is a mandatory compliance requirement for businesses registered under the Goods and Services Tax (GST) in India. This return consolidates the summary of all the monthly and quarterly returns filed during the financial year, giving a comprehensive overview of the outward supplies, inward supplies, and the amount of taxes paid under various tax heads such as CGST, SGST, and IGST. Filing GSTR-9 ensures transparency and helps the government track the tax compliance of businesses.

Ask Associates specializes in helping businesses with their GST Annual Return filing process, ensuring accuracy and timely submission. With expert guidance, we make the process of filing GSTR-9 easy and hassle-free.

GST Annual Return Filing (GSTR-9) Process in India

GSTR-9 includes details of all the inward and outward supplies, amendments, input tax credit claimed, and any refunds or demands raised during the financial year. It is crucial that businesses accurately report these figures to avoid discrepancies and penalties. The filing process involves verifying the data from GSTR-1, GSTR-3B, and other returns filed throughout the year, and consolidating it into the annual return.

Documents Required for GST Annual Return Filing (GSTR-9)

To ensure smooth and accurate filing, the following documents are typically required:

• GST Registration Certificate
• GSTIN of the Business
• Invoices of Sales & Purchases: Complete record of outward and inward supplies during the year.
• Tax Paid Challans: Proof of GST paid throughout the year.
• Input Tax Credit (ITC) Details: All the documents supporting the ITC claims made in the returns.
• Reconciliation Statements: Comparison between GSTR-1, GSTR-3B, and accounting data.
• Details of Advances Received and Adjusted
• Amendment Records: If any corrections or changes were made during the year.
• Refund or Demand Orders (if any): Proof of any refunds claimed or demands raised during the financial year.

These documents ensure that your annual return is complete, accurate, and compliant with GST regulations.

Advantages of Filing GST Annual Return (GSTR-9)

• Legal Compliance: Ensures businesses comply with GST laws and avoid penalties.
• Reconciliation of Accounts: Filing helps reconcile monthly and quarterly returns and match the accounting records.
• Transparency: A consolidated return gives the government a clear view of a business’s tax liabilities.
• Input Tax Credit Verification: It helps businesses confirm their input tax credit claims.
• Avoidance of Penalties: Timely filing prevents hefty fines or interest payments due to non-compliance.

Disadvantages of Not Filing GST Annual Return (GSTR-9)

• Penalties and Late Fees: Businesses that fail to file GSTR-9 on time are liable for penalties.
• Legal Action: Non-compliance may attract legal notices and actions from the GST department.
• Loss of Input Tax Credit (ITC): Incorrect or delayed filing may result in loss of eligible ITC.
• Business Restrictions: Non-compliant businesses may face restrictions in government tenders and contracts.
• Audits and Scrutiny: Non-compliance increases the chances of your business being subjected to a GST audit.

GST Annual Return Filing Process with Ask Associates

Ask Associates simplifies the GST Annual Return filing process, helping businesses through every step:

• Document Collection: We gather all necessary documents such as invoices, tax paid details, and ITC records.
• Data Verification: Our experts verify all returns filed throughout the year and reconcile them with your accounting data.
• Filing the Return: We prepare and file the GSTR-9 on your behalf, ensuring accuracy and timely submission.
• Post-Filing Support: We provide continued support for any clarifications or corrections that may be required.

Steps to File GSTR-9 with Ask Associates

1. Login to Ask Associates’ portal and select the “GST Annual Return Filing” option.
2. Upload the required documents such as invoices, ITC details, and reconciliation statements.
3. Verification and Preparation: Our team will verify the data, reconcile it with your returns, and prepare the annual return.
4. Filing the Return: Once the return is prepared, it will be filed with the GST portal.
5. Acknowledgment: After successful filing, you will receive an acknowledgment receipt.

Timelines for Filing GST Annual Return (GSTR-9)

The due date for filing GSTR-9 is generally 31st December of the subsequent financial year. However, businesses should aim to file early to avoid the last-minute rush and potential errors.

Penalty for Late Filing of GSTR-9

Late filing of GSTR-9 attracts a penalty of ₹100 per day under CGST and ₹100 per day under SGST, totaling ₹200 per day, subject to a maximum of 0.25% of the business’s annual turnover. Hence, timely filing is essential to avoid these penalties.

Get Started with Ask Associates

Filing your GST Annual Return (GSTR-9) with Ask Associates ensures that your returns are filed accurately and on time. Our team of GST experts will assist you through the entire process, ensuring compliance and peace of mind. Contact us today to get started with your GSTR-9 filing and stay compliant with GST regulations.