GST Annual Returns Filing refers to the process of filing a comprehensive return under Goods and Services Tax (GST) for a financial year. It provides a summary of all the transactions, including sales, purchases, input tax credits, and taxes paid, for the entire year. This return is filed annually, along with any necessary supporting documents.
Businesses must file GSTR-9 (for normal taxpayers) or GSTR-9A (for composition taxpayers), which summarizes the GST returns filed during the year (GSTR-1 and GSTR-3B). The annual return helps the tax authorities reconcile the data provided with the monthly or quarterly returns, ensuring accuracy and compliance.
Filing GST Annual Returns is mandatory for businesses registered under GST, even if there is no tax liability for the year. Proper filing ensures adherence to GST laws, minimizes the risk of penalties, and allows businesses to claim refunds or input credits due.
