The rules and regulations for filing GST Annual Return
The rules and regulations for filing the annual GST return which is referred to as GSTR-9 are controlled by the CGST Act u/s 35(5) and 44(1). According to Section 44(1) of the CGST Act, with Rule 80 (1) of CGST rules indicates to every registered person excluding.
- Taxpayers opting composition scheme
- Casual Taxable Person
- Non-resident taxable persons
- Persons paying TDS
- Input service distributors
All the rules about the Tax audit is discussed u/s 35(5) of CGST Act. Every person registered under GST with a turnover during the fiscal year above the threshold limit i.e. Rs 2 crore must-
- Get his/her fiscal statements audited by a cost accountant or a chartered accountant
- Submit a copy of the annual GST audit report
- The reconciliation statement u/s 44(2)
- Other documents like this can be determined
GSTR-9B return should be filed by electronic commerce operators who are required to collect tax at source. In addition to GSTR-9B return, electronic commerce operators will also be required to file GSTR-8 return, every month.
Regular taxpayers registered under GST having an annual aggregate turnover of over Rs.2 crores during a financial year are required to get their accounts audited and file a copy of the audited annual account and reconciliation statement along with GSTR-9C return. The GST annual audit can be done by a practising Chartered Accountant or Cost Accountant.
A per day penalty of Rs.100, up to a maximum amount of Rs.5000 would be applicable for late filing of GSTR-9 return. Only if all the GSTR-1, GSTR-2 and GSTR-3 returns are filed, the taxpayer would be able to file GSTR-9 return on the GST Portal.
Yes. Regular taxpayers registered under GST having an annual aggregate turnover of over Rs.5 crores during a financial year are required to the GSTR-9 return with audited accounts. GSTR-9 accounts can be audited by a practising Chartered Accountant or Cost Accountant.
GSTR-9 or GST annual return is a type of GST return that must be filed by regular taxpayers and persons registered under GST composition scheme.