Annual Return Filing – Things to know

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ANNUAL
RETURN
FILING
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o m
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GST Annual
Return Filing
The world of GST Annual Return Filing is complex
for many people. It is mandatory to have the GST
registration number and to file your annual
Return. However, if you need to learn about it,
then in this blog, we will guide you through the
basics of Annual GST Return Filing, highlighting
the importance of timely compliance.
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What is the GST Annual Return Filing?
GSTR-9 is a form for GST Annual Return Filing
that almost every business with GST Registration
must fill out annually. It includes information
about the supplies sold, supplies bought, taxes
owed, and credits received during a financial
year.
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Who Needs to File Annual Return?
Three categories of companies need to comply with
the provision of filing an annual
return. Category 1- Every Company registered
under the Companies Act, 2013 or the Companies
Act, 1956 must file an Annual Return enclosed 60
days from the winding up of its Annual General
Meeting. Category 2- Every Company whose name has
been published for not obeying the Annual
Compliance. Furthermore, Around 31250 companies
received this notice. Category 3- All companies
whose directors have been debarred under Section
164(20) for not filing an annual return.
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Process of Filing Of Annual Return
The mentioned steps are taking part in the filing
of annual returns
Step 1 - Maintenance of Book Of Accounts- Every
Company must maintain a Book of Accounts per the
Companies Act, 2013. It serves as compliance
with the law and helps keep track of the inflow
and outflow of the company's finances. Step 2-
Conducting Audit Of Financial Statements- The
Auditor of the Company needs to audit the
company's financial statements and submit his
report on the company's accounts to the members.
He also has to state in his report whether the
company's accounts give a fair picture of the
company's state of affairs.
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Step 3- Commencing Annual General Meeting- The
Annual General Meeting is the congregation of
the company's shareholders conducted every year
made compulsory by the Companies Act, 2013 that
all companies except One Person Company need to
hold an Annual General Meeting each year. You
must keep the date of the Annual General Meeting
between 15 months from the beginning of the
preceding Annual General Meeting. Step 4 -
Annual Return Filing- After the Annual General
Meeting commences, you must file it to the
Registrar of Companies (ROC). Also, it is
necessary to submit the company's audited
financial statements in the authorized format to
the Ministry of Corporate Affairs. The company
should file the financial statements enclosed
within 30 days and annual Returns between 60
days after the Annual General Meeting.
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Penalties for Missing Annual GST Return Filing
compulsory for businesses in India
As per the penalty provisions outlined in the
GSTR-9 annual return form, taxpayers must pay a
penalty of Rs. 200 per day, with Rs. 100 each
allocated for SGST and CGST. Knowing that the
total penalty can be 0.25 of the total turnover
is essential. If the turnover exceeds Rs. 5
crores, the late fee will be Rs. 100, with Rs.
50 each allocated for SGST and CGST.
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