One of the most significant reforms to affect India in recent years is the Goods and Services Tax (GST). The sale of goods and services is subject to the GST, which is a consumption tax. It was introduced in 2017 and went into effect on July 1 of that same year.

The submission of GST yearly returns is a crucial part of business GST compliance. Regardless of whether they are involved in intrastate or interstate trade, all businesses registered under the GST scheme are required to submit this form.

The deadline for filing the GST annual return is December 31 of the following fiscal year, and it must be done each year. The GST yearly return filing requirements in India are explained in this guide. It outlines the important filing requirements as well as the due dates.

Who is required to file a GST annual return?

Under the Goods and Services Tax (GST) system, businesses are required to file an annual return if their total turnover for the financial year exceeds Rs. 20 lakhs. The annual return is a summary of a businesses' GST liability for the year, and must be filed with the relevant authorities by the due date.

If your business is registered for GST, you will need to file an annual return even if your turnover is less than Rs. 20 lakhs. This is because businesses are required to file a return even if they have nil or zero GST liability for the year. The due date for filing the GST annual return is 31st December of the relevant financial year.

If you fail to file your GST annual return by the due date, you may be liable to pay a late filing fee.

How to file a GST annual return?

The annual GST return is a report of a business's GST-related activity for a financial year. This report is lodgement with the ATO and is used to calculate the business's GST refund or liability.

Businesses can lodge their annual GST return themselves, however, many businesses choose to engage the services of a professional tax advisor or accountant to assist with this task. GST specialist ASC Group can assist your business file your annual GST return, ensuring it is done correctly before the due dates. Contact ASC Group today for all your GST needs.

Share this post

Related Post

Section 115BAC: Understanding The New Income Tax Regime Section 115BAC: Understanding The New Income Tax Regime
Land DepreciationLand Depreciation
Section 194N - AnalysisSection 194N - Analysis
  • Contact Us

  • Should be Empty:

Chat on WhatsApp