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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. <br>
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ANNUAL RETURN FILING 70680 73935 www.eazybills.com
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.
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.
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.
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.
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.
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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