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GST Annual Return 

All firms with a turnover of fewer than two crores are required to file a GST annual return. Many financial consulting firms have come up to ease the process of GST filing returns. PKC is one of those market firms that help file returns. We have compiled a guide about GST returns which would help you file returns easily.u00a0<br>

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GST Annual Return 

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  1. GST Annual Return  www.pkcindia.com

  2. How to File GST Annual Return for 2022 • GST was launched on July 1st, 2017, in India under the new GST regime. Over 1.3 crore firms in India have been registered and given a GST registration per the rule. The GST-registered firms are required to submit annual returns by the set date. It's a mandatory requirement which is to be done with diligence.  • All firms with a turnover of fewer than two crores are required to file a GST annual return. Many financial consulting firms have come up to ease the process of GST filing returns. PKC is one of those market firms that help file returns. We have compiled a guide about GST returns which would help you file returns easily.  • www.pkcindia.com

  3. What is GSTR9: Annual Return Filing?  • The annual report, or GSTR 9, is required to be submitted each year by taxpayers who have registered for GST. Each year, taxpayers who are GST-registered must submit GST annual return. The report includes information about the supply made throughout the financial year, internally and externally. • The taxpayer must submit all GSTR-1, GSTR-3B, or GSTR 4 returns before submitting GST annual returns. The GSTR registration holder will not be permitted to submit an annual GST return if any debts are there. It should be cleared soon to file the return within the due date. • www.pkcindia.com

  4. The information included in the GSTR9 \ GST return form:  • Outgoing and incoming supplies made or received during the relevant financial year under CGST,  • SGST, and IGST details of the firms  • In simple words, GST annual return is a compilation of all the quarterly and monthly returns submitted by the GST registered firm throughout that financial year.  • www.pkcindia.com

  5. Eligibility Of Filing GSTR9  • All GST-registered taxpayers and taxable individuals must submit the GST annual return within the stipulated time. The following are the eligible people who should file a GST return:  • Taxpayers who choose the composition plan (Must file GSTR-9A) • Distributors of sporadic Taxable Person Input services • Taxpayers who are not residents • TDS payers follow Section 51 of the CGST Act. • www.pkcindia.com

  6. Details Required To File A GST Annual Return  • GSTR9 have six segments and 19 sections in general. The information requested in each area can be found easily in previously filed returns and books of accounts. • The form requests disclosure of annual sales, separating cases that are subject to tax from those that are not. The document must disclose the annual value of the inbound supply and the ITC (income Tax Credit) received thereon.  • Additionally, these purchases need to be categorised as capital goods, input services, and inputs. • Information on ITCs is reversed because ineligibility must be entered as a GST annual return.  • www.pkcindia.com

  7. GST Annual Returns Types • Based on the form that needs to be filed, there are three different forms of GST annual return filing: • GSTR 9 • Firms must file the GST annual return in the form GSTR-9 with a revenue of more than two crores.  • GSTR-9A • GSTR-9A must be filed by registered taxpayers who have chosen the GST Composition plan for returns.  • GSTR-9C • The taxpayers' reconciliation statement for a specific fiscal year is filed using Form GSTR-9C. This document reconciles the data in the taxpayers' audited financial statements and the GST annual return in GSTR-9. Format of GSTR9 Form  • Basic Information • The form's first section contains the taxpayer's basic information, which has already been filled out by default.   • Details of Incoming and Outgoing Supplies • Details about the taxpayer's inner and outward supplies during that specific financial year are included in this form section. These specifics will be presented in a condensed version containing all of the FY's data. • Income Tax Credit information • If any, the taxpayer must include information about any ITCs that were reversed or found to be ineligible for reimbursement in this column. For the entire FY, the data must be combined. • Information on Tax Paid • Details of the tax that the taxpayer paid under the GST Act for the relevant financial year are contained in this section. In addition, the taxpayer may use the GSTR3B form to record the information in this part. • Transactional Details • Every taxpayer must provide information regarding all transactions the firm has carried out.  • www.pkcindia.com

  8. Locations Chennai 27/7, Alagappa RdPurasaiwakkamChennai, Tamil Nadu 600084 Bangalore 310A & 310B Third FloorSigma Central Mall, Cunningham roadBengaluru, Karnataka 560052 Bhopal 33, Geet bungalows, Phase - 1JK Road, Near Minal MallBhopal, Madhya Pradesh 462023 Vijayawada No. 2, Wahad TowersMasjid Street. BhavanipuramVijayawada, Andhra Pradesh 520012 • www.pkcindia.com

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