What are legal provisions for Annual return for GST?


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What are legal provisions for Annual return for GST? the legal provisions for filing the GST annual return. There are a few important things to remember when preparing this report. The commercial value of a transaction may not match the value listed on the return, but the difference can be included in a reconciliation statement. The commercial value of the transaction may be disclosed on an annual return. The reconciliation statement can be filed along with the annual return.

 

In case of late filing, the government will levy a late fee of INR 200 per day, up to 0.25% of the turnover of the Financial Year. The deadline for filing the annual return is a few months away. It is therefore imperative to plan your compliances ahead of time. You can file your return electronically by the due date. However, you need to know the legal provisions and the deadline.

 

There are three main types of returns: the GSTR-1, GSTR-2, and GSTR-9. These forms require detailed information about the supplies you made and received during the year under different tax heads. It consolidates the information you have entered in quarterly returns. Regular taxpayers must file GSTR 1 and GSTR 2 while composition taxpayers must file the GSTR 9A form. The GSTR-9 form is a statutory document that needs to be filed every year.

Contact top3auditors for GST Audits in Chennai +91 93400 00800

 

 

 

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