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GST Annual Return filing is a mandatory compliance requirement for all businesses registered under the Goods and Services Tax (GST). It involves the submission of a comprehensive summary of the business’s transactions, including sales, purchases, input tax credit (ITC), and tax liabilities for a financial year. WeIncept offers professional assistance in preparing and filing your GST Annual Returns to ensure that your business stays compliant and avoids penalties.

What Is GST Annual Return Filing?

The GST Annual Return is a detailed return that consolidates all monthly or quarterly GST returns (GSTR-1, GSTR-3B) filed during the year. Businesses with a turnover above a certain threshold are required to file GST Annual Returns in the form of GSTR-9, while composition scheme taxpayers must file GSTR-9A. In addition, businesses with an annual turnover of more than ₹2 crores must also file GSTR-9C, which is a reconciliation statement certified by a Chartered Accountant.

Key Services Offered by WeIncept for GST Annual Return Filing:

• GSTR-9 Preparation & Filing: We prepare and file the GSTR-9 form, ensuring all details related to sales, purchases, and ITC are accurately reported.
• GSTR-9A for Composition Taxpayers: Assistance in filing GSTR-9A for businesses under the composition scheme, summarizing turnover, tax paid, and other information.
• GSTR-9C Filing: We provide support for filing GSTR-9C (Reconciliation Statement), including audit by a Chartered Accountant for businesses with an annual turnover exceeding ₹2 crores.
• ITC Reconciliation: We assist with input tax credit reconciliation, ensuring that the ITC claimed matches the data filed in GST returns.
• Timely Filing & Compliance: Our team ensures timely filing of GST Annual Returns to avoid penalties and interest for late submission.

Documents Required for GST Annual Return Filing:

The following documents are typically required for GST Annual Return filing:

• GST registration certificate (GSTIN)
• GSTR-1 and GSTR-3B returns filed during the year
• Details of sales and purchases made during the year
• Input tax credit (ITC) availed and reversed
• Tax payment challans, if any
• Reconciliation of GSTR-3B with GSTR-1 and GSTR-2A
• Annual audited financial statements (for GSTR-9C)

Benefits of Filing GST Annual Returns with WeIncept:

• Compliance with GST Law: Filing your GST Annual Return ensures compliance with the legal requirements of the GST regime, reducing the risk of penalties or fines.
• Accurate Reporting of Financials: Proper filing helps you report accurate sales, purchases, and tax liabilities, reflecting the financial health of your business.
• ITC Reconciliation: GST Annual Return filing allows you to reconcile your input tax credit claims, ensuring they are accurate and preventing future disputes.
• Avoid Penalties: Timely filing of GST Annual Returns helps avoid hefty penalties and interest charges for late submission.

Types of GST Annual Returns:

• GSTR-9: Filed by regular taxpayers summarizing the details of outward and inward supplies, tax paid, and input tax credit claimed during the year.
• GSTR-9A: Filed by taxpayers under the composition scheme, detailing turnover, tax paid, and other information.
• GSTR-9C: Filed by taxpayers with a turnover exceeding ₹2 crores, along with audited financial statements.

Step-by-Step Process for GST Annual Return Filing:

1. Data Collection: We collect all the necessary data related to sales, purchases, and tax payments made during the year from your monthly or quarterly GST returns.
2. Reconciliation of ITC: We reconcile input tax credit claims to ensure that they match the data in GSTR-2A and other records.
3. Form Preparation: Our experts prepare the relevant GST Annual Return forms (GSTR-9, GSTR-9A, or GSTR-9C) with complete accuracy.
4. Submission on GST Portal: We file the prepared GST Annual Return on the GST portal before the due date, ensuring timely compliance.
5. Handling Queries & Notices: In case of any notices or discrepancies, our team assists in responding to queries raised by the GST department.

Why Choose WeIncept for GST Annual Return Filing?

• Expert Guidance: Our team of experienced professionals ensures that your GST Annual Return is filed accurately and in compliance with GST regulations.
• End-to-End Support: From data collection to form submission and follow-up, we provide end-to-end support for your GST Annual Return filing process.
• Timely Filing: We ensure that your GST Annual Return is filed before the deadline to avoid penalties and interest charges.
• Cost-Effective Solutions: We offer affordable and comprehensive GST return filing services, providing maximum value to your business.

Penalties for Late Filing of GST Annual Returns:

Failure to file GST Annual Returns within the stipulated time can result in penalties:

• Late Fee: A late fee of ₹200 per day (₹100 under CGST and ₹100 under SGST) up to a maximum of 0.25% of the turnover is applicable for late filing.
• Interest: Interest may be levied on any unpaid tax due after the due date of filing GST returns.
• Notice from GST Department: The GST department may issue notices for non-compliance if GST returns are not filed on time.

How WeIncept Ensures Smooth GST Annual Return Filing:

• Data Accuracy: We ensure that the data reported in your GST Annual Return is accurate and reconciled with your monthly or quarterly GST returns.
• Compliance Monitoring: We monitor your GST compliance throughout the year to ensure that your returns are filed on time and accurately.
• Expert Assistance: Our team of GST experts provides ongoing support and consultation to help you understand and fulfill your compliance obligations.
• Complete Confidentiality: We guarantee the confidentiality of your financial data and business information during the return filing process.

Get Started with WeIncept Today!

Take the next step toward establishing a firm and grow your business with the WeIncept's comprehensive solutions. Contact WeIncept at info@weincept.com or call +91 8595714205 to get started today. Let our experienced team guide you through the entire registration process so you can focus on building your business!