GST Annual Return Filing in Chennai

GST Annual Return Filing in Chennai

The Goods and Services Tax (GST) regime in India requires all registered taxpayers to file their various types of returns during the year. Among these, the GST Annual Return is a comprehensive statement summarizing the outward and inward supplies, taxes paid, and input tax credits claimed during a financial year. This return helps the government to settle a taxpayer's records and verify GST compliance.

For businesses operating in Chennai, timely and accurate filing of the GST Annual Return is crucial to prevent heavy fines and maintain a good compliance record. Chennai, being a commercial hub of Tamil Nadu, has thousands of businesses registered under GST. Many of them, especially small and medium enterprises, face challenges in understanding the complex requirements of GSTR-9 — the annual return form.

Types of GST Annual Return in Chennai

Under GST, there are different types of annual returns that basically depend on the category of the taxpayer:

1. GSTR-9– Annual return for regular taxpayers registered under GST.
2. GSTR-9A– Annual return for taxpayers who opted for the Composition Scheme (now scrapped after FY 2018–19).
3. GSTR-9C– Reconciliation statement and self-certified audit report for taxpayers with turnover above a specified limit (earlier ₹2 crore, but audit requirement is waived from FY 2020–21 onwards).

For most businesses in Chennai, GSTR-9 is the relevant annual return.

Who Should File GST Annual Return in Chennai?

Every registered taxpayer under GST in Chennai and across India must file an annual return in GSTR-9, except:

• Taxpayers registered under the Composition Scheme (up to FY 2018–19).
• Input Service Distributors (ISDs).
• Non-resident taxable persons.
• Casual taxable persons.
• Persons paying TDS under GST.

If you are a regular taxpayer registered under GST in Chennai, you are required to file GSTR-9 annually, irrespective of whether you had any business transactions during the year.

GSTR-9 Turnover Limit

Though every regular taxpayer must file GSTR-9, the government has provided relief to small taxpayers in certain years.

• For FY 2017–18, FY 2018–19, FY 2019–20, and FY 2020–21, taxpayers with turnover up to ₹2 crore were exempted from filing GSTR-9.
• For FY 2021–22 and onwards, the exemption limit continues at ₹2 crore turnover.

However, taxpayers with turnover above ₹5 crore must also file GSTR-9C along with GSTR-9. It is important to check the latest notifications for the financial year you are filing, as rules may change.

Due Date for Filing GST Annual Return in Chennai

The due date for filing GSTR-9 is 31st December of the following financial year. For example, for FY 2023–24, the due date would be 31st December 2024.

However, the government may extend this deadline through official notifications or the gazette, so it is important to keep track of the latest announcements on the GST portal or consult your GST practitioner.

Documents Required to File GST Annual Return Filing in Chennai

You need to collect the following documents and information before filing your GST Annual Return:

1. GSTIN and legal name of your business.
2. Details of outward supplies (sales) during the year.
3. Details of inward supplies (purchases), including those liable to reverse charge.
4. Summary of input tax credit (ITC) availed and reversed.
5. Details of taxes paid — CGST, SGST, IGST, and cess.
6. Details of advances received and adjusted.
7. Details of amendments or corrections made in GST returns filed during the year.
8. Any refunds claimed or demands raised.
9. Reconciliation statements of sales and purchase registers with GSTR-1, GSTR-3B, and books of accounts.
10. Audited annual financial statements (if applicable).

Having these documents ready will make your filing process smooth and error-free...!

Procedure to File GST Annual Return (GSTR-9) in Chennai

Here’s a step-by-step procedure to file your GSTR-9 online:

1. Prepare Data: Reconcile your monthly/quarterly GST returns (GSTR-1 and GSTR-3B) with your books of accounts.
2. Log in to GST Portal: Go to https://www.gst.gov.in/ and log in using your GSTIN and password.
3. Navigate to Annual Return: Under the “Services” menu, select “Returns” → “Annual Return.”
4. Select Financial Year: Choose the financial year for which you want to file GSTR-9.
5. Fill out GSTR-9 Form: The form is divided into multiple sections covering outward and inward supplies, ITC availed and reversed, tax paid, and other details.
6. Save Drafts: After entering details, save your draft regularly to avoid data loss.
7. Preview and Validate: Carefully review the auto-populated figures and manually enter data. Reconcile with books of accounts.
8. Submit and File: Once it gets confirmed, then submit the return and proceed to file using a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC).
9. Download Acknowledgment: After successful filing, you can download and save the acknowledgment slip for your records...!

Consequences of Not Filing GST Annual Return

Failure to file your GSTR-9 by the due date can lead to:

• Late Fees: ₹200 per day (₹100 under CGST + ₹100 under SGST), subject to a maximum of 0.25% of the taxpayer’s turnover in the state or union territory.
• Interest: If there is any tax liability, interest at 18% per annum will be levied.
• Compliance Rating Impact: Delay or non-filing can affect your GST compliance rating and credibility with customers, vendors, and financial institutions.
• Legal Action: Persistent non-filing can attract scrutiny and legal proceedings from tax authorities.

Hence, it is always advisable to file your GST Annual Return on time...!

Benefits of Filing GST Annual Return on Time 

1. Avoid Penalties: Timely filing helps you avoid late fees, interest, and legal issues.
2. Better Compliance Rating: A good GST compliance rating enhances your business reputation and trustworthiness.
3. Financial Discipline: Annual reconciliation helps identify discrepancies in your accounts and improve record-keeping.
4. Ease in Getting Loans: Banks and financial institutions often require GST compliance records when processing loans or credit facilities.
5. Peace of Mind: Filing on time ensures you can focus on growing your business instead of worrying about tax issues.

Why Choose Us for Filing GST Annual Returns in Chennai?

Filing GSTR-9 can be a complex and challenging process due to reconciliations and data accuracy requirements. Our team of experienced GST professionals in Chennai provides end-to-end support for your GST Annual Return filing.

We offer:

• Free initial consultation.
• A detailed reconciliation of your GST returns with your books.
• Error-free preparation and filing of GSTR-9.
• Assistance with GSTR-9C if required.
• Affordable and transparent pricing.
• Dedicated relationship manager for your GST needs...!

Our experts stay up to date with the latest GST laws and notifications to ensure your filings are always compliant.

GST Annual Return filing is a crucial compliance requirement for every registered business in Chennai. Timely and accurate filing of GSTR-9 not only helps you prevent hefty penalties but also improves your credibility and accountability in business growth prospects. With the complexities involved in the GST reconciliation process, seeking professional help can save time, ensure error-free and hassle-free filing, and give you peace of mind and relaxation.

By staying active with your GST compliance, you also set a solid foundation for the long-term success of your business. Regularly reviewing and verifying your records, keeping accurate books of accounts, and reconciling data with your returns not only simplify annual filings but also provide valuable insights into your business's financial health. When you file on time, you express professionalism and reliability to your customers, vendors and investors. This can open new opportunities and paths, build trust with partners, and make it easier and simpler to secure loans or attract investment. Choose expert help and stay compliant with ease.

If you need assistance in filing your GST Annual Return in Chennai, our experienced team is ready to help you every step of the way.