Annual GST Compliance
Annual GST Compliance is the year end process of filing the GST Annual Return and reconciling it with your monthly/quarterly GST filings. It ensures the tax figures reported throughout the year match your actual books of accounts, catching any discrepancies before they become penalties.
WHAT YOU NEED
Requirements to register a Public Limited Company
How it's done
- ✓Reconcile Records : Match GSTR-1, GSTR 3B filings against actual sales/purchase records
- ✓Prepare Annual Return : Compile consolidated annual GST data
- ✓File Form GSTR 9 : Submit the annual return for the financial year
- ✓File Form GSTR 9C : Reconciliation statement (if turnover exceeds ₹5 crore, self-certified)
- ✓Correct Discrepancies : Address any mismatches found during reconciliation
Who needs it
- ✓Mandatory for regular taxpayers with GST registration
- ✓GSTR 9C applies to businesses with turnover above ₹5 crore
Good to know:
- ✓Due date: December 31st of the following financial year
- ✓Late filing penalty applies per day of delay
