GST Compliance involves filing tax forms required by registered entities with the GST office.

What is GSTR-9 annual return?

GSTR 9 is a yearly return that must be filed annually by taxpayers registered under GST.

Key points to note:

– It includes details about the sales and purchases made/received during the relevant previous year under different tax heads such as CGST, SGST, IGST, and HSN codes.

– It is a compilation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Although complex, this return helps in thorough reconciliation of data for 100% transparent disclosures.

– Businesses with annual turnover up to Rs 1.5 crore can opt for the composition scheme. Turnover of all businesses with the same PAN must be added up to calculate turnover for the purpose of composition

scheme. Return – Only one return, i.e., GSTR-4 on a quarterly basis and an annual return in form GSTR-9A.

– A seller needs to file a return even if they have no business activity in a month, meaning no sales in a month. Return – In the case of no outward supplies, a seller needs to file a Nil GSTR – 1.