GST Annual Return Filing Services in India
The Annual Return is the most important document under GST. It consists of all the details of purchases and sales made by you during the financial year, coming under the different tax heads like CGST, SGST and IGST. The turnover and audit information is also included in the return form.
The annual returns need to be prepared at the earliest possible, if not, it might result in a last minute rush. In this context, the experts advised to prepare the returns well in advance.
Hence, before going ahead with the filing of annual returns, taxpayers should carry out thorough reconciliation and check whether the monthly or quarterly GST returns have been filed in agreement with the books of accounts. The taxable, exempted and non-GST turnover must be matched correctly and any discrepancy should be corrected immediately.
It is also advisable to review the invoices against which input tax credit was claimed. In case the invoices are not paid within 180 days of receipt, the credit availed will be reversed.
Therefore, it is vital to ensure that the purchase invoices are verified with the books of accounts before the commencement of annual return preparation. This should be done to avoid mismatch of data that might occur during the filing process, leading to errors and omissions in the return form.
As the system is revamped and simplified, smooth execution sans technical glitches is critical. In order to achieve that, the government plans to link GSTR 1, the form used for filling outward supplies with GSTR 3B, the form used for filing returns summary. This would reduce mismatch of data, input tax credit mismatch and prevent tax evasion.
tel:+917299972500
Comments
Post a Comment