- Nil Annual Return- A person registered under GST but having no transactions during the year is still required to file a Nil Annual Return. A person who has got his registration cancelled during the year is also required to file the Annual returns.
- A Registered person who has opted in or opted out of composition is required to file both GSTR 9 & GSTR 9A for the relevant periods.
- GSTR-9 does not allow for any revision after filing.
- It is mandatory to file FORM GSTR-1 and FORM GSTR-3B for the FY 2017-18 before filing this return.
- The exceptions to filing of the Annual return applies to the following category of registered persons:
- Input Service Distributor
- A person required to deduct TDS
- Tax collector u/s 52
- Casual Taxable Person
- Non-Resident Taxable Person
- Composition Taxable Person
- The declaration of the information in the Annual returns has multiple implications. Any incorrect information can attract tax demands, interest and penalties on the same, leave alone the long-term litigations that follow years later.
Certain transactions are not reported in the GST returns, but these affect the tax liability at the end of the annual period. Supply without consideration and goods sent on approval basis to name a few. One of the popular ones being the deemed supplies where taxpayers have sent inputs or capital goods to the job workers and have not received them by one or three years respectively.
Liability identified during filing Annual Return can be deposited with Government using DRC-03 Form.