What we do
Our work in this practice group is structured around the records, deadlines, and decisions involved:
- Comprehensive year-end reconciliation of GST records.
- Verification of turnover and outward supply reporting.
- Detailed review of input tax credit claimed during the financial year.
- Reconciliation of periodic GST returns with books of account.
- Identification of tax differences, reporting errors, and potential liabilities.
- Accurate preparation of the applicable annual GST return.
- Support for annual GST reconciliation and related compliance.
How the engagement works
Annual GST return requirements are governed by the applicable provisions of the Central Goods and Services Tax Act, 2017, corresponding State or Union Territory GST laws, GST Rules, notifications, and prescribed procedures. Eligible registered taxpayers may be required to furnish an annual return in the prescribed form, subject to applicable exemptions, thresholds, and conditions. Where applicable, reconciliation requirements such as GSTR-9C may also arise depending on the taxpayer’s circumstances and the provisions applicable for the relevant financial year.
Scenario 1: A registered business needs to consolidate and reconcile its monthly or quarterly GST returns at the end of the financial year.
Scenario 2: A company has differences between its books of account and GST returns and requires year-end reconciliation before filing the annual return.
Scenario 3: A business wants to verify its total input tax credit, tax payments, and outward supply reporting for the financial year.
Scenario 4: A taxpayer is required to complete an applicable annual GST return and related reconciliation statement and needs professional assistance.
Scenario 5: Management wants to identify potential GST liabilities or reporting discrepancies before completing year-end GST compliance.
Annual GST Data Collection
We collect and organize financial-year GST returns, sales and purchase records, tax payment details, input tax credit information, and relevant accounting data.
Turnover & Sales Reconciliation
We reconcile turnover and outward supply figures reported in books with the corresponding GST returns and identify differences requiring review.
Input Tax Credit Reconciliation
We review input tax credit claimed during the year and reconcile relevant purchase records, GST data, reversals, and other applicable adjustments.
General questions
01What is an Annual GST Return?
An Annual GST Return is a consolidated GST filing for the financial year that summarizes relevant outward supplies, input tax credit, tax liability, tax payments, and other prescribed information.
02What is GSTR-9?
GSTR-9 is the annual return prescribed for applicable registered taxpayers to provide a consolidated summary of GST-related transactions and information for the relevant financial year, subject to applicable provisions and exemptions.
03What is GSTR-9C?
GSTR-9C is a prescribed reconciliation statement used for applicable taxpayers to reconcile information reported in the annual GST return with the corresponding financial records, subject to the provisions and requirements applicable for the relevant financial year.
04Is every GST-registered taxpayer required to file an annual return?
Not necessarily. Annual return requirements may depend on the taxpayer’s category, turnover, applicable exemptions, and the provisions in force for the relevant financial year.
05What documents are required for annual GST return filing?
Documents may include filed periodic GST returns, trial balance, financial statements, sales and purchase registers, input tax credit records, tax payment details, credit and debit notes, and other GST and accounting records for the financial year.
06Why is GST reconciliation important before filing the annual return?
Reconciliation helps identify differences between books and periodic GST returns, incorrect reporting, input tax credit discrepancies, tax payment differences, and other matters that may need correction or additional reporting.
07Can you help identify additional GST liability during annual return preparation?
Yes. During reconciliation, we can identify potential differences or additional liabilities and assist in evaluating the appropriate treatment and compliance action under the applicable GST provisions.
