IMPORTANCE OF ANNUAL COMPLIANCE IN GST

Any items which lead to increase in input tax credit cannot be rectified vide this form. It is not applicable to taxpayers under the Composition Scheme, Input Service Distributors, casual taxable persons, and non-resident taxable persons.

- CA Gaurav Kenkre

The Goods and Services Tax (GST) regime in India mandates registered taxpayers to comply with various annual and periodic filing requirements. Two. critical components of these are GSTR-9, the Annual Return, and GSTR-9C, the Reconciliation Statement.These forms not only ensure transparency in tax reporting but also play a significant role in the reconciliation of financial statements with GST returns. The deadline for submitting these forms for the financial year 2023-24 is set for December 31, 2024.

Understanding GSTR-9 and GSTR-9C