The time of the year has come where all your GST skills will be put to test. The first ever annual GST returns filing period. GST returns for the financial year from 1st July 2017 to 31st March 2018 needs to be filed by 31st March 2018 or before. There has already been an extension on the deadline and while you might wait till the last day to file your returns we suggest do it a little prior. The sole reason being, with so much traction and the first time GST returns, will be filled, the website \u2018might\u2019 just crash with heavy traffic. And the last thing one wants to do is pay a penalty over and above your GST returns.<\/p>\n\n\n\n
This blog is going to cover most of the essentials you need to keep in mind while filing for the annual returns. As this is the first time such a large process is happening, there are a few pointers to keep in mind before you start the process. So let\u2019s dive right into it. Curious to know the process of GST Filing of returns? Don\u2019t worry, we\u2019ve got you covered. Click here to know the process for GST Filing of Returns.<\/p>\n\n\n\n
As per section 44(1) of the CGST Act, 2018, \u2018every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year.\u2019<\/p>\n\n\n\n
The government has introduced different categories for different variants of taxpayers such as normal taxpayers, taxpayers under the composition scheme, foreign non-residential taxpayers and so on. All registered taxpayers need to file for their annual returns, except<\/p>\n\n\n\n
FORM FILLING PROCESS OF GST ANNUAL RETURNS<\/strong><\/p>\n\n\n\n Once you have noted the category of taxpayer you fall under, there are different forms provided for different types of taxpayers. Only the form of the category you fall under needs to be filled. As per GST Rule 80, four types of annual returns have been established. The table below shows the different types of taxpayers and forms:<\/p>\n\n\n\n