Annual GST Compliance Services

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What is Annual GST Compliance?

Annual GST Compliances are basically related to submitting a detailed report on business activities done in a Financial Year and are related to the trade of Goods and Services. It is authorized by the Government and Authorized with NO risk. It is a secured task that is obligatory, and it needs to be done for all the Goods and Services businesses that are eligible as per GST guidelines, or else it can lead to penalties. 

Annual GST Compliances

Any trade that has a minimum threshold turnover of INR 40 lakh (for goods) and INT 20 Lakh (for services) is basically applied to the trades operating on goods and services, like, transport, hospitality, food processing, food manufacturing, tools and equipment, and others needs to be registered in GST. GST, as we all know, Goods and Services Tax, is the only way to collect Indirect Tax as presented by the Indian Government under the Central Board of Indirect Tax (CBIT) that is liable to be paid at each stage of the supply chain. Several relaxations are applicable to trades and some regions (basically for the NE States, the minimum GST threshold for which is INR 20 Lakh). This exemption depends on the business capital utilized and the nature of the trade executed. After the registration of eligible GST taxpayers, GST needs to fulfill specific GST compliance as per FY, or else it can lead to penalties.

One notable point here is that there are separate GST rules that are applicable to the Goods and Services Trades that depend on the nature, size, operating area, and zone; therefore, GST Compliances may vary among such businesses.

GST Compliances After Registration

A trader registered with GST has various elementary compliance that needs to be performed without failure and must be followed afterward until the trade terminates the GST registration.

Below are the stages mentioned briefly:

1. GST Registration Details (GSTIN) need to be put in place of Business on the Name Board 

2. Appropriate selection of CGST and SGST/IGST charges applicable for the goods/ services needs to be made.

3. After receiving GST Registration Certificate, issuance of the GST permitted invoices needs to be done within 1 month.

4. GST charges on items must be set as per the guidelines and rates published by CBIT

5. In order to claim Input Tax Credit within 30 days of receiving GST registration, Form ITC-01 needs to be filed.

6. After receiving GST registration in GSTR-3B p.m., avail Input Tax Credit

7. GST permitted Books of Accounts and Records are to be maintained.

8. After successfully completing GST registration, GST filing should be done within the due date as per FY guidelines.

Things to be taken care of while completing allotted GST duties:

1. For intrastate supply, a trader is liable for CGST and SGST.

2. For interstate supply, IGST is applicable.

3. GST invoices after every taxable supply need to be issued. The composition dealer should issue the issuance of a bill of supply/exempt supply.

4. A single invoice-cum-bill for the supply of taxable/exempted items to an unregistered person needs to be taken care of.

5. GST tax invoice should be issued during the time of removal of goods in case of a supply of goods.

6. For services, a GST tax invoice is to be issued within 30 days from the service provided date.

7. Applicable GST on the item sold in the GST invoice must be mentioned, or the trader is liable to pay penalties. Except for those whose Reverse Charges under GST are eligible, suppliers and traders need to issue such invoices to buyers. The requisite GST tax needs to be deposited in the Government's account within the deadline.

8. Input Tax Credit (ITC) can be demanded on the grounds of the GST that is being charged on the buying of goods and services with applicable rates in the form of CGST and SGST/IGST.

9. Composition dealers cannot claim ITC and are not required to charge any kind of GST from buyers.

10. Records of at least 72 months per FY from the annual return filing deadline in GSTR-9/GSTR-9 need to be preserved as per GST laws. The following records are to be maintained as a part of GST liability:

  • Goods production
  • Supply of goods/services, both outward and inward
  • Register of stock
  • Availed ITC
  • Output tax payable and that has been paid in past

Annual GST Compliances per FY

After GST registration, a trader should fulfill some compulsory GST Compliances each FY. 

  • Ensuring periodic GST returns with detailed analysis of outward sales of goods and services, ITC details, invoices, and debit/credit statements which is then followed by the Summary Return to make certain the legitimacy.

Note: The traders must upload all important GST invoices with their filing as GST provides an online facility for amendments in uploaded invoices.

The filing times as per the type of GST registered trader are:

Type of traders Comments Timings for filing

Normal GST Traders

both Return/Summary


Composite Dealers

annual turnover up to INR 1.5 crore


Ecommerce Operators

liable to collect TCS


Input Service Distributors



Non-Resident Foreign Dealers



Important Information regarding Maintenance of Accounts and Records

  • Purchase Register, Sales Register, Stock Register, Record of Input Tax Credit, Output Tax Liability and other accounts and records should be maintained according to the GST rules.
  • GST specific Accounts Audits to be performed by only registered CA to prepare Audited Financial Statements to be presented to the GST Office per FY (Compulsory for the traders and suppliers of Goods/Services whose annual turnover is above INR 2 crore in an FY)
  • ITC claims should be made by each GST registered trader, excluding Composite Dealers.
  • Present Annual Return per FY applicable for every GST registered taxpayer.

Benefits of Annual GST Compliances for Applicable Businesses

  1. There is no requirement to pay various kinds of State and Central Level Indirect Taxes after the introduction of GST.
  2. Simple and more options choices available for small business owners like
  • Composite GST 
  • Voluntary GST 
  1. The unorganized sector is synchronized, including e-commerce operators
  2. The count of GST Compliances is comparatively less than in past tax systems.
  3. GST Registration and Filing can be updated, reviewed, and rectified as per convenience as it is an online process.
  4. It relieves small traders by excluding them from GST Compliances as the GST threshold for registration is higher for the normal taxpayer.

Annual GST Returns to File by Eligible Businesses

Type of filing Comments Timings of filings


Periodic Return (Normal Taxpayers)

Monthly Usually, by 11 th of the upcoming month


Self-Declaration of GST Summary



Periodic Return (Composite Dealers)

Quarterly on the 18th of the month that is succeeding the quarter


Periodic Return (Non-Resident Foreign Traders)

Monthly 20th of Next month


Periodic Return (Input Service Distributors)

Monthly 13th of Next month


Periodic Return (E-Commerce Operators)

Monthly 10th of Next month


Annual Return (All GST Registered taxpayers, excluding the Composition Dealers, Casual Taxable Persons, ISD, Non-Resident Taxable Persons, and People paying TDS u/s 51 of CGST Act)

Annually By 31 st Dec per FY


Annual Return by Composite Dealers

Annually By 31 st Dec per FY


Certified Reconciliation Statement by GST registered taxpayers with turnover above INR 2 crore to be presented: GSTR-9.

Audited Annual Accounts did by a registered practicing CA

Annually By 31 st Dec per FY

GST filings under special circumstances:

Type of filings Comments


Return filing for taxpayers whose GST Registration is canceled


GST taxpayers are issued with a Unique Identity Number (UIN) in order to receive refunds under GST for the goods and services purchased in India.


Cancellation of GST Registration, except for taxpayers with UIN, who are registered as Tax deductors/Tax collectors

Why Especia and the benefits of the package offered by the GST Compliance

Especia provides a wide range of benefits and services to meet both individual and organizational needs. Especia is a valuation, taxation, and compliance firm. Especia has evolved into a one-stop financial services hub with its solutions and unique expertise. Here you will find optimized solutions to your financial and accounting service queries. The benefits of the software package offered by the GST Compliance are 

  1. Tally data import
  2. Simple Reconciliation
  3. HSN finder for multiple users
  4. Ledgers for invoice generation
  5. Find a supply location
  6. Notification of Seller Mismatch
  7. GSTIN Verifier
  8. GST filing can be done in easy and simple steps.
    • Upload sales data from Excel/ERP (GSTR-1)
    • Purchases from Excel/ERP should be uploaded (GSTR-2)
    • Buyer and supplier values are reconciled using the software.
    • GSTR 1A should be reviewed and submitted.
    • Final return (GSTR-3) preview and filing

Ans. It is turnover-based compliance in which anyone who had a turnover of more than INR 4 million in goods and INR 2 million in services in the previous fiscal year must register with the GST regime and begin following other compliances as a registered supplier.

Ans. A GST taxpayer can easily determine whether or not their vendor has filed GST returns.

Ans. A GST invoice is issued to the recipient or buyer of goods and services by a supplier or seller.

Ans. When the amount of tax involved is up to 50 lakhs, the person must serve a one-year prison sentence in addition to paying the penalty. When the amount is between 50 and 100 lakhs, the sentence is three years in prison plus a fine. When the amount exceeds 100 lakhs, the sentence can be up to 5 years in prison plus a fine.

Ans. An offender who fails to pay tax or makes late payments must pay a penalty of 10% of the tax due, subject to a minimum of Rs. 10,000.

Ans. A GST-exempt business is one that has a turnover of less than Rs. 40 lakhs. Businesses with an annual aggregate turnover of less than Rs. 1.5 crores are eligible for the GST composition scheme.

Ans. According to rule 46 of the Central Goods and Service Tax Rules, 2017, the length of the GST invoice number cannot exceed 16 characters, which means that the GST invoice number can only be up to 16 digits long.

Ans. Input Tax Credit (ITC) refers to the Goods and Services Tax (GST) paid by a taxable person on purchases of goods and/or services used or to be used for business. The ITC value can be deducted from the GST payable on the taxable person's sales only after certain conditions are met.

Ans. GST returns can be filed online using Goods and Service Tax Network (GSTN) software or apps, which will auto-populate the details on each GSTR form.

Ans. The invoice can include a handwritten GST number. Refer to CGST Rule 46 in conjunction with CGST Rule 48. The rule does not require the GSTIN number to be preprinted on invoices.

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