Preparing an annual GST/HST return involves reconciling total sales, GST/HST collected, and Input Tax Credits (ITCs) for the entire fiscal year. Log into the CRA My Business Account, select the reporting period, input total revenue, tax charged, and ITCs, then submit and pay. Key steps include summarizing annual data, calculating adjustments, and submitting via NETFILE.
In Form GSTR-9, you need to declare the consolidated details of outward supplies, inward supplies, GST payable and ITC claimed for the previous financial year. The annual GST Return filling consists of different returns forms.
You must log in to the GST portal using your username and password and then click on the tab called 'Services'. Navigate to: Services → Returns → Returns Dashboard. Choose the financial year and the specific month or quarter for which you're filing. Click "Prepare Online" (or use upload options if you have one):
To file your first GST return, log into the GST portal, navigate to the return section, and fill out the required forms such as GSTR-1 and GSTR-3B with accurate details of your transactions. Can I file my GST return myself? Yes, you can file your GST return yourself through the GST portal.
Step-by-Step: How to File GST Return Online
Documents Required for GST Return Filing
How to file
GST Return Filing by Accountants is available at ₹998 per month, covering GSTR-1 and GSTR-3B filings. Expert accountants manage return filing using LEDGERS GST software to ensure smooth and hassle-free compliance.
If your GST turnover is below the $75,000 threshold, you may choose to register. But if you do, regardless of your turnover, you must: include GST in the price of most goods and services you sell. claim GST credits for most business purchases you make.
All GST/HST returns and forms can be sent by mail to the Canada Revenue Agency (CRA). However, most returns must be filed electronically in order to avoid a penalty.
Filing GST returns is a simple task as taxpayers just need to follow a few steps and furnish relevant details in the prescribed formats.
When you complete a GST return, you'll need to know:
GST Return is a document filed by GST-registered businesses containing details of sales, purchases, input tax credit, and taxes payable/paid. Filing is mandatory for all GST taxpayers. Returns must be filed on the GST portal monthly, quarterly, or annually, depending on the taxpayer's classification.
Step 1: Go to the GST portal (https://services.gst.gov.in/services/login) and log in using your GSTIN and password. Step 2: Fill in the details of the GST return filing period, including the financial year, period, and quarter. Step 3: Click on “Search”.
Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc.
A MCA annual return contains the information as pertaining to the previous financial year: 1. Details of registered office, principal business activities, particulars of its holding, subsidiary and associate companies. 2. Details of shares, debentures and other securities and shareholding pattern.
Preparing Your GST Return
We recommend assembling supporting documents, such as sales invoices and expenses, and records of GST collected and paid. You should also calculate your output taxes and input taxes. Accounting software such as Xero can streamline this process and improve tracking and reporting.
Enterprises in India must register for GST if their annual turnover exceeds Rs. 40 lakhs (or Rs. 20 lakhs for businesses in certain special category states).
On average, CAs may charge anywhere between Rs. 2,000 to Rs. 15,000 per year for filing GST returns.
Taxpayers Liable to Deduct TDS under GST
Entities such as government departments or notified persons who deduct tax at source viz., (TDS) under GST provisions are exempted from annual return filing. Their compliance is limited to TDS return filing.
When you use the quick method. When you use the quick method, you still charge the GST at 5% or the HST at the applicable rate on your supplies of taxable property and services (other than zero-rated supplies), but you remit only a portion of that tax. The HST rate can vary from one participating province to another.
For a $70,000 income in Canada (using 2025 rates), you'll pay roughly $13,000 to $20,000 in total taxes (federal, provincial, CPP, EI), depending on your province, resulting in a take-home pay around $50,000-$59,000, with federal tax around 14.5% or 20.5% depending on the portion, plus provincial tax and deductions like CPP and EI.
Start by identifying the applicable GST rate. Then apply this formula: GST Amount = MRP – (MRP × 100 / (100 + GST Rate)). For example, if a product's MRP is Rs.118 and the GST rate is 18%, the GST component would be Rs.18 (118 – (118 × 100 / 118)), making the base price Rs.100.