Normal Taxpayers Required to File Annual GSTR-8 Return; Must Reconcile with Audited Financial Statements and Address Discrepancies

All normal taxpayers must file an Annual Return (GSTR-8) to provide a comprehensive overview of their activities, reconciling returns with audited financial statements. This detailed return includes income and expenditure details, reconciles monthly tax payments, and addresses any discrepancies in reported activities. It also captures pending arrears and refund claims. The gross profit/loss in this return should match the Profit and Loss Account. Taxpayers needing audits under the Income Tax Act must submit a Chartered Accountant-certified reconciliation statement. A consolidated statement of purchases and supplies may be provided by the GSTN portal to aid in preparing the annual return.