VAT & CST Annual Return & Finalization
Annual return filing under VAT and CST consolidates the financial year’s transactions and reconciles periodic returns with audited financial statements.
The annual process includes:
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Turnover reconciliation
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Tax liability adjustment
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Input tax credit validation
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Declaration form matching
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Disclosure of additional liability, if any
Any discrepancies identified during annual reconciliation must be addressed to avoid penalties or reassessment proceedings.
Proper documentation strengthens the business position in case of future scrutiny.