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GST Annual Return

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What is GSTR 9: Annual Return Filing?

 

GSTR 9 is the annual return that's to be filed yearly by the taxpayers registered under GST. It consists of details relating to the outward and the inward supplies created during the relevant financial year.Annual return is a consolidation of periodical returns and reconciliation with books of accounts.


Before filing GSTR 9, the taxpayer should file all GSTR-1, GSTR-3B, or GSTR-4 returns. Additional liability for the financial year not declared in Form GSTR-1 & 3B,or GSTR-4 returnsto bedeclared in Annual  return. Tax payers cannot claim unclaimed input tax credit through GSTR-9. In case of over dues, the GSTR registration holder will not be allowed to file an annual GST annual return.


GSTR 9 consists of details regarding the outward and the inward supplies made or received throughout the relevant financial year under CGST, SGST, and IGST. It is a consolidation of all the monthly/quarterly returns filed in that year.


GST annual return filing is mandatory for all entities with a turnover of more than 2 crores needed to get GST registration, regardless of the business activity or sales or profitableness throughout the return filing period. Hence, even a dormant business that gets GST registration should file GST returns.

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Who should file GSTR-9, the annual return?


All taxpayers/taxable persons registered under GST should file their GSTR 9. However, the following are NOT required to file GSTR 9:

  • Taxpayers opting composition scheme (They must file GSTR 9A)

  • Casual Taxable Person

  • Input Service Distributor

  • Non-resident Taxable Person

  • Persons paying TDS under section 51 of CGST Act.


What are the details required to be filled in the GSTR-9?


GSTR-9 is divided into 6 parts and 19 sections. Each part asks for details that are easily available from your previously filed returns and books of accounts.


1. Basic Details

2. Details of outward supplies as reported in returns during the financial year.

3. Details of ITC availed and reversed, declared within the Returns filed during the Financial Year.

4. Details of taxes paid, as declared in returns filed throughout the financial year.

5. Particulars of the transactions for the previous FY declared in returns of April to September of current FY or upto date of filing of annual return of previous FY whichever is earlier (Table 10 to 14).

6. Other information.

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What are Different Sorts of Annual GST Returns?

 

  • GSTR - 9 [Sec 44(1)] : The regular taxpayer who files 1 and 3B forms are required to file the GSTR-9. 

  • GSTR - 9A [Sec 44(1)] : The composition scheme holder under GST is required to furnish GSTR-9A. 

  • GSTR-9B[Sec 52(5)]: All the e-commerce operators who have filed GSTR-8 are required to file GSTR-9B in a financial year.

  • GSTR-9C[Sec 44(2)/35(5)]: The taxpayers whose annual turnover cross Rs. 2 crores are required to file GSTR-9C in a financial year. All those taxpayers are needed to obtain the accounts to be audited and furnish a copy of the reconciliation statement of tax already paid, audited annual accounts, and tax payable according to the audited accounts with GSTR-9C.

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Late filing of Annual Return

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Filing after due date attracts late fee and penalty.

Late fee is of Rs.200 (Rs.100 for CGST + Rs.100 for SGST) per day subject to a maximum of Rs.0.50% (0.25% + 0.25%) of turnover in the state. [Sec 47(2)].

Notice u/s 46 for Immediate filing (within 15 days) of GSTR 9 can be ordered by the authorities.

Genral Penalty may extend to Rs.50,000 (Rs.25,000 + Rs.25,000) (Sec125).

 

DISCLAIMER- These materials are public information and have been prepared solely for educational purposes. These materials reflect only the personal views of the author and are not individual legal advice.

It is understood that each case is fact specific and that the appropriate solution in any case will vary. Finally, the owner will not be accountable for any loses injuries or damages from the exposures or usage of this information.

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