The government has clarified that an annual return must be filed under the Goods and Service Tax Act. Every GST registered person, including the composition taxable person, must file an annual GST return. The annual gst return includes consolidated details of outward and inward supplies, i.e. sales and purchases and tax paid by registered taxpayers during the year. The people listed below are exempt from filing an annual GST return: Non-resident taxable people, Casual (occasional), taxable persons, Input service distributors, Persons who pay Tax (TDS), Section 51 Tax Deducted at Source.
Did you know? Regular taxpayers with an aggregate turnover of greater than ₹2 crores are required to file GSTR 9. For the rest, filing GSTR-9 is optional.
What is the GST Annual Return GSTR 9?
GSTR9, a gst annual return form, must be filed by all registered taxpayers in each financial year following the introduction of GST. GSTR 9 forms contain all the summary information that a taxpayer has compiled monthly or quarterly. This summary contains all information about the ITC, including outward and inward supplies.
Also read: Refund Process Under GST- Situations That Can Lead To GST Refund Claims
Who all are Not Eligible to File GSTR9?
GSTR 9 must be filed as required by the GST Act by all regular taxpayers, as discussed previously. However, some exemptions may not require you to file GSTR 9. This list includes:
- This is the person who is a casual taxpayer.
- An Indian non-resident taxable person.
- Responsible for tax deductions at source
- Anyone who provides an input tax credit
- Any website or portal that collects TCS.
- Return Forms for GST (Excluding GSTR 9)
How to File GST Annual Return?
Go to the GST Portal to register your GST annual return. Form GSTR 9 must be filled out and required to submit to the website.
The steps for how to file GST annual return are summarised below as follows:
- Sign in and go to Form GSTR-9, which is the Annual Return for Normal Taxpayer.
- Forms GSTR-1, GSTR-3B, and GSTR-9 can be downloaded.
- Fill out the appropriate tiles with the relevant information
- Summary of the Draft Form GSTR-9
- Figure out what you owe and pay any late fees, if any.
- Review the Proposed GSTR-9 Form
- Fill out Form GSTR-9 with a DSC or EVC.
One of the essential returns is the Annual Return, which includes details on all transactions during the financial year. As an outcome, the taxpayer must be cautious while also responsible.
Types of GST Return Forms
Many forms can be used in addition to GSTR 9, but they have different eligibility criteria.
As per rule 80, a simplified form for the annual return of composition taxpayers has been made available as Form GSTR-9A. This form has five parts and 17 tables, including basic information, details about outward and internal supplies, tax paid, and other details such as refunds and demands.
E-commerce companies that have filed GSTR8 in the financial year must file GSTR9B as their GSTR9 Annual Return.
The authorized personnel must audit these company accounts and obtain copies of all audited accounts using the GSTR9C form before the GSTR 9c annual return due date.
Notice: The due date for filing GSTR-9/GSTR-9A/GSTR-9C for FY 2020-21 has been extended to 31/12/2022.
Also read: History of GST in India - Benefits of GST Implementation
The Due Date for GSTR 9 Form
December 31 is the last date of gst return to submit the GSTR9 form. This applies to any subsequent gst annual return due date for the financial year 2019-20.
Penalties For Late Filing Form
Each taxpayer must submit the GSTR9 form within the time limit. If a taxpayer fails to submit the GSTR 9 form within the prescribed time limit, there will be a substantial GSTR9 penalty of ₹200 per calendar day. The penalty amount will not exceed the quarter turnover.
Six Main Parts of GSTR 9
1. Basic Details
The first segment of the GSTR 9 form includes basic taxpayer details, which will be completed already.
2. Information About Inward and Outward Supply
In this area, you must submit consolidated information of all your outward supplies and advances received during the filing year. You must also fill out details about tax-exempt outward supply from the previous year's filings.
3. Information About ITC
The taxpayer must provide the details of ITC declared by him in the financial year and details of ITC not eligible or reversed, if any. All details should be combined for the entire FY.
4. Details About Tax Paid
This section contains the details of the tax that the taxpayer paid under the GST Act during the applicable financial year. The taxpayer can also use the GSTR3B form to provide details.
5. Particulars of Transaction
- Every taxpayer is required to disclose information about all transaction data.
- Activities are confirmed in the current financial year's returns for April to September.
- You can file the annual return for the prior financial year up to the filing date, whichever comes first.
6. Additional Details
The taxpayer must provide details regarding different items in this section of the GSTR 9 form, and these details are the details.
- Details of GST refund and demand as requested by the government
- Late payments shall pay or required to pay
- Overviews of Composition Scheme taxpayer inward resources
Also read: Differences between GST and Previous Tax Structure
Taxpayers and professionals face many difficulties when filing GST returns. This is due to technical issues and unclear laws. A regular person must file an annual return, which is more detailed than the monthly returns. Separate reconciliations of all expenses, details on tax-free and exempt supplies, and details about ITC availed against inputs/input services/capital goods are required. The annual return GSTR 9 must include HSN for inward supplies; this information was not required when filing monthly GSTR 3B.
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