GST Annual Return
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GSTR-9 is a comprehensive annual report that summarises all your outward and inward supplies, including CGST, SGST, and IGST transactions, for the entire financial year. It essentially consolidates all your monthly or quarterly GST returns.
Here’s where ReturnFile.in steps in to simplify the process for you. We take the hassle out of GSTR-9 filing, ensuring you meet the deadline (December 31st of the following financial year) and avoid any potential penalties.
GST Replaces The Following Indirect Taxes:
- Excise duty at the central level
- Service Tax
- State VAT
- VAT on Central Sales
- Entrance Fees
- Luxury Tax
- VAT on Amusement and Entertainment
- Purchase Tax
- Lottery, betting, and gambling-related taxes
What Is Form GSTR- 9?
Think of the GSTR-9 as your annual GST report card. It’s a comprehensive document submitted by registered taxpayers, summarising all your business transactions and tax details for the entire financial year. Here’s What GSTR-9 Cover’s:
- Outward and Inward Supplies: Details all your purchases and sales throughout the year, categorised under Central GST (CGST), State GST (SGST), and Integrated GST (IGST).
- Turnover Summary: Provides a clear picture of your total sales and purchases for the year.
- Audit Trail: Includes any audit-related information pertaining to your business activities.
Who Needs to File GSTR-9?
Form GSTR-9 is required to be filed by several kinds of taxpayers depending on their registration status, GST annual return limit, and activities throughout the financial year. The following organisations have to submit in this annual return:
- Normal Taxpayers: All businesses registered under the standard GST provisions must file the GSTR-9, irrespective of their turnover. This includes businesses involved in the supply of goods and services, as well as those making taxable imports or exports.
- SEZ Units & Developers: Special Economic Zone (SEZ) units and developers are also mandated to submit the GSTR-9. This ensures comprehensive reporting of their financial activities within the fiscal year, even though they may enjoy certain tax benefits specific to SEZs.
- Composition Scheme Transitioners: Taxpayers who switched from the composition scheme, a simplified tax regime with a fixed levy, to the regular taxpayer scheme during the financial year need to file the GSTR-9. This captures their business activities under both schemes for the year and ensures a smooth transition to the regular GST framework.
Who Are Excluded From Filing the GSTR-9 Form?
Filing the GSTR-9 isn’t mandatory for all registered taxpayers under the GST Annual Return regime. Here’s a quick guide to help you determine if you can skip it:
- Composition Taxpayers: Businesses that have opted for the composition scheme benefit from a simplified tax structure with a fixed levy. These businesses file a separate annual return form, GSTR-9A, which caters to their specific requirements. So, you can rest assured that you don’t need to file the GSTR-9 if you’re under the composition scheme.
- Casual Taxpayers: The GSTR-9 filing requirement doesn’t apply to casual taxpayers who engage in occasional or one-time business activities. Additionally, if you haven’t registered under GST yet, you’re not obligated to file the GSTR-9.
- Non-Resident Taxpayers: Foreign businesses that conduct taxable transactions within India but don’t have a permanent establishment here are exempt from filing the GSTR-9. This is because they’re not considered regular taxpayers under the GST system.
- Input Service Distributors (ISDs) & OIDAR Service Providers: If your business falls under either of these categories, you’re not required to file the GSTR-9. Input Service Distributors (ISDs) are entities that make taxable supplies of services to various registered taxpayers. OIDAR service providers, on the other hand, deal with online information and database access or retrieval services.
GST Annual Return Types
There are three primary GST annual return forms, each catering to specific taxpayer categories:
- GSTR-9: This comprehensive annual return is mandatory for all registered taxpayers exceeding a turnover of Rs. 2 Crore in a financial year. It summarises all your business transactions and tax details for the year. We, at ReturnFile.in, can handle the complexities of GSTR-9 filing, ensuring accuracy and timely submission.
- GSTR-9A: Businesses opting for the composition scheme, which offers a simplified tax structure, file a specific annual return – GSTR-9A. We can streamline the filing process for you, even if you’re under the composition scheme.
- GSTR-9C: This reconciliation statement, GSTR-9C, is mandatory for businesses with a turnover exceeding Rs. 2 Crore and subject to an annual audit. It reconciles the information in GSTR-9 with your audited financial statements. If your business requires an audit, our team can guide you through the GSTR-9C filing process.
GSTR-9A Simplified Annual Return for Composition Scheme Taxpayers
If you’ve opted for the GST Annual Return composition scheme, filing your GST Annual Return is a breeze. The composition scheme offers a simplified tax structure with a fixed levy, and your annual return reflects that. Here’s what you need to know about GSTR-9A:
Who Needs to File GSTR-9A:
- Composition Scheme Participants: Simply put, if you’re a GST-registered business that has chosen the composition scheme, you’re required to file GSTR-9A. This GST Annual Return consolidates all the information you submitted in your quarterly returns throughout the financial year.
GSTR-9C Ensuring Accuracy with Reconciliation
For businesses exceeding a turnover of Rs. 2 Crore and subject to an annual audit, an additional step ensures accurate tax reporting: filing the GSTR-9C form.
What is GSTR-9C?
Think of GSTR-9C as a bridge between your annual GST Annual return (GSTR-9) and your audited financial statements. It reconciles the figures in both documents, guaranteeing a clear and consistent picture of your business’s financial health.
Who Needs to File GSTR-9C?
If your business requires an annual audit, filing GSTR-9C becomes mandatory. This ensures seamless integration between your GST Annual Return filings and your audited accounts.
What is the Due Date of Filing GSTR-9?
The due date for filing your GSTR-9 is December 31st of the subsequent financial year. In simpler terms, if your financial year ends on March 31st, 2024, the deadline to file your GSTR-9 for that year would be December 31st, 2024.
What Are the Penalties for Late Filing of GSTR-9 Form?
While we understand unforeseen circumstances can arise, it’s crucial to file your GSTR-9 by the deadline to avoid potential penalties. Here’s what you need to know:
- Late Fee: A penalty of Rs. 100 per day (Rs. 50 CGST and Rs. 50 SGST) is levied for delayed filing of GSTR-9. This amount can accumulate quickly, so timely submission is essential.
- Maximum Penalty: The maximum penalty for late GST Annual Return-9 filing is capped at either:
- 0.25% of the taxpayer’s turnover in the relevant state or union territory (per Act)
- Rs. 5,000/- (whichever is lower)
What is the Comprehensive Structure of GSTR-9?
The GSTR-9 format may seem complex, but it’s essentially a consolidated report of all your GST Annual Return transactions for the financial year. Here’s a simplified breakdown of its key parts:
- Part 1: Basic Details: Details of financial year, GSTIN number, legal name, and trade name.
- Part 2: Outward Supplies: Details of all outward supplies made, categorised into taxable and non-taxable sections.
- Part 3: Input Tax Credit (ITC): Details of ITC claimed on purchases, including Availed ITC, Adjustments, and Additional ITC Information.
- Part 4: Tax Paid: Summarises total tax paid during the year, including cash and ITC utilisation amounts.
- Part 5: Transactions from Previous Year: Relevant for previous year transactions declared in current filing period.
- Part 6: Miscellaneous Details: Details of demand and refund, supplies received from composition dealers, HSN-wise supply summary, and late fees incurred.
What are the Prerequisite Actions for GSTR-9 Filing?
Before diving into GSTR-9 filing, ensure you have these prerequisites in place:
- GST Registration: This seems obvious, but you must be a registered taxpayer under GST Annual Return to file the GSTR-9.
- Timely GSTR-1 & GSTR-3B Filings: The GSTR-9 relies on data from your monthly or quarterly GSTR-1 (sales) and GSTR-3B (summary) returns. Ensure these are filed on time for the entire financial year you’re reporting.
- Settled Outstanding Dues: Any outstanding GST Annual Return dues for the year can hinder GSTR-9 filing. Make sure all your payments are settled before proceeding.
- Access to GST Portal Credentials: You’ll need your valid GST portal login credentials (username and password) to access and submit the GSTR-9 form.
Why Choose Return File ?
Choosing the right partner for your accounting and tax needs is important. At ReturnFile.in, we make things simple and easy for you. Here’s why we’re the best choice:
- Experienced Team: Our team includes expert accountants who have years of experience. They know how to handle everything from taxes to business setup
- Wide Range of Services: We offer many services, like filing your taxes, helping with GST Annual Return, and making sure your business follows the rules. We can help both businesses and individuals.
- Customized Solutions: We understand that every business is different. We create solutions that match your specific needs and goals.
- Easy and Convenient: Our platform is simple to use. With just a click, you can get all the professional help you need. We serve clients in Ahmedabad and other major cities in India.
- Quality Service: We are known for our top-quality service in Ahmedabad. We work hard to make sure your business runs smoothly and efficiently.
- Trusted by Many: Our clients trust us because we focus on their needs and deliver reliable services. We have built strong relationships with many satisfied clients.
- Clear Communication: We explain things in a simple way, so you understand everything about your finances and taxes.
- Prepared for the Future: We use the latest technology and methods to ensure our services are not only good for today but also ready for the future.
Frequently Asked Questions
Under GSTR-9, there are four subcategories. Specifically, GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C.
According to Section 47(2) of the Central Goods and Service Tax Act (2017), if an individual fails to file GSTR-9 by the deadline, they will be penalised INR 100 per day (CGST) plus INR 100 per day (SGST), for a total of INR 200 per day. However, 0.25% of the entire turnover is the highest penalty that may be imposed on an individual.
No, after the returns are submitted, the taxpayer is unable to edit the field in GSTR-9.
The deadline for filing GSTR-9 is December 31st of the year following the financial year for which the return is being filed.
No, taxpayers under the composition scheme with a turnover below Rs. 2 crore throughout the year do not need to file GSTR-9. However, if a taxpayer opted out of the composition scheme during the financial year, they are required to file GSTR-9 for the period they were a regular taxpayer.
