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GST Annual Return


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The GSTR-9 is a crucial annual filing requirement for all businesses registered under the Goods and Services Tax (GST) regime. This form provides a detailed overview of both outgoing and incoming supplies, reflecting transactions made or received throughout the fiscal year. It covers various types of GST, including Central GST (CGST), State GST (SGST), and Integrated GST (IGST). Essentially, it consolidates all the monthly or quarterly returns filed during the year into one comprehensive report.

The GSTR-9 report captures all business activities for the year, including purchases and sales, along with details of different taxes (CGST, SGST, and IGST). It also includes a summary of total sales, purchases, and audit information. In summary, this annual return gives a complete picture of a business’s transactions and tax liabilities for the year. For businesses with a turnover up to Rs. 2 crores, filing the GSTR-9 is optional.

The need to file the GST Annual Return, specifically Form GSTR-9, applies to several categories of taxpayers based on their registration status, annual return thresholds, and financial activities throughout the fiscal year. The following entities are required to complete this annual return:

  1. Regular Taxpayers: Businesses or individuals registered as regular taxpayers must file Form GSTR-9. This includes entities operating under the standard GST provisions.
  2. SEZ Units and Developers: Entities operating within Special Economic Zones (SEZs), including both SEZ units and developers, are required to file Form GSTR-9 to ensure comprehensive financial reporting for the fiscal year.
  3. Transitioned Taxpayers: Those who have moved from the composition scheme to regular taxpayer status during the financial year must submit Form GSTR-9. This filing reflects their transition from a simplified tax regime to a standard tax framework.

Exemptions from Form GSTR-9 Filing

  1. Composition Scheme Taxpayers: Taxpayers under the composition scheme use Form GSTR-9A for their annual return, tailored to their specific needs. Therefore, they are not required to file Form GSTR-9.
  2. Casual Taxpayers: Individuals or businesses engaged in infrequent or occasional activities are not required to file Form GSTR-9.
  3. Non-Resident Taxpayers: Non-residents who conduct taxable transactions in India are exempt from filing Form GSTR-9.
  4. Input Service Distributors and OIDAR Providers: Entities functioning as Input Service Distributors or those offering Online Information and Database Access or Retrieval services are also not obligated to file Form GSTR-9.

GSTR-9

Businesses with a turnover exceeding ₹2 crores are required to submit their annual GST return using Form GSTR-9. This comprehensive return aggregates all financial data for the fiscal year.

GSTR-9A

Taxpayers registered under the GST Composition Scheme need to file Form GSTR-9A. This form is specifically designed for those availing of the composition scheme, summarizing the information from their quarterly returns.

GSTR-9C

Form GSTR-9C is crucial for reconciling the annual GST returns filed in GSTR-9 with the audited financial statements of the year. This form is mandatory for entities that undergo an annual audit of their accounts and must be certified by Chartered Accountants or Cost Accountants.

GST Audit Requirement

For businesses with an annual aggregate turnover above ₹2 crores, filing Form GSTR-9C is necessary. This requires a thorough audit of their financial accounts and certification by a qualified Chartered Accountant or Cost Accountant.

Filing GSTR-9A: For Composition Scheme Participants

Applicability of GSTR-9A

Taxpayers under the GST Composition Scheme must file Form GSTR-9A. This return includes details from all quarterly submissions made during the fiscal year.

Eligibility Criteria

Every taxpayer under the composition levy must file GSTR-9A, except for:

  • Input Service Distributors
  • Non-resident taxable individuals
  • Individuals subject to Tax Deducted at Source (TDS) under Section 51 of the Income Tax Act
  • E-commerce operators subject to Tax Collected at Source (TCS) under Section 52 of the Income Tax Act
  • Casual taxable individuals

Filing GSTR-9C: Reconciliation Statement

Purpose and Requirement of GSTR-9C

Form GSTR-9C is used for filing a reconciliation statement for the fiscal year. It aligns the annual returns reported in GSTR-9 with the figures in the audited financial statements. This certified form, validated by a Chartered Accountant, must be filed along with both the GSTR-9 annual return and the audited financial statements. The submission can be made via the GST portal or through an authorized Facilitation Centre.

The deadline for submitting your GST annual return for a financial year is December 31 of the following year, unless extended by the Government through notifications.

Late Filing Penalties for GSTR-9

It's essential to file your GSTR-9 form by the deadline to avoid penalties. If you miss the due date, you could face a daily fine of ₹200—₹100 for CGST and ₹100 for SGST. There is no late fee for IGST. However, the total penalty cannot exceed your quarterly turnover.

To steer clear of these penalties and ensure seamless compliance with tax laws, make sure to meet the GSTR-9 deadline. Contact us for assistance!

GSTR-9 Structure Overview

Understanding the GSTR-9 Format

The GSTR-9 form is structured into six sections, capturing key details of your transactions from July '17 to March '18. Here’s a breakdown:

Section 1: Basic Registration Information Provide your basic registration details, including fiscal year, GSTIN, legal name, and trade name. These fields will auto-populate when you access GSTR-9 on the GST portal.

Section 2: Outward Supplies Details This section consolidates outward supplies reported in your returns for the fiscal year, divided into:

  • Taxable Supplies (4A to 4L): Includes taxable supplies, exports, supplies to SEZ, reverse charge, and advances.
  • Non-Taxable Supplies (5A to 5K): Covers exports, exempt supplies, nil-rated supplies, and non-GST supplies.

Section 3: Input Tax Credit (ITC) This section has three parts:

  • ITC Availed (6A to 6O): Breakdown of ITC claimed on various inward supplies.
  • ITC Reversed and Ineligible ITC (7A to 7H): Details of ITC reversed and ITC deemed ineligible.
  • Other ITC Information (8A to 8J): Information related to ITC as per GSTR-2A, reclaimed ITC, etc.

Section 4: Tax Payment Details Record the tax paid as declared in last year’s returns, detailing tax payable, cash payments, and payments made through ITC.

Section 5: Previous Financial Year Transactions Include transactions from the previous year declared in the returns for April to September of the current year.

Section 6: Miscellaneous Information Provide information on demands, refunds, supplies from composition dealers, HSN-wise summary of supplies, and late fee details.

Accurate completion of these sections is critical for correct GSTR-9 filing. If this seems complex, don't worry! At Corpadda, we're here to make the process easier and guide you through every step. With our help, you can confidently handle the GSTR-9 form and maintain GST compliance.

Prerequisites for GSTR-9 Filing

Before filing GSTR-9, ensure that all other GST-related returns are submitted, including GSTR-1, GSTR-3B, or GSTR-4, depending on your classification. Address any pending dues, as unresolved payments can prevent you from filing your annual GST return.

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