Overview
GSTR-9 is a vital annual filing requirement for GST-registered taxpayers. It compiles comprehensive data on both outward and inward supplies, covering transactions in the fiscal year, including CGST, SGST, and IGST supplies. It serves as a consolidated record of monthly or quarterly returns for that year.
What is GST Annual Return Filing?
GSTR-9 is an annual return filed by GST-registered taxpayers each year. Key details include:
- Records of outward and inward supplies, categorized under CGST, SGST, IGST, and HSN codes.
- It consolidates data from monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during the year, aiding in comprehensive data reconciliation for transparent reporting.
Types of GST Annual Return Filing:
There are three types of GST Annual Returns:
- GSTR-9: This is required for entities with a turnover exceeding 2 crores. It compiles comprehensive financial information.
- GSTR-9A: This is for taxpayers in the GST Composition scheme. It caters to the specific needs of composition scheme participants.
- GSTR-9C: This form reconciles the annual returns in GSTR-9 with audited financial statements. It's essential for entities that need an annual audit. Entities with an annual aggregate turnover exceeding two crores must undergo this audit, which is performed by Chartered Accountants or Cost Accountants.
Who Should do GST Annual Return Filing?
Every taxpayer or taxable entity registered under GST is obligated to file GSTR-9 annually. However, the following categories are exempt from filing GSTR-9:
Taxpayers who have chosen the composition scheme (they should file GSTR-9A).
Casual Taxable Persons.
Input Service Distributors.
Non-resident taxable persons.
Individuals paying TDS under section 51 of the CGST Act.
For businesses with turnovers up to Rs 2 crore, GSTR-9 filing has been made optional starting from the financial year 2017-18 onwards.
Penalties for Late Filing of GSTR-9 Form:
Deadline Obligation:
Taxpayers must submit the GSTR-9 form within the specified time frame.
Penalty Amount:
Late filing incurs a significant penalty of 200 INR per day.
Split Penalty:
The late fee is divided into 100 INR for CGST and 100 INR for SGST.
No late fee applies for IGST.
Maximum Penalty:
Importantly, the penalty amount will not exceed the taxpayer's quarterly turnover.
Compliance Importance:
Meeting the filing deadline is crucial to avoid these penalties.
Ensures smooth compliance with tax regulations.
Documents Required
- GSTIN (Goods and Services Tax Identification Number)
- Invoice
- Business Invoices
Comprehensive Structure of GSTR-9:
The GSTR-9 format is structured into six parts, consolidating crucial details of supplies made or received from July '17 to March '18:
Part-1: Basic Registration Details
Provides basic registration information, such as fiscal year, GSTIN, legal name, and trade name.
Automatically populated on the GST portal.
Part-2: Details of Outward Supplies
Consolidates details of outward supplies declared in the financial year.
Divided into two sections:
Supplies on which tax is payable (taxable supplies, exports, SEZ supplies, reverse charge, advances received).
Supplies on which tax is not payable (exports, exempt supplies, nil-rated supplies, non-GST supplies).
Part-3: Input Tax Credit (ITC)
Comprises three sections:
ITC availed as declared in filed returns (breakdown of ITC availed on inward supplies).
ITC reversed and ineligible ITC (details of ITC reversal and ineligible ITC).
Other ITC-related information (GSTR-2A data, reclaimed ITC, etc.).
Part-4: Tax Paid
Captures tax paid as per the previous year's returns.
Breaks down tax payable, cash payments, and payments through ITC.
Part-5: Transactions of Previous Financial Year
Covers transactions from the previous financial year but declared in the April to September returns of the current year.
Part-6: Miscellaneous Details
Provides information on demands, refunds, supplies from composition dealers, HSN-wise supply summary, and late fees.
Proprietorship Registration
