Ashish Garg & Associates GST Annual Return Filing

GST Annual Return Filing

Complete Guide to GSTR-9: Annual GST Return

What Does GSTR-9 Represent?

GSTR-9 is the annual return that consolidates all monthly/quarterly GST returns filed during the financial year, including details of sales, purchases, taxes paid, and Input Tax Credit (ITC) claimed.

Who Needs to File GSTR-9?

GSTR-9 is applicable to all regular taxpayers registered under GST, excluding certain categories such as composition scheme taxpayers, non-resident taxable persons, and Input Service Distributors.

Exemptions from Filing GSTR-9

Taxpayers who are not required to file GSTR-9 include:

  1. Casual taxable persons.
  2. Non-resident taxable persons.
  3. E-commerce operators liable to collect TCS.
  4. Input Service Distributors (ISDs).

Types of GST Annual Returns Explained

  1. GSTR-9: For regular taxpayers registered under GST.
  2. GSTR-9A: For taxpayers registered under the Composition Scheme.
  3. GSTR-9C: A reconciliation statement for taxpayers whose turnover exceeds the prescribed limit, certified by a CA or CMA.

How to File GSTR-9A for Composition Taxpayers

GSTR-9A is an annual return for composition scheme participants. It consolidates quarterly returns filed under GSTR-4 and summarizes outward supplies, tax paid, and inward supplies for the year.

What is GSTR-9C? A Guide to Reconciliation Statements

GSTR-9C is a reconciliation statement that matches a taxpayer’s annual returns with their audited financial statements. It is mandatory for taxpayers with an annual turnover exceeding Rs. 5 crore.

Turnover Limit for Filing GSTR-9

Taxpayers with an annual turnover up to Rs. 2 crore have the option to file GSTR-9 voluntarily. Filing is mandatory for those with turnover exceeding Rs. 2 crore.

GSTR-9 Filing Deadline

The due date for filing GSTR-9 is 31st December of the subsequent financial year unless extended by the government. Timely filing is crucial to avoid penalties.

Detailed Format of GSTR-9

The structure of GSTR-9 includes:

  1. Basic Information: GSTIN, business name, financial year.
  2. Details of Outward Supplies: Taxable, exempt, and nil-rated supplies.
  3. ITC Claimed and Reversed: Consolidation of Input Tax Credit.
  4. Tax Paid and Liability: Summary of taxes paid and remaining liabilities.

Essential Documents for Filing GSTR-9

  1. Monthly/Quarterly GST returns (GSTR-1, GSTR-3B).
  2. Details of outward and inward supplies.
  3. Input Tax Credit ledger.
  4. Payment and liability statements.
  5. Annual financial statements for reconciliation.

Checklist Before Filing GSTR-9

  1. Reconcile GST returns with the financial statements.
  2. Verify Input Tax Credit claimed and reversed.
  3. Check for any unreported or mismatched invoices.
  4. Ensure all liabilities are discharged.
  5. Validate late fees or interest, if applicable.

Penalties for Late Filing of GSTR-9

Non-compliance results in penalties:

  1. Late Fees: Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) up to 0.25% of the turnover.
  2. Interest: 18% per annum on the outstanding tax amount for the delay period.
  3. Other Consequences: Risk of notices or legal action by tax authorities.
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