How to File GST Annual Return
India began using it on July 1st, 2017. Under the new GST regime, over 1.3 crore firms in India have received registrations and GST numbers. According to the specified GST return due date, the organizations registered for GST must submit annual returns.
Regardless of the company activity, sales, or profitability during the return filing period, filing an annual GST return is compulsory for all organizations having a turnover of more than two crores that must obtain a GST registration. So, even a dormant company that registers for GST is required to file GST filings.
What is GSTR 9: Filing of Annual Return?
The annual report, or GSTR 9, is required to be submitted each year by taxpayers who have registered for GST.
GST-registered taxpayers are required to submit GSTR 9 each year. It contains details regarding the supplies that were made both internally and outside during the pertinent financial year.
Prior to submitting GSTR 9, the taxpayer must submit all GSTR-1, GSTR-3B, or GSTR 4 returns. The GSTR registration holder will not be permitted to submit an annual GST returns if there are outstanding debts.
GSTR 9 contains information about the outgoing and incoming supplies that were made or received during the applicable financial year under CGST, SGST, and IGST. It is a compilation of every monthly or quarterly return submitted throughout that year.
Who needs to submit GSTR 9?
Every GST-registered taxpayer and taxable person is required to submit their GSTR-9. To file GSTR 9, however, the following are NOT necessary:
Composition schemes are chosen by taxpayers (They must file GSTR-9A)
Distributors of sporadic services for Taxable Person Input
Non-resident taxable individuals
Individuals who are paying TDS in accordance with Section 51 of the CGST Act.
What information needs to be included on the GSTR-9?
Six segments and 19 sections make up the GSTR-9 in general. Each section requests information that is easily accessible from previously filed returns and books of accounts.
In order to distinguish between cases that are subject to tax and those that are not, this form requests disclosure of annual sales.
The annual value of the imported goods and the ITC received on those goods must be disclosed.
These acquisitions must also be categorized as capital goods, input services, and inputs. It is necessary to input information about ITCs that must be reversed because of ineligibility.
Types of yearly GST returns
Based on the form that must be submitted, filing a GST annual return can be classified into three categories as follows:
Form GSTR-9, a GST yearly return, must be filed by firms with a revenue of more than 2 crores.
Those registered taxpayers who selected the GST Composition plan are obliged to submit GSTR-9A.
The reconciliation statement from the taxpayers for a specific fiscal year is filed using Form GSTR-9C. The figures specified in the taxpayers' audited financial statements and the Annual Returns in GSTR-9 are reconciled on this form.
Who needs to file GSTR-9A?
You must submit GSTR-9A if you are a GST-registered taxpayer and you chose the composition scheme under the GST Act. The information provided by the taxpayer and included in the quarterly report for a certain fiscal year is all included in GSTR-9A.
GSTR-9A must be filed by any taxpayer who has registered for the GST composition levy system. But the following people are excused from submitting GSTR-9A:
Distributor of Input Services
Non-resident taxpaying individuals
People who pay TDS as required by Section 51 of the Income Tax Act.
People Who Pay Casual Taxes
Operators of websites that conduct business online that pays TCS as defined by Section 52 of the Income Tax Act.
Who needs to file GSTR-9C?
For the purpose of filing the taxpayers' reconciliation statement for a specific fiscal year, use Form GSTR 9C. The statement of reconciliation between the amounts in the taxpayer's audited financial statements and the annual returns in GSTR-9 is contained in the form. Consequently, this CA-certified form needs to be submitted along with the annual returns (in GSTR-9) and the audited financial statements. Either the GST site or a Facilitation Centre may be used to fulfil the obligation. The topic of this article is the form's application and necessity.
Taxpayers who must have their accounts subjected to an annual GST audit must use GSTR 9C. A cost accountant or chartered accountant must prepare it and certify it.
Documents Needed To File A GST Annual Return (GSTR-9)
1. Goods and Service ID Number
2. Invoices of the Business
GST Annual Return Filing (GSTR-9) FAQ's
1. How many GSTR 9 subcategories are there?
Under GSTR-9, there are four subcategories. GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C, respectively
2. What are the consequences of failing to submit GST annual returns?
A person who fails to file GSTR-9 by the deadline will be subject to a fine of INR 200 per day, as per Section 47(2) of the Central Goods and Service Tax Act (2017), which is composed of fines of INR 100 per day (CGST) and INR 100 per day (SGST). The most a person may be penalized is 0.25 percent of their overall turnover, though.
3. On what day must GSTR 9 be filed?
According to the most recent information, CBIC has further extended the due date by issuing GST Notification 04/2021 | CBIC extends the due date of GSTR 9 & 9C for FY 2019–20 to March 31, 2021.
4. Is a GSTR 9 form required if the taxpayer chooses the composition scheme?
For the time he was a regular taxpayer, every taxpayer who chose not to use the composition scheme throughout the financial year was required to submit GSTR 9.
5. Can GSTR 9 be submitted online?
No, as of right now, you can only file your GSTR 9 annual returns online. The offline mode to submit form GSTR 9 will, however, be made available soon by the government.
6. Is there a late fee if GSTR9 submission is delayed?
Yes, there is a late fee associated with filing GSTR-9 beyond the deadline.
7. Can the GSTR 9 be revised?
The taxpayer cannot change the returns field in the GSTR-9 after it has been filed.
8. Who may submit annual GST returns?
Every registered GST taxpayer must submit GSTR 9 once per year. In the previous past, firms in the goods and service sectors with annual sales of at least Rs. 40 lakh and intrastate suppliers with yearly sales of at least Rs. 20 lakh were required to file GST annual returns.
9. Whom should perform the GST audit?
The audit of the accounts is required for all registered GST taxpayers whose annual revenue exceeds the set threshold. The ceiling is Rs. 2 crores, as per the existing GST regulations.
10. Who may submit GSTR 9 and GSTR 9C?
Regardless of turnover, every GST registered taxpayer must file an annual GSTR return. The GST registered taxpayer who is subject to audit is required to submit GSTR 9C, a reconciliation statement.