GST Annual Return Filing - GSTR-9 Filing

GSTR-9 is an essential annual filing obligation for all taxpayers registered under the Goods and Services Tax (GST) system. GSTR-9 encapsulates comprehensive information concerning outward and inward supplies, encompassing transactions made or received during the relevant financial year. This includes supplies governed by Central GST (CGST), State GST (SGST), and Integrated GST (IGST) regulations. The return is a consolidated record of all monthly or quarterly returns submitted within the corresponding year.

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Introduction to Form GSTR-9

GSTR-9 is a yearly report that registered taxpayers need to submit. This report contains everything they bought and sold throughout the year, including different taxes (like CGST, SGST, and IGST). It also covers their total sales and purchases and audit details for the year. In short, GSTR-9 summarizes a whole year's business transactions and tax details. The GST annual return limit for businesses is Rs. 2 crore, but filing is optional for those with a turnover up to Rs. 2 crore.

GST Annual Return Filing - Applicability

The requirement to file Form GSTR-9 extends to various categories of taxpayers based on their registration status, GST annual return limit, and activities during the financial year. The following entities are obligated to submit this annual return:

Normal Taxpayers: Individuals or entities registered as regular taxpayers fall under the purview of Form GSTR-9 filing. This encompasses businesses operating under standard tax provisions.

SEZ Units and SEZ Developers: Special Economic Zone (SEZ) units and SEZ developers must also submit Form GSTR-9. This ensures comprehensive reporting of their financial activities within the fiscal year.

Transition from Composition Scheme: Taxpayers who have transitioned from the composition scheme to normal taxpayer status during the financial year are mandated to file Form GSTR-9. This captures their shift from a simplified tax regime to a regular tax framework.

Exclusions from Form GSTR-9 Filing

Composition Taxpayers: Taxpayers operating under the composition scheme have a distinct annual return form, i.e., Form GSTR-9A, designed to cater to their specific requirements. As such, they are not required to file Form GSTR-9.

Casual Taxpayers: Those taxpayers who engage in sporadic or occasional business activities, everyday taxpayers, are exempt from filing the Annual Return in Form GSTR-9.

Non-Resident Taxpayers: Taxpayers who are not residents of the country and engage in taxable transactions within India, non-resident taxpayers, are not obligated to file Form GSTR-9.

Input Service Distributors (ISD) and OIDAR Service Providers: Entities functioning as Input Service Distributors or providing Online Information and Database Access or Retrieval services are also excluded from the requirement to file Form GSTR-9.

Filing GSTR-9C: Reconciliation Statement

Role and Requirement of GSTR-9C Form GSTR-9C serves the purpose of filing the reconciliation statement by taxpayers for a specific financial year. This form constitutes a reconciliation between the Annual Returns submitted in GSTR-9 and the figures outlined in the taxpayer's Audited Financial Statements. The submission of this Chartered Accountant-certified form aligns with the filing of both the Annual Returns in GSTR-9 and the Audited Financial Statements. Taxpayers can fulfill this obligation through the GST portal or a designated Facilitation Centre.

GSTR 9 Due Date for Filing

The GST annual return due date for a particular financial year is 31st December of the subsequent financial year or as extended by the Government through notification from time to time.

Penalties for Late Filing of GSTR-9 Form

Every taxpayer needs to submit the GSTR-9 form within the GST annual return due date. If this GSTR 9 due date is missed, there's a significant penalty to be aware of. The fine amounts to 200 INR per day. This late fee is divided into 100 INR for CGST and 100 INR for SGST, with no late fee applicable for IGST. Significantly, the penalty amount will not exceed the taxpayer's quarterly turnover.

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Prerequisite Actions for GSTR-9 Filing

Before proceeding with the submission of GSTR-9, taxpayers must ensure the completion of other GST-related filings. This involves the timely submission of GSTR-1, GSTR-3B, or GSTR-4 returns, depending on the taxpayer's classification. It is crucial to address any outstanding dues, as failure to do so can hinder the ability of the GSTR registration holder to file their annual GST return.

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