GSTR-9 – Meaning , Due date & Format
A Guide to GSTR-9
In this post, we’ll discuss GSTR-9 or the annual GST return, including its other aspects. Let’s take a closer look at each section:
What is GSTR 9?
GSTR 9 is a compiled annual return that registered taxpayers have to file after every financial year. It includes details of all business transactions made under various tax heads (CGST, SGST, and IGST) for the entire year, along with turnover and audit information. This consolidated the quarterly/monthly returns filed in the particular year.
Additionally, for taxpayers with a turnover over Rs.2 crore, GSTR 9C being an audit form has to be submitted. Basically, it is a reconciliation statement between the taxpayer’s audited financial statements and their annual returns filed in GSTR 9.
Who should file GSTR 9?
Every registered normal taxpayer, including SEZ unit or SEZ developers and taxpayers who have opted out from composition scheme to normal taxpayer during the financial year, have to file GSTR 9.
To file the GSTR 9, it is essential :
- A 15-digit GSTIN based on a PAN that belongs to a GST-registered taxpayer.
- Business total revenue should be more than 40 lakh rupees.
- All transactions at the invoice level for the whole year are to be recorded. It includes intra-state and inter-state transactions, business-to-business and business-to-consumer transactions, transactions associated with exempted items, non-GST supplies, and stock transfers between locations that are located across different states.
- Filed all applicable returns i.e. Form GSTR-1/IFF and Form GSTR-3B of the relevant financial year before filing GSTR 9.
Note: Casual taxpayer / Non Resident taxpayer / ISD/ OIDAR Service Providers /Tax Deductors & collectors are not required to file any Annual return.
Types of GSTR 9
There are different forms of GSTR 9 depending on the eligibility criteria of the taxpayer which is as below;
- GSTR 9
This is filed by normal taxpayer filing GSTR1 & GSTR 3b on quarterly,/monthly basis.
- GSTR 9A
This is filed by the taxpayers who have opted for the composition scheme.
- GSTR 9B
Any e-commerce company who is filing GSTR 8 in the financial year needs to file GSTR 9B as their annual return.
- GSTR 9C
Any normal taxpayers whose business turnover exceeds the threshold limit of 2 crore INR per year needs to file GSTR 9C along with their annual returns. These business accounts shall also be audited by chartered accountants and copies of all the audited accounts will be submitted with the GSTR 9C form.
Due date of GSTR 9 Form
GSTR 9 forms need to be submitted by 31st December of the following financial year. For example, if the financial year is 2022-23, the deadline for submitting the GSTR 9 form is December 31, 2023.
Format of GSTR 9 Form
The GSTR-9 form contains six major parts, as discussed below:
Basic Details (Part 1)
The GSTR-9 form’s first section contains the taxpayer’s basic information, which are auto populated.
Details of Inward and Outward Supplies (Part 2)
This section of the form contains information on the taxpayer’s inward and outward supplies for that specific financial year. These details are the consolidated summary of all the GST returns filed in the FY.
Details of ITC (Part 3)
In this section, the taxpayer must provide information about the ITC that is declared during the financial year, as well as information about ineligible and reversed ITC, if any. The details are the consolidated summary of all the GST returns filed in the FY.
Information about Tax Paid (Part 4)
This part contains information on the tax paid by the taxpayer under the GST Act for the applicable financial year as declared in the return filed during the FY.
Transaction details (Part 5)
Every taxpayer is required to provide details about all transactions, however there is one condition:
- Transactions of previous FY declared in returns filed from April to September of the current financial year, or up-to the date of submitting the annual GST return for the previous financial year, whichever is sooner.
Note that summary of amendment or omission of transaction of the previous FY but reported in the current FY have to be segregated and declared in this part.
Additional Information Details (Part 6)
The taxpayer needs to provide additional information for various items in this area of the GSTR 9 form. The details are as follows:
- Details of the GST Refund and Demand as requested by the government.
- Late fees payable and paid details.
- Segregated details of inward supplies from the composition scheme taxpayer, deemed supplies and goods supplied on approval basis.
- HSN wise summary of all inwards and outwards goods with its corresponding HSN Code.
Late fee for filing GSTR 9
Late submission of the GSTR-9 return will result in a Rs.100 per day per act i.e late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Hence, the total fee is Rs 200 per day with a maximum penalty of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST.
Only when the taxpayer has filed all the GSTR-1 and GSTR-3B returns for the FY, will they be able to file GSTR-9 on the GST Portal.
Latestly, it is also notified that all having AATO up to Rs. 2 crores will be exempt from filing annual returns via GSTR 9 Forms for FY 2021-22.
We have reached the conclusion of this post on GSTR 9. Feel free to share your views and opinions with us in the comment section below.
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