Begning in India on July 1st, 2017. Almost 1.3 crore businesses in India have been registered and issued a GST registration under the new GST system. The annual returns for the GST-registered businesses must be submitted by the designated GST return due date.
All businesses having a turnover of more than two crores are required to file an annual GST return, regardless of their activity, sales, or profitability during the return filing period. As a result, filing GST returns is necessary even for dormant entities that register for GST.
GSTR 9: Filing of Annual Return - What Is It?
Taxpayers who have registered for GST are required to file the annual report, or GSTR 9, each year.
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. If there are unpaid debts, the GSTR registration holder will not be able to file an annual GST return.
GSTR 9 contains details on the supplies that were made or received during the relevant financial year that were subject to CGST, SGST, and IGST. It is an accumulation of each quarterly and monthly return that was submitted throughout that year.
Who is required to file GSTR 9?
All taxpayers and taxable individuals who have registered for GST are required to file the GSTR 9. To file GSTR 9, however, the following is NOT required:
Distributors of intermittent Taxable Person Input services non-resident taxpaying entities TDS payers in line with Section 51 of the CGST Act. Taxpayers who pick the composition plan (They must submit GSTR-9A).
GST Date by which annual returns are due
The submission deadlines for Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for the fiscal year 2019–2020 have been extended until March 31, 2021 based on the existing situation.
In an effort to make these forms simpler, the government has also decided to make some of the fields on them optional.
What details must be filled out on the GSTR-9?
The GSTR-9 is divided into a total of six parts and 19 sections. Every section's information request can be easily located in previously filed returns and books of accounts.
In order to distinguish between cases that are and are not subject to tax, this form asks disclosure of annual sales.
The annual value of the inbound supply and the ITC derived thereon must be disclosed.
Moreover, these purchases need to be classified as inputs, input services, and capital products. It is necessary to submit information on ITCs that must be reversed due to ineligibility.
GST Annual Return Types
There are three distinct ways to file a GST yearly return, depending on the form that must be used:
Firms with more than 2 crores in annual turnover are required to file the GST annual return in form GSTR-9.
Registered taxpayers who selected the GST Composition plan are required to submit Form GSTR-9A.
Form GSTR-9C is used to submit the taxpayers' reconciliation statement for a certain fiscal year. The information in the taxpayers' audited financial accounts and the yearly returns in GSTR-9 are reconciled in this document.
Taxpayers who are required to undergo an annual audit of their financial records may use GSTR 9C. GSTR 9C must be produced and certified by a CA or cost accountant. A GST audit may be conducted on a person with a GST registration who has an annual aggregate turnover of more than two crores in a specific financial year.
Who is required to file GSTR-9A?
Any GST-registered taxpayer who selected the composition scheme pursuant to the GST Act is required to file GSTR-9A. All of the information that the taxpayer has provided in their quarterly returns for a specific fiscal year is contained in the GSTR-9A document.
GSTR-9A must be submitted by each registered GST taxpayer who is subject to the composition levy system. The following individuals are excluded from submitting GSTR-9A, though:
service provider for input
Non-resident taxpaying parties
individuals who pay TDS (Tax Deducted at Sources) in accordance with Section 51 of the Income Tax Act.
Operators of online stores who are casually taxable and who pay TCS (tax collected at source) in accordance with Section 52 of the Income Tax Act.
Who is required to file GSTR-9C?
Form GSTR 9C is used to file the reconciliation statement of taxpayers for a certain fiscal year. A declaration of reconciliation between the figures in the taxpayer's audited financial statements and the yearly returns in GSTR-9 is contained in the document. The GSTR-9 Annual Returns and the Audited Financial Statements must be submitted with this CA-certified form as a result. The obligation may be completed at either a Facilitation Center or the GST site. This page discusses the form's purpose and requirement.
GSTR 9C must be used by taxpayers who are required to have an annual GST audit of their accounts.