GST Annual Return
GST Annual Return
- GSTR-9 is required to be filed by all taxpayers registered under GST, except for composition taxpayers.
- Taxpayers who have opted for the composition scheme need to file Form GSTR-9 for the period during which they were registered as normal taxpayer.
- All taxpayers/taxable persons registered under GST must file their GSTR 9.
- Regular taxpayers having an aggregate turnover of over Rs.5 crore during a financial year and registered with GST must file GSTR-9 returns.
- The GSTR-9 return is required to be filed at the GSTIN level i.e. for each registration. If a taxpayer has obtained multiple GST registrations, under the same PAN, whether in the same state or different states, he/she is required to file annual return for each registration separately, where the GSTIN is different.
In the GSTR-9 form, taxpayers are required to provide a comprehensive summary of their annual GST returns, including the details of outward and inward supplies, tax liability, and payment made. Additionally, taxpayers need to disclose any amendments made in their previous returns and provide a reconciliation statement between the annual returns and audited financial statements.
- There are six parts and 19 sections in total in the GSTR-9. The information requested in each section can be found easily in previously filed returns and books of accounts.
- This form requests disclosure of annual sales, separating cases that are subject to tax from those that are not.
- It is required to disclose the annual value of the inbound supplies and the ITC received thereon.
- Additionally, these purchases need to be categorised as capital goods, input services, and inputs. Information about ITCs that must be reversed because of ineligibility must be entered.