GST Annual Return
What is GSTR 9: Annual Return Filing?
GSTR 9 is a form that must be filed by registered taxpayers under the Goods and Services Tax (GST) regime. It contains details of all the supplies made and received during the financial year, along with input tax credit claimed and tax paid. Additionally, GSTR 9C is a reconciliation statement that must be filed by taxpayers whose annual turnover exceeds Rs. 2 crores. It provides a detailed reconciliation of the taxpayer's financial statements with the GST returns filed during the year.
GST Annual Return
Types
GSTR-9: This is the annual return that is to be filed yearly by the taxpayers registered under GST. It consists of details regarding the outward and the inward supplies made during the relevant financial year.
GSTR-9A: This is the annual return that every registered person opting for a composition levy needs to file every financial year. It is a consolidated return for the entire year.
GSTR-9C: This is a reconciliation statement that is to be filed by taxpayers whose annual turnover exceeds Rs. 2 crores. It is a statement of reconciliation between the audited annual financial statements and the figures reported in the annual return.
Who should file GSTR 9?
- 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.
What details are required to be filled in the GSTR-9?
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.
Frequently Asked Question
Is the GST annual return mandatory?
Yes, for businesses with a turnover of over Rs. 2 crore. It is a comprehensive return that includes details of all sales, purchases, and taxes paid throughout the year. Additionally, it helps ensure compliance with GST regulations and enables the government to track tax evasion.
How do I file an annual return with GST?
A business registered under GST in India is required to file an annual return. The annual return should include details of all sales, purchases, and input tax credit claimed during the financial year.
What is the gst annual return due date?
The due date for filing the annual return in GST is December 31st of the following financial year. It is important to note that failure to file the annual return can result in penalties and interest charges.
Who is required to file Gstr 9 and 9C?
All registered taxpayers under GST are required to file GSTR 9, which is the annual return. However, GSTR 9C, which is the reconciliation statement, must be filed by taxpayers with an annual turnover exceeding Rs. 2 crores. It is advisable for taxpayers to file these returns on time to avoid any legal consequences.
What is GST annual return?
The GST annual returns is a document that summarizes the details of all sales, purchases, and tax paid or collected by a registered taxpayer during a financial year. It is mandatory for all businesses with an annual turnover of over Rs. 20 lakhs to file their GST annual return.
Who should file the GST annual return?
All registered taxpayers with an annual turnover of over Rs. 20 lakhs are required to file their GST annual return, including those who have not made any sales or purchases during the financial year. Failure to file the return can result gst annual return late fee and legal consequences.
