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GST ANNUAL RETURNING FILING
What is GST annual return filing?
GST annual return filing is also known as GSTR 9. GSTR-9 is an annual return which has to be filed yearly by taxpayers registered under GST.
GSTR 9 consists of details regarding the inward and outward supplies made and received during the relevant prior year, under different tax heads i.e. CGST, SGST, IGST, and HSN codes.
GSTR 9 is a consolidation of all of the monthly/quarterly returns filed that year.
GSTR-9 return helps in extensive reconciliation of data for 100% transparent disclosures.
Details that you should fill in the GSTR-9?
GSTR-9 is divided into 6 parts and 19 sections. Each part asks for details that are available from your previously filed returns and books of accounts.
For GST annual returns, you would need to fill annual sales, and you would bifurcate it between the cases that are subject to tax and not subject to tax. On the purchase side, you will have to mention the annual value of inward supplies and ITC availed. Moreover, these purchases have to be classified as inputs, input services, and capital goods. Details of ITC that need to be reversed due to ineligibility have to be entered.
Who has to file an annual return?
All taxpayers/taxable persons, except the one mentioned below, should file their GSTR 9.
1) Input service distributors
2) Taxpayers who opt for composition scheme. They have to file GSTR-9A.
3) Non-resident taxable persons
4) A Casual Taxable Person
5) Persons paying TDS under section 51 of the CGST Act
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Advantages
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Proper compliance with filing returns on time increases your credibility among your customers regarding the transparency of your transactions.
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GST will work on value addition concepts and it is expected that new registrations will come into existence to take on the benefit of the Input Tax in the Transaction chain. GST allows a seamless flow of input tax credit
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An important condition for claiming a refund and ITC is that the return must be filed by the person.
Disadvantages
You will be penalized Rs . 100 per day as per act for not filing the GSTR 9 within the due date i.e late fees of Rs. 100 under CGST and Rs. 100 under SGST will be applicable in case of delay.
This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory.
FAQs Section
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No. We won't be able to revise GSTR-9
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Every person or entity registered under GST should file GST return for the prescribed period except Input service distributors, Taxpayers who opt for composition scheme, Non-resident taxable persons, Casual Taxable Person.
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Yes, you have to reconcile GSTR-2A data with the input tax credit accounted in your books of accounts data before filing GSTR-9.
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Yes, the annual return has to be filed even if taxpayer registration got canceled during the mentioned financial year.
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GST return is a document that contains details of income of the individual registered under GST. This document has to be filed with the tax authorities.
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