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GSTR 9: A Quick Overview of GST Annual Return

GSTR 9: A Quick Overview of GST Annual Return

Two weeks from now, we are going to witness two historical events, both related to Goods & Services Tax. While, GST will celebrate 2 years of implementation on June 30, 2019, it is also the last date for filing first ever GST annual return.

If you’re still unsure about eligibility details required in the annual return or necessary form to be filled, our today’s blog will discuss GSTR 9 Annual Return in detail –

What is the GST annual return?

GST Annual Return has to be filed yearly by the taxpayers. It is a compilation of details submitted in GSTR 3B and GSTR 1 returns filed throughout the financial year. Apart from them, few additional details are also required to be mentioned.

Annual return has to be filed on GSTIN level. It means that if a business has obtained separate GSTIN numbers in a state or different states, it has to file separate annual returns for each GSTIN number.

WizCounsel has got you covered for a better and detailed view of GST. Read our blog on what is GST and how to understand it better.

GSTR 9: A Quick Overview of GST Annual Return

Are there different GST annual return forms for each class of taxpayers?

Yes, there are 4 types of forms –

GSTR 9 – GSTR 9 has to be filed by regular taxpayers, who filed GSTR 3B and GSTR 1 returns during the year;

GSTR 9A – Composition taxpayers have to fill and submit GSTR 9A.

GSTR 9B – E-commerce operators, who filled GSTR 8 during the year, have to file GSTR 9B.

GSTR 9C – This form is a reconciliation statement, and has to be filed by those taxpayers who are required to get their accounts audited.

Are all taxable persons required to file GST annual return?

Every person registered under GST has to file the annual return except the following persons –

  1.    Casual Taxable Persons
  2.    Input Service Distributors
  3.    Non-resident Taxable Persons
  4.    Persons deducting TDS or collecting TCS

Taxpayers having NIL transactions also have to file the annual return compulsorily. Even if you have canceled your registration during the year, you still have to submit the annual return.

Confused regarding the applicability of GST annual return? Find a tax consultant or a chartered accountant who can guide you expertly. Remember, it’s better to ask than assume.

What is the due date of filing GSTR 9?

GST annual return has to be filed within 9 months from the end of an FY, i.e. on or before December 31 of a particular year. For instance, the annual return for FY 2018-19 has to be filed until December 31, 2019.

Since annual returns are being filed for the first time under GST, the Government has extended the due date for FY 2017-18 till June 30, 2019.

Can GST Annual Return be revised?

Once the annual return is filed, it can’t be revised. Hence, the taxpayers should show more vigilance in reconciling and filling the data in the annual return.

Is there any penalty or late fees for non-filing or delay in filing?

The defaulters will have to pay ₹ 200 per day (₹ 100 under CGST + ₹ 100 under SGST) for every day till the default is continued. However, the maximum late fees can be up to 0.50% of the aggregate turnover.

For instance, if a taxpayer files his return on July 16, 2019, while the due date is June 30, 2019, he will have to pay the late fees for 16 days at ₹ 200 per day.

What is the concept of a GST audit?

Businesses having an aggregate turnover of more than ₹ 2 crores in a particular FY have to get their accounts audited from a Chartered Accountant or a Cost Accountant.

Thereafter, the auditor will issue an audit report. The taxpayer has to upload the audited financial statements and the audit report along with GSTR 9 return on the GST portal.

Taxpayers are also required to submit the GSTR 9C reconciliation statement. It can be prepared and signed by the auditor himself or any other chartered accountant or cost accountant also.

Find a chartered accountant on Wizcounsel who can assist in preparation and filing of GSTR 9C along with other necessary documents.

What is the GST annual return format?

GSTR 9 has been divided into 6 parts and 19 tables. It requires detailed information related to sales, purchases, input tax credit, etc. Additionally, the taxpayers are required to fill information like HSN code summary, bifurcated figures of ITC into inputs and input services, etc.

Since these details were not required in the GSTR 3B or GSTR 1 returns, it can be a cumbersome process for the taxpayers.

However, you don’t need to worry. Wizcounsel has a pool of Chartered Accountants, Tax Lawyers, and Consultants who can assist you with GST return filing online.

 

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