GSTR 9 (Annual Return) Filing
GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual returns, as per the GST return due date schedule mentioned below. GST annual return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GST registration holder who obtained the registration anytime before 1st April 2018 are required to file GST annual return for the financial year 2017-18 on or before 30th June 2019. Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B or GSTR-4 return for the period of July to March 2018. In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return.
GSTR 9 is consolidated return for the information furnished in monthly/quarterly GST returns during Financial year for every GSTIN
It usually takes 3 to 5 working days.
- GSTR 9 Filing for one GSTIN upto 1000 invoices
- GST 1 and 3B filing is not included in this plan
- All eligible taxpayers under GST
- Purchase of plan
- Tax expert will be assigned
- Share the sales purchase data in correct format
- Tax expert will share the final filing data before filing to government
- Customer approves the numbers
- Tax expert to file the return and send confirmation to the customer
- GSTIN Details
- Sales Purchase Data
Are you aware about a Annual Compliance under GST ? If not then watch this video
All About GST Audit
Goods and Services Tax (GST) was implemented in India on July 1, 2017, with the aim of streamlining the taxation system and unifying various indirect taxes. As part of the GST framework, businesses are required to file multiple returns to ensure compliance. One such return is the GSTR-9, which is an annual return filed by registered taxpayers. In this article, we will delve into the intricacies of GSTR-9, its purpose, and the information it entails.
What is GSTR 9?
GSTR-9 is an annual return that needs to be filed by every registered taxpayer who falls under the regular scheme of GST. It consolidates the information from the monthly or quarterly returns filed throughout the financial year and provides a comprehensive summary of all transactions undertaken by the taxpayer.
Purpose of GSTR 9?
The primary objective of filing GSTR-9 is to ensure transparency and accountability in the GST system. It enables the government to validate the accuracy of the taxes paid and claimed by the taxpayer during the financial year. GSTR-9 also helps in reconciling the data provided in the regular returns, such as GSTR-1 (outward supplies), GSTR-3B (summary of inward and outward supplies), and GSTR-2A (auto-populated details of inward supplies).
The GST audit is a compliance check carried out by the tax authorities to ensure that businesses are correctly paying GST. Businesses with a GST turnover of more than Rs 2 crore are required to get their accounts audited by a Chartered Accountant (CA) or a Cost and Management Accountant (CMA). The audit must be conducted on or before 31st December of the financial year following the financial year being audited.
For businesses with a turnover of less than Rs 2 crore, the audit is not mandatory but it is advisable to get one done to ensure that all GST compliance requirements are met.
The GST audit report must be submitted to the tax authorities within 30 days of the completion of the audit, businesses can be fined up to Rs 10,000 for failing to comply with the GST audit requirements. If you are planning to get your GST audit done, here are some important things to keep in mind:
- Choose a CA or CMA who is experienced in GST audits.
- Make sure that all GST compliance requirements are met before the audit starts.
- Keep all relevant documents and records ready for the auditor.
- Cooperate with the auditor and provide all the information and documents required.
- Respond to the auditor’s findings and queries in a timely manner.
- Make sure that the GST audit report is submitted to the tax authorities within the prescribed time frame.
Following these tips will help you ensure a hassle-free GST audit.
Components of GSTR 9
Basic Details: The taxpayer's legal name, GSTIN (Goods and Services Tax Identification Number), financial year, and the date of filing the return.
Financial Information: This section provides a summary of the taxpayer's outward supplies, inward supplies, and taxes paid during the financial year. It includes details such as taxable value, tax liability, input tax credit availed, and taxes paid under various heads.
Details of Input Tax Credit (ITC): This section requires the taxpayer to furnish the details of ITC availed during the financial year. It includes the opening balance of ITC, ITC availed on purchases, ITC reversed, and closing balance of ITC.
HSN/SAC Summary: Here, the taxpayer needs to provide a summary of the HSN (Harmonized System of Nomenclature) codes for goods or SAC (Services Accounting Code) for services rendered during the financial year. It includes the total turnover and tax liability for each HSN/SAC code.
Other Information: This section covers additional details such as demands and refunds, supplies made to composition taxpayers, supplies received from unregistered persons, and the late fee paid during the financial year.
Filing of GSTR 9
The filing of GSTR-9 can be done online through the GSTN (Goods and Services Tax Network) portal. It is important to ensure that all the relevant details are accurately filled in, as any discrepancies or omissions may lead to penalties or further scrutiny by tax authorities. The due date for filing GSTR-9 is typically December 31st following the end of the financial year.
Important Points to Note
GSTR-9C: Taxpayers whose annual turnover exceeds Rs. 2 crores are required to file GSTR-9C along with GSTR-9. GSTR-9C is a reconciliation statement certified by a chartered accountant or a cost accountant.
Amendments: Any amendments or corrections to the data provided in the regular returns should be made before filing GSTR-9. Once GSTR-9 is filed, any changes can be made through the GSTR-9C form.
Late Filing: In case of late filing of GSTR-9, a late fee is levied at Rs. 100 per day, subject to a maximum of 0.25% of the taxpayer's turnover.
Audit and Assessment: GSTR-9 provides crucial information for audit and assessment purposes. Tax authorities may use the data in GSTR-9 to verify the accuracy of the taxpayer's GST compliance and initiate further inquiries if required.
GSTR-9 is an essential annual return that ensures the completeness and accuracy of a taxpayer's GST-related transactions for a given financial year. It serves as a consolidated summary of all the monthly or quarterly returns filed throughout the year and provides valuable insights into the taxpayer's tax liability, input tax credit availed, and other relevant details. By filing GSTR-9 accurately and on time, businesses can demonstrate their compliance with GST regulations and contribute to a transparent and efficient tax system in India.
How many types of GST Annual Return are there ?
- Should GSTR Annual Returns be Audited ?
GSTR-9: All entities having GST registration are required to file GST annual return in form GSTR-9.
GSTR-9A: GST registered taxpayers who have opted for the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A.
GSTR-9C: Form GSTR 9C is meant for filing the reconciliation statement of taxpayers pertaining to a particular financial year. The form is a statement of reconciliation between the Annual Returns in GSTR-9 and the figures mentioned in the Audited Financial Statements of the taxpayer.
GSTR 9C is applicable to taxpayers who are required to obtain an annual GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. GST audit is applicable for person having GST registration with an annual aggregate turnover of above Rs. 2 crores in a particular financial year.