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It is annual by nature and has to be submitted by every taxpayer registered under the Goods and Services Tax (GST) in India. The details of GSTR-9 encompass the entire year. The details comprise the sales and purchases; payments of tax; the input tax credits claimed; and any other information related to these transactions. Picture a small business owner selling goods and paying taxes throughout the year. GSTR-9 helps him collate and report the above details once a year.
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GSTR-9 has to be filed by all the taxpayers registered under GST except,
Casual Taxable Person
Non-Resident Taxable Person
Input Service Distributors (ISD)
Taxpayers who have opted for the composition scheme (they must file GSTR-9A instead)
Those paying TDS under GST (they must file GSTR-9B instead)
According to the updated GST rules:
GSTR-9 must be filed by companies with an annual aggregate turnover of more than Rs. 2 crore.
For businesses with a turnover below Rs. 2 crore, filing GSTR-9 is optional.
Taxpayers with a turnover above Rs. 5 crore will also have to file GSTR-9C, which is a reconciliation statement.
The date due for filing GSTR-9 falls on December 31, the day immediately following the closure of the financial year. The GSTR-9 is an annual return to be given for outward and inward supplies concerning which the taxpayers are required to mention different heads of tax. The government may, from time to time, extend the deadline of December 31 via a notification. For the previous years, the extended dates of return have been on account of the government's acceptance of the difficulties faced by the taxpayers in compiling data for GSTR-9. Extensions allow for extra time and accurate compilation for the filing of returns. Businesses should keep their ears open for any updates announced officially related to the deadline changes, to keep their compliance with GST laws.
For more information visit delayed submission of reconciliation statement in gstr 9c
There are several sections of GSTR-9:
Basic Information- GSTIN, legal name, and trade name
Outward and Inward Supplies- taxable supply, exempt supply, and tax burden
Input Text Credit (ITC)- being ITC claim, reversal, and utilization
Tax information- late fees, interests, and penalties paid
Additional information- dealing with refunds, etc.
Access the GST portal
Go to Services > Returns > Annual Return
Select the financial year for which the return is to be filed
Download the GSTR-9 form generated by the system
Cross-verify and reconcile the data with your records
Make any corrections or additions, as applicable
Settle any outstanding tax liability
Go on with the submission of the return and generation of the acknowledgment receipt
Filing GSTR-9 after the due date attracts penalties of:
Rs. 200 per day up to a maximum of 0.25% of the turnover (Rs. 100 CGST + Rs. 100 SGST).
Such late filing does not incur any late fees under IGST.
In addition, there is an interest charge of 18% on any outstanding tax liabilities per annum.
Suggested - Check How to apply IGST on Swipe billing software
Stay clear of penalties and audits
Assist with tax compliance and ITC reconciliations.
Ensure transparency in business transactions.
It helps to find discrepancies in the tax filings.
The government has gradually helped businesses comply with tax regulations by providing some relaxation in tax compliance requirements.
Businesses with turnover up to Rs. 2 crore now have the option of choosing whether to file specified tax forms. This is a relief for small businesses, which reduces their burden of compliance.
On the other hand, firms exceeding Rs. 5 crore in annual turnover must use GSTR-9C for reconciliation, which means that their annual returns will be checked with actual data. This increases transparency and accuracy in the operations of the tax department.
To further simplify the filing process, auto-population of return data has now been introduced. Automatic self-filling returns imply that a plethora of information is pre-filled, allowing manual entry to be minimized to obviate the danger of mistakes and facilitate tax filing in itself.
For more information, refer to types of gst returns gst forms and due dates
GSTR-9 compliance is an essential requisite under the GST law. The companies must file the return within the due time. This would escape penalties and keep the financial records up-to-date. Taxpayers should know how the phrases apply to ease their compliance. The eligibility criteria and turnover limits form the core. Important are late filing fees too. GST is continuously changing and there are updates.
Make use of appropriate documents to ease year-end filing. For instance, knowing the exact due dates for GSTR-9 is essential. Failing to meet these dates results in penalties. Turnover limits define who files, and having this knowledge helps prevent mistakes. If well-updated on the changes in GST, proper filing will be done. Correct records will provide simple returns; proper filing will prevent unnecessary costs and court cases.
The penalty consists of Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST), up to 0.25% of the turnover amount.
Negative. No revisions are possible once GSTR-9 is filed. All discrepancies need to be corrected in the returns for the subsequent financial year.
No, GSTR-9 filing is optional for businesses with an annual turnover of less than Rs. 2 crore.
Even the due date of GSTR-9 filing should be on December 31 of the succeeding financial year.
The difference between GSTR-9 and GSTR-9C lies in GSTR-9 being the annual return while GSTR-9C is the reconciliation statement for businesses crossing the threshold limit of Rs. 5 crore in turnover for the financial year.
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