What is the GSTR-9?
The GSTR-9 is a return that is filed on an annual basis. This return is required to be filed by business houses that are registered under the GST Act. This filing collectively summarizes all the details of the GST returns that are made during a particular financial year and includes all details of outward and inward supplies, purchases made, sales conducted, and all the other requisite tax-related information. This return serves instead of consolidating the monthly/quarterly returns filed under GSTR-1 and GSTR-3B in the assessment year.
What is the GSTR-9 annual return?
The GSTR-9 annual return is an aggregated document that businesses must file in compliance with the GST regime. Unlike the GSTR-3B return, which records quarterly or monthly transactions, GSTR-9 provides a comprehensive overview of a business's tax liabilities and transactions made throughout the year.
Who should file the GSTR-9 annual return?
It should be noted that all GST-registered businesses are not eligible to file the GSTR-9 annual return. This compliance is dependent on the type of business and its turnover.
The following entities are required to file for GSTR-9:
1. Regular taxpayers: Businesses that are registered under the GST Act, including those business houses that are registered under the composition scheme (although they are required to file a simplified return that is GSTR-9A).
2. Taxpayers registered under the GST scheme: Any business that crosses the threshold turnover limit is required to file for GST registration.
Businesses having a turnover below the GST registration threshold limit, or those business houses that are enrolled under the composition scheme (for small taxpayers), are generally not required to file the GSTR-9, though they are required to file for GSTR-9A.
Types of GSTR-9
Several types of GSTR-9 filings depend on the type of business that a business house is engaged in:
1. GSTR-9 (for regular taxpayers): This is a standard form that is used by regular taxpayers to file their annual returns.
2. GSTR-9A (for composite taxpayers): This form is filed by business houses that have opted for the composition scheme, this scheme is a simplified version of the GSTR-9.
When to file GSTR-9?
The GSTR-9 should be filed after the end of each financial year, this filing is typically done by business houses between the period of April and June. Ideally, this return is required to include details of the transactions that have occurred in the preceding financial year and the deadline for this filing is set by the GST authorities.
What is the due date for filing GSTR-9?
The due date for filing the GSTR-9 annual return for the financial year 2023-24 is 31st December.
The GST Council has the discretion to extend this deadline based on various factors, so business houses are required to stay updated on any changes in the due date announced by the government.
What is the penalty for late filing of GSTR-9?
In case a business fails to file the GSTR-9 annual return by the due date, it will be subjected to various penalties listed here under:
1. Late Fee: A late fee of Rs. 200 per day (Rs. 100 each under CGST and SGST) is levied for every subsequent day the return is delayed.
2. Charging of Interest: If the taxpayer owes any taxes, interest at the rate of 18% per annum will be levied on the due amount from the due date until the date of actual payment.
The government has also the discretion to deny input tax credit (ITC) claims if the return is not filed on time.
Documents Required for GSTR-9 filing
To file GSTR-9, businesses need to gather several documents to ensure accurate reporting. Some of these documents are listed here under:
1. GSTR-1: Monthly or quarterly return showing outward supplies.
2. GSTR-3B: Monthly return showing inward supplies and tax paid.
3. Purchase invoices: Details of inward supplies.
4. Sales invoices: Details of outward supplies.
5. Other tax records: Any other relevant documents that can support the data entered in the return.
What is the step-by-step procedure to file GSTR-9?
Here’s a simplified step-by-step procedure to file the GSTR-9:
1. Logging in the portal: Visit www.gst.gov.in and thereunder log in using your credentials.
2. Navigate to the 'Services' and then the 'Returns' tab: Click on the 'Services' tab and thereafter select 'Returns' and afterwards choose 'Annual Return' from the drop-down menu.
3. Select GSTR-9: Select the financial year for which you need to file the return and click on 'GSTR-9'.
4. Fill in the details: Based on the information from GSTR-1 and GSTR-3B, fill in the required details. This will include details of your sales, purchases, tax paid, and input tax credit.
5. Review the return: Once you have filled in the necessary fields, review all the details for accuracy.
6. Submit and file: After reviewing, submit the return. If there are no discrepancies, you can file it by making the payment (if any) and generating the acknowledgement receipt.
7. Download acknowledgement: Once successfully filed, download the acknowledgement receipt for your records.
Conclusion
Filing for the GSTR-9 annual return is an essential requirement for GST-registered business houses to stay compliant with the rules. The legislative intent of this filing is to ensure that business houses are compliant with their tax liabilities. Time-lapse filing GSTR-9 can lead to the position of fines and penalties such as interest charges, therefore business houses shall stay vigilant and should duly file on time.
By understanding the key aspects of the GSTR-9 return and filing, business houses can reduce the chances of making common errors and can also stay compliant with the existing GST regime.
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