GST Annual Return Filing (GSTR-9)

GST ANNUAL RETURN FILING

How to Complete the GST Annual Return

India began implementing it on July 1, 2017. Under the new GST system, over 1.3 crore firms in India have been registered and granted GST registration. GST-registered companies must file yearly returns by the designated GST return due date.

GST yearly return filing is compulsory for all companies needed to get GST registration with a turnover of more than two crores, regardless of business activity, sales, or profitability during the return filing period. As a result, even a defunct business that obtains GST registration is required to file GST returns.

GSTR 9: Annual Return Filing

GSTR 9 is the annual return that taxpayers enrolled under GST must file each year.

GSTR 9 is required to be filed yearly by GST-registered taxpayers. It contains information on the external and inward supply made during the financial year in question.

All GSTR-1, GSTR-3B, and GSTR-4 returns must be filed prior to submitting GSTR 9. In the event of overdue payments, the GSTR registration holder will be unable to file an annual GST return.

GSTR 9 contains information on outgoing and inbound supplies made or received during the relevant fiscal year under CGST, SGST, and IGST. It is a compilation of all monthly/quarterly returns filed throughout that financial year.

Who is required to submit GSTR 9?

GSTR 9 must be filed by all registered GST taxpayers/taxable individuals. The following, however, are NOT needed to submit GSTR 9:

• Composition system is preferred by taxpayers (They must file GSTR-9A)
• Casual Taxable Individual
• Distributors of input services
• Taxpayers who are not residents of the United States
• Individuals who are required to pay TDS under Section 51 of the CGST Act.

Due Date for GST Annual Return

Due to the pandemic situation, the deadline for filing Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for fiscal year 2019-2020 has been extended till March 31, 2021.

The government has also chosen to streamline these forms by making some fields optional.

What information must be included into the GSTR-9?

The GSTR-9 is split into six sections and six components. Each section requests information that is easily available from previously filed returns and books of accounts.

This form requests annual sales disclosure, distinguishing between instances subject to tax and those not subject to tax.

The yearly value of inward supplies and ITC derived from them is to be disclosed.

These purchases must also be categorised as inputs, input services, or capital goods. Details about ITCs that must be reversed owing to ineligibility must be entered.

Different types of GST Annual Return

Based on the form to be filed, GST annual return filing may be classified into three types:

1. GSTR 9 is a general tax return.

   Entities with a revenue of more than 2 crores are obliged to file a GST annual return in form GSTR-9A.

   This form is a reconciliation statement between the figures in the taxpayers' Audited financial statements and the figures in their Annual returns in GSTR-9.

2. GSTR-9A

   Registered taxpayers who have chosen the GST Composition scheme must file GSTR-9A.

3. GSTR-9C

   Form GSTR-9C is used to file a taxpayer's reconciliation statement for a certain financial year. This form is a reconciliation statement between the figures in the taxpayers' Audited financial statements and the figures in their Annual returns in GSTR-9.

   GSTR 9C relates to taxpayers who are obligated to have their accounts audited annually. A CA or Cost accountant must draught and certify GSTR 9C. GST audit applies to everyone who has a GST registration and has an annual aggregate revenue of more than two crores in a given financial year.

Who is required to file GSTR-9A?

GST registered taxpayers who have chosen the composition plan under the GST Act must file GSTR-9A. GSTR-9A contains all of the information supplied by the taxpayer in the quarterly return for a certain financial year.

Who is required to file GSTR-9C?

Form GSTR 9C is used to file a taxpayer's reconciliation statement for a certain fiscal year. The form is a declaration of reconciliation between the data in the taxpayer's Audited Financial Statements and the figures in the Annual Returns in GSTR-9.As a result, this CA-certified document must be submitted along with the Annual Returns in GSTR-9 and the Audited Financial Statements. The duty can be fulfilled via the GST system or a Facilitation Centre. This article discusses the form's usage and need.