What is GST Annual Return?
GSTR 9 is the annual return filed by the taxpayers registered under the GST system, which accounts for total sales and purchases and includes audit details for the year.
In simple terms, it encompasses a taxpayer’s business transactions and tax particulars for a respective year.
What Are The Distinct Types of Annual GST Returns?
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GSTR-9: Annual Return
Entities who exceeds a turnover of ₹2 crores are required to file GSTR-9. It includes details of sales, purchases, input tax credits, and tax liabilities for the entire financial year.
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GSTR-9A: Annual Return for Composition Taxpayers
GSTR-9A applies to taxpayers who have opted for the composition scheme. This form encompasses details related to composition scheme transactions and addresses their specific needs.
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GSTR-9B: Annual Return for E-commerce Operators
The e-commerce operators who have filed GSTR-8 need to file GSTR-9 and are required to collect tax at source (TCS) under section 52 (5) of the CGST Act, 2017.
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GSTR-9C: Reconciliation Statement and Certification
Every individual whose turnover during a financial year exceeds Rs.5 crore rupees should file GSTR-9C. It comprises two parts – a reconciliation statement reconciling the taxpayer's financial statements with the GST returns and the certification part.
Who Is Eligible to File GSTR-9?
GSTR-9 is primarily meant for regular taxpayers registered under GST and businesses operating under standard tax provisions.
Who is Ineligible for GSTR-9 Return Filing?
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Composition Scheme Taxpayers who have been selected for the composition scheme under GST but need to file GSTR-9A.
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Non-Resident Taxpayers who do not have a fixed place of business in India.
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Input Service Distributors (ISD) who distribute input tax credits to their branches or units.
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Casual Taxpayers who occasionally undertake supply of goods and services transactions in a state or Union Territory where they do not have a regular place of business.
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Entities who are deducting or collecting Tax Deducted at Source (TDS).
What Is The Last Date for GST Annual Return Filing?
The last date for GST annual return filing is the 31st of December, the year following the relevant financial year. But if not filed on time, the following penalties will be levied.
Penalties For Late GSTR-9 Filing
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There's an amnesty scheme if you missed filing GSTR-9 for 2017-18 up to 2021-22. If you file it between April 1, 2023, and June 30, 2023, and your late fees are more than ₹20,000 (Rs. 10,000 for CGST and SGST), they will be waived.
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For those with a turnover up to ₹5 crore, filing GSTR-9 after the due date incurs a late fee of ₹50 per day (Rs. 25 for CGST and SGST), with a maximum cap of 0.04% of turnover in the state/UT.
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Before the financial year 2022-23, if you missed the due date for filing GSTR-9, the penalty was ₹200 per day. This consisted of ₹100 for State GST (SGST) and ₹100 for Central GST (CGST). However, there was a cap, and the penalty couldn't exceed 0.25% of your total turnover on which the penalty was applied.
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From the financial year 2022-23 onward, if your turnover is up to ₹5 crores, the penalty is reduced to ₹50 per day. Of this, 25 goes to SGST, and ₹25 goes to CGST. If your turnover exceeds ₹5 crores, the penalty is ₹100 per day, with ₹50 for SGST and ₹50 for CGST.
Prerequisites for filing GSTR-9
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To file GSTR-9, you must be a regular taxpayer under GST for at least one day a year.
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When you fill out GSTR-9, you need to share basic info about your business for the year, like what you sold, what you bought, the taxes you paid, any refunds you claimed, and if there were any issues with the tax authorities.
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Before doing GSTR-9, ensure you've already filed GSTR-1 and GSTR-3B for the same year because GSTR-9 collects data from these forms.
Details Required For GSTR-9 Return Filing
The GSTR-9 form is divided into 6 parts and 19 sections, including details of supplies made. Here’s a detailed explanation.
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Part-1: Basic Information
This section includes the financial year, taxpayer’s GSTIN, legal, and trade name (if any).
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Part-2: Details of Outward and Inward Supplies
It consists breakdown of supplies made and received during the particular financial year.
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Part-3: Details of Input Tax Credit (ITC)
This part consolidates details of the ITC availed during the financial year.
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From 6A to 6O, includes details of ITC availed on various inward supplies.
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From 7A to 7J, include details of ITC Reversed and Ineligible ITC.
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From 8A to 8K, include details of other ITC-related information.
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Part-4: Tax Paid Details
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Part-5: Transactions Particulars For The Previous Financial Years
This part of the form covers transactions from the last financial year that were reported in the returns filed from April to September of the current financial year or until the date when the annual return for the previous financial year was filed—whichever happened first.
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Part-6: Other Information
The final part encompasses details of
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Particulars of demands and refunds
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Total demand for taxes
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Total taxes paid
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Supplies information received from composition taxpayers
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Summary of outward and inward supplies HSN-wise
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Late fee payable and paid.
How Karr Tax Can Assist You With GST Annual Filing
➔Expert Guidance
We have a team of experts who are there for you to provide expert guidance. Our process starts with understanding the business aspects that may influence GST compliance. Then, according to the intricacies, we choose a customized compliance plan that ensures a smooth filing process.
➔Customized Pricing Plans
Our pricing plans are divided into three categories according to each client's unique requirements. Here’s the breakdown.
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Basic at ₹3999
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Standard at ₹7499
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Premium at ₹9999
If you need any assistance regarding which plan to go for, contact our experts, who will help you with all your queries.
➔Real-Time Support
With our dedicated communication channels, including email, phone, and messaging platforms, we offer real-time support to our clients. The GST filing process involves various aspects, and it's obvious to seek clarification on specific elements.
So, if you have questions about specific entries in the GSTR-9 form or encounter uncertainties during the filing process, our experts can provide you with detailed explanations and clarification.
➔Post-Filing Support
At Karr Tax, we believe in building strong business relations with our clients. That’s why our support does not stop once the GST Annual Filing is submitted. We proactively monitor for any communications or inquiries from tax authorities and anticipate potential queries that may arise during the compliance process.
➔360 GST Return Filing Services
Our services are not limited to GST annual return filing, but we offer 360 GST return filing services, which include everything from GST registration to quarterly returns (GSTR-1 and GSTR-3B) and annual filings (GSTR-9).
The best part? Our prices are structured to be accessible for businesses of all sizes, whether you're a small startup or a larger enterprise. However, affordability does not mean that we compromise on our services. Yet, we believe in providing affordable yet high-quality services.
Frequently Asked Questions (FAQs)
1.What is the GSTR-9 form, and who is eligible for its filing?
GSTR-9 is an annual return that comprehensively summarizes a taxpayer's activities throughout the financial year, including sales, purchases, input tax credit availed, and tax paid details. Now, who is eligible for its filing? So, all the registered taxpayers are required to file this form except:
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Non-Resident Taxpayers
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Causal Taxpayers
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Input service distributors
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Entities who are deducting or collecting Tax Deducted at Source (TDS).
2.Can I file a “NIL” GSTR-9 return?
The eligibility criteria below should met for “NIL” GSTR-9 return filing.
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Zero Outward Supply
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No credits or refunds to be claimed
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Zero Receipt of Goods/Services
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No Other Reportable Liabilities
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Non-Claimed Credits
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No Outstanding Late Fees
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Absence of Demand Orders
3. Can the filed GSTR-9 be revised?
No, it is not possible to revise GSTR-9 once it is filed. That’s why reviewing the information before submission is crucial to ensure accuracy.
4.Is GSTR-9A & GSTR-9C the same?
No, these forms are totally different. GST-9A is the annual return filed by the Composition Dealer, consolidating their annual turnover details, while GSTR-9C is a reconciliation statement and audit report under GST.
5. Can GSTR-9 be amended?
No, it is not possible to amend GSTR-9.
6. Should the GSTR-9 return be filed at the entity level or GSTIN level?
Form GSTR-9 return should be filed at the GSTIN level, which means it needs to be done for each unique GST registration. If a taxpayer holds multiple GST registrations in the same or different states under the same PAN, the requirement is to submit the annual return separately for each registration.
This applies to cases where the GSTIN was registered as a normal taxpayer during the financial year, either for a specific duration or for the entire financial year. Taxpayers must recognize the individual nature of each GST registration and fulfill the annual return obligation for each one accordingly.