What is GSTR-9?
GSTR-9 which is also known as annual return of GST, this form needs to be filed once in a year by every registered taxpayers under GST on or before 31st December of the year succeeding the financial year or as extended by Government (For Financial Year 2017-18 it is extended up to 30th June, 2019) .
What are different types of forms in Annual Return?
Annual return includes following 4 forms:
|Sr. No.||Form Name||Who needs to file?|
|1.||GSTR-9||By Regular taxpayer who are filling GSTR-1, GSTR-2 & GSTR-3 irrespective of their turnover|
|3.||GSTR-9B||E-commerce operators who filed GSTR-8|
|4.||GSTR-9C||Taxpayers whose annual turnover exceeds INR 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts, reconciliation statement of tax already paid and details of tax payable as per audited accounts, along with this return.|
Who are not liable to file?
In general, every registered taxpayer needs to file annual return including composition taxpayer(either opted out or opted in during the financial year), E-commerce operator, even the taxpayer whose registration cancelled in the financial year, but there are some exceptions who are not required to file annual return.
Exceptions: Input service Distributor, Casual Taxable Person, Non Resident Taxable Person, Person required to deduct TDS.
What are the consequences of Late filling/Not filling?
Late Fee: If the GSTR-9 return is not filed on time, then a penalty of INR 100 per day under CGST & INR 100 per day under SGST shall be levied i.e. a total of INR 200 per day. However, the maximum of such a penalty will be an amount calculated at a quarter percent of the total taxpayer turnover in the respective State or Union Territory. There is no late fees however on IGST. Along with late fees, an interest has to be paid at the rate of 18% per annum, and will be calculated by the taxpayer on amount of outstanding tax to be paid.
Contravention leads to: Any person, who contravenes any of the provisions of this Act or any rules made there under for which no penalty is separately provided for in this Act, shall be liable to a penalty which may extend to twenty-five thousand rupees. An equal amount of penalty under the SGST/UTGST Act would also be applicable. Total penalty shall be INR 50,000.
What are the details to be filled in GSTR-9?
Part-I: Basic details of the taxpayer. This detail will be auto-populated.
Part-II: Details of Outward and Inward supplies declared during the financial year. This detail must be picked up by consolidating summary from all GST returns filed in previous FY.
Part-III: Details of ITC declared in returns filed during the FY. This will be summarized values picked up from all the GST returns filed in previous FY.
Part-IV: Details of tax paid as declared in returns filed during the FY.
Part-V: Particulars of the transactions for the previous FY declared in returns of April to September of current FY or up to the date of filing of annual returns of previous FY whichever is earlier. Usually, the summary of amendment or omission entries belonging to previous FY but reported in Current FY would be segregated and declared here.
Part-VI: Other Information comprising details of:
-GST Demands and refunds,
-HSN wise summary information of the quantity of goods supplied and received with its corresponding Tax details against each HSN code,
-Late fees payable and paid details and
-Segregation of inward supplies received from different categories of taxpayers like Composition dealers, deemed supply and goods supplied on approval basis.
What happens after filling GSTR-9?
After Form GSTR-9 is filed: ARN is generated on successful filing of the return in Form GSTR-9.An SMS and an email is sent to the taxpayer on his registered mobile and email id. Electronic Cash ledger and Electronic Liability Register Part-I will get updated on successful set-off of liabilities (Late fee only). Filed form GSTR-9 will be available for view/download in PDF and Excel format.