What is GSTR-9 Annual Return?
GSTR-9 is an annual return under the GST regime that consolidates all the monthly/quarterly returns filed during a financial year. It is a comprehensive document that provides a summary of the taxpayer’s outward and inward supplies, tax liability, and ITC (Input Tax Credit) availed.
Who is Required to File GSTR-9?
All regular GST registered taxpayers are required to file GSTR-9, including those under the composition scheme, non-resident taxable persons, e-commerce operators, and Input Service Distributors.
GST Annual Return Eligibility Types:
GSTR-9 forms categories into three types each catering to different types of assessees:
GSTR-9– The same form is for the normal assessments who used to file their yearly returns.
GSTR-9A– The assessee who has chosen the composition scheme under the GST at the time of the fiscal year can use this form.
GSTR-9C– This form, a reconciliation statement, must be submitted with the GSTR-9 by taxpayers whose combined revenue for the financial year exceeds Rs. 5 crores. In essence, it is a reconciliation declaration that has been self-certified.
What Information is Required to Complete the GSTR-9?
To complete GSTR-9, taxpayers need to provide details such as their annual turnover, tax paid during the year, supplies made to registered and unregistered persons, and details of Input Tax Credit availed.
Compliance Load Reduced for Small Taxpayers:
Small taxpayers with an annual turnover of up to Rs. 2 crore have the option to file a simplified version of GSTR-9 called the GSTR-9C.
Annual Return GSTR-9 Due Date for FY 2022-23:
The due date for filing GSTR-9 for the financial year 2022-23 is typically on or before the 31st of December following the end of the financial year.
GSTR-9 Due Date, Late Fee, and Penalty:
Failing to file GSTR-9 by the due date may attract late fees and penalties, which can vary based on the delay. It is essential to meet the deadline to avoid unnecessary financial burdens.
GSTR-9 Elements:
The GSTR-9 form comprises various sections that require taxpayers to provide information regarding their financial activities throughout the year. These sections encompass:
General Information: This includes the taxpayer’s name, GSTIN (Goods and Services Tax Identification Number), and the specific financial year for which the return is being filed.
Part I: In this section, taxpayers must furnish details about their outward supplies to registered taxpayers, unregistered taxpayers, and composition taxpayers. Additionally, information about the inward supplies is also required.
Part II: Taxpayers are required to provide information on the taxes paid during the financial year, which includes central tax, state tax, integrated tax, and cess. Any additional liability arising from discrepancies in previous year returns should also be disclosed.
Part III: This section focuses on the input tax credit (ITC) availed and reversed by the taxpayer during the financial year.
Part IV: Taxpayers need to report the late fees payable and pay for any delays in filing their returns.
Part V: This section pertains to amendments made in the returns of the previous financial year. Taxpayers are expected to provide relevant details of the amended returns and corresponding information.
GSTR-9 Applicability & Cases:
There are specific cases, such as taxpayers opting for the composition scheme or those under the reverse charge mechanism, where GSTR-9 filing requirements differ. Taxpayers should be aware of these exceptions.
Conclusion: Filing the GSTR-9 Annual Return is a crucial compliance requirement for GST-registered businesses in India. Understanding its applicability, due dates, and the information required is vital to ensure a smooth and error-free filing process. Staying informed about the latest updates and seeking professional guidance, if necessary, can help taxpayers navigate the complexities of GSTR-9 filing successfully.
