GSTR9 Annual Return Filing
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What is GSTR-9 annual return?
GSTR9 annual return is to be filed yearly by taxpayers registered under GST. Points to note:
- It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes.
- It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in the extensive reconciliation of data for 100% transparent disclosures.
Who should file the GSTR9 annual return?
All taxpayers/taxable persons registered under GST must file their GSTR 9. However, the following are NOT required to file GSTR 9:
- Taxpayers opting composition scheme (They must file GSTR-9A)
- Casual Taxable Person
- Input service distributors
- Non-resident taxable persons
- Persons paying TDS under Section 51 of CGST Act.
*GSTR-9 filing for businesses with turnover up to Rs 2 crore made optional for FY 17-18, FY 18-19, and FY 2019-20.
Due Date, late fee, and penalty
The due date of GSTR9 & GSTR-9C for FY 2019-20 was extended up to 28th February 2021 once and currently stands extended up to 31st March 2021 (As per CGST Notification 4/2021 dated 28th February 2021).
- The late fee for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay.
- The total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.
What are the details required to be filled in the GSTR9 annual return?
GSTR-9 is divided into 6 parts and 19 sections. Each part asks for details that are easily available from your previously filed returns and books of accounts.
- Broadly, this form asks for disclosure of annual sales, bifurcating it between the cases that are subject to tax and not subject to tax.
- On the purchase side, the annual value of inward supplies and ITC availed thereon is to be revealed.
- Furthermore, these purchases have to be classified as inputs, input services, and capital goods. Details of ITC that need to be reversed due to ineligibility are to be entered.