Description
How to File GST Annual Return for 2021
Enacted in India from 1st July 2017. Over 1 crore businesses in India have been registered and issued GST registration under the new GST regime. The entities registered under GST must file annual returns as per the scheduled GST return due date.
GST annual return filing is mandatory for all entities with a turnover of more than two crores required to obtain GST registration, irrespective of the business activity or sales or profitability during the return filing period. Hence, even a dormant business that gets GST registration must file GST returns.
What is GSTR 9: Annual Return Filing?
GSTR 9 is the annual return that is to be to be filed yearly by the taxpayers registered under the GST regime.
GSTR 9 is to be filed yearly by the taxpayers registered under GST. It consists of details regarding the outward and the inward supplies made during the relevant financial year.
Before filing GSTR 9, the taxpayer must file all GSTR-1, GSTR-3B, or GSTR 4 returns. In case of over dues, the GSTR registration holder will not be allowed to file an annual GST annual return.
GSTR 9 consists of details regarding the outward and the inward supplies made or received during the relevant financial year under CGST, SGST, and IGST. It is a consolidation of all the monthly/quarterly returns filed in that year.
Who should file GSTR 9?
All taxpayers/taxable persons registered under GST must file their GSTR 9. However, the following people 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.
GST Annual Return Due Date
The due date for filing Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for the relevant financial year is 31st December of the next financial year.The Government has also decided to simplify these forms by making various fields of these forms is optional
What details are required to be filled in the GSTR-9?
The GSTR-9 is broadly divided into six parts and 19 sections. Each part asks for the details that are readily available from previously filed returns and books of accounts.
This form asks for disclosure of annual sales, bifurcating between the cases subjected to tax and those not subjected to Tax.
The annual value of the inward supplies and ITC availed thereon is to be revealed.
Further, 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.
GST Annual Return Plans
All Inclusive Pricing – No Hidden Fee
Annual return filing for Taxpayers registered under
composition scheme
GST Annual return filing for Regulars Taxpayers not requiring audit
GST Annual return filing for Regulars Taxpayers along with GST Audit
GST Annual Return Types
1- GSTR 9
The entities exceeding a turnover of 2 crores are required to file GST annual return in form GSTR-9.
2- GSTR-9A
Registered taxpayers who have opted for the GST Composition scheme are required to file GSTR-9A.
3- GSTR-9C
Form GSTR-9C is meant to file the taxpayers’ reconciliation statement for the relevant financial year. This form is a statement of reconciliation between the Annual returns in GSTR-9 and the figures mentioned in the taxpayers’ Audited financial statements.
GSTR 9C applies to the taxpayers who are required to get their books of accounts audited. GSTR 9C must be prepared and certified by a CA or Cost accountant. GST audit is applicable for a person having GST registration with an annual aggregate turnover of above two crores in a particular financial year.
Who should file GSTR-9C?
Eligibility
GSTR 9C applies to taxpayers who are required to obtain an annual GST audit of their accounts. It must be prepared and certified by a Chartered Accountant or Cost Accountant.
Why must you file GST Annual Return through Taxology?
- A dedicated expert to guide you and help you file your annual returns
- One-click download of GSTR 1, 2A, and 3B data for each and every month
- Auto-filling of all tables of GSTR-9 including Tables 6-8, 10, 11 and 17
- A simple checklist to identify potential errors
- Auto-compute outward HSN summary from sales books to fill Table-17
- Invoice-level reconciliation of GSTR-1 with books of accounts
- One-click GSTR-9 data upload to GSTN and filing with the help of our dedicated expert for GSTR-9
- Full reconciliation of Books and Returns for input tax credit claimed and availed during the year
General questions
As per Section 47(2) of the Central Goods and Service Tax Act (2017), a person will be fined a penalty of INR 100 per day (CGST) + INR 100 per day (SGST), amounting to a total of INR 200 per day if he/she fails to file GSTR-9 before the due date. However, the maximum amount of penalty a person can be fined is 0.25% of the total turnover.
The due date for filing Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for the relevant financial year is 31st December of the next financial year. The Government has also decided to simplify these forms by making various fields of these forms is optional
No, as of now, annual returns in form GSTR 9 can only be filed online. However, the government might soon release the offline method to file from GSTR 9.
GSTR annual return is to be filed by every GST registered taxpayer irrespective of the turnover. GSTR 9C is a reconciliation statement that is to be submitted by the GST registered taxpayer for whom audit is applicable.
All the registered GST taxpayers whose turnover during the relevant financial year is exceeding the prescribed limit should get the accounts audited. According to the current GST rules, the limit is Rs.2 crores.
Yes, a delay in filing GSTR-9 beyond the due date will attract a late fee as a penalty.
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