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Annual GST Return-GSTR 9

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Annual GST Return-GSTR 9

GSTR-9 is a mandatory annual filing requirement for taxpayers registered under the Goods and Services Tax (GST) regime. It consolidates details of outward and inward supplies made or received during a financial year, including transactions under Central GST (CGST), State GST (SGST), and Integrated GST (IGST). This comprehensive return serves as a summary of all monthly or quarterly returns filed during the year.

At BeyondYourFinance, we specialize in simplifying the GSTR-9 filing process, ensuring that businesses meet the GST annual return due date with accuracy. Our expert guidance ensures a seamless filing experience, helping you stay compliant with GST regulations.

What is GSTR 9?

GSTR-9 is an annual return form summarizing a taxpayer’s sales, purchases, and taxes paid during the financial year. It includes information about CGST, SGST, and IGST, as well as audit details. Filing GSTR-9 is mandatory for businesses with an annual turnover exceeding Rs. 2 crore, while it is optional for businesses with a turnover of up to Rs. 2 crore.

GSTR 9 Applicability

GSTR-9 must be filed by:

  1. Normal Taxpayers: Registered taxpayers under the regular scheme.
  2. SEZ Units and SEZ Developers: Special Economic Zone entities.
  3. Transitioned Taxpayers: Taxpayers who transitioned from the composition scheme to the regular scheme during the financial year.

Exemptions from GSTR-9 Filing

  • Composition Taxpayers: File GSTR-9A instead.
  • Casual Taxpayers: Exempt from GSTR-9.
  • Non-Resident Taxpayers: Exempt from GSTR-9.
  • Input Service Distributors (ISD) and OIDAR Service Providers: Not required to file GSTR-9.

Types of GST Annual Returns

  1. GSTR-9: For regular taxpayers with an annual turnover exceeding Rs. 2 crore.
  2. GSTR-9A: For taxpayers under the composition scheme.
  3. GSTR-9C: A reconciliation statement that matches GSTR-9 with audited financial statements, applicable to businesses with a turnover exceeding Rs. 2 crore.

GSTR 9 Turnover Limit

Businesses with an annual turnover exceeding Rs. 2 crore must file GSTR-9. Filing is optional for businesses with a turnover up to Rs. 2 crore.

GSTR 9 Due Date

The due date for filing GSTR-9 is December 31st of the subsequent financial year unless extended by the government through notifications.

GSTR 9 Format

The GSTR-9 form comprises six parts:

  1. Part 1: Basic details like GSTIN, fiscal year, and trade name.
  2. Part 2: Outward supplies (taxable, exports, SEZ supplies, exempt supplies).
  3. Part 3: Input Tax Credit (ITC) availed, reversed, and reconciled.
  4. Part 4: Tax paid during the year.
  5. Part 5: Previous year’s transactions declared in the current year.
  6. Part 6: Miscellaneous information (refunds, demands, HSN summary, etc.).

Documents Required for Filing GSTR-9

  • Monthly GST Returns (GSTR-1, GSTR-3B, and GSTR-2A)
  • Annual financial statements (Profit and Loss Statement, Balance Sheet)
  • Reconciliation statement (GSTR-9C, if applicable)

Filing Process for GSTR-9

  1. Login to GST Portal: Access the GST portal and navigate to the Annual Returns section.
  2. Select Financial Year: Choose the relevant financial year and prepare the return online.
  3. Fill Details: Enter details of supplies, ITC, and tax paid. Auto-populated data can be reviewed and corrected if needed.
  4. Preview Return: Review the draft return in PDF or Excel format.
  5. Compute Liabilities: Calculate tax liabilities and pay any dues.
  6. File Return: Submit the return using DSC or EVC.

GSTR 9 Penalty for Late Filing

Failure to file GSTR-9 by the due date incurs a penalty of Rs. 200 per day (Rs. 100 each for CGST and SGST), subject to a maximum of 0.25% of the taxpayer’s turnover.

How BeyondYourFinance Can Assist

  1. Expert Guidance: Step-by-step assistance in preparing and filing GSTR-9.
  2. Data Verification: Ensure accurate and error-free filing.
  3. Timely Reminders: Notifications to help you meet deadlines.
  4. Hassle-Free Process: Comprehensive support from data compilation to submission.
  5. Compliance Assurance: Stay compliant with GST regulations effortlessly.

Simplify your GSTR-9 filing with BeyondYourFinance and ensure stress-free compliance with GST regulations. Contact us today to get started!

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