GSTR-9: Annual Return Filing Explained By GST Consultants In India

The concept of GST left a large section of business owners baffled and confused, and allegedly workless. The different kinds of GST Return Filings has also proved to be complicated and business owners are still unclear about the requirements and filing process of several GST returns. One of the most complicated GST returns in India is the annual GST return i.e. GSTR-9.

The annual GSTR-9 has been in the news since the implementation of the GST regime and the Central Board of Indirect Taxes and Customs (CBIC) has had to extend the deadline for filing the GSTR-9 due to its complexity. Keep reading our latest insights to know more about GSTR-9, its applicability, types of GSTR-9 and its latest due date.

Meaning Of GSTR-9

GSTR-9 is the annual GST return to be filed every financial year by the taxpayers who hold GST registration in India. The GSTR-9 is the document that lays down the details of the outward and inward supplies made or received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes.

GSTR9 acts as a consolidated form of all the monthly and quarterly GST returns filed by a business throughout the financial year. Every business that has a GSTIN is mandatorily required to file its GSTR-9 every financial year even if there were no outward or inward supplies. A GST Consultant in India can help the business in understanding the details required and process to be followed for filing its annual GST return.

Kinds Of GSTR9 In India

There are several kinds of GST returns under GSTR-9:

1. GSTR-9: The annual return for registered persons under the regular scheme

2. GSTR 9A: The annual return for registered persons under Composition Scheme.

3. GSTR 9B: The annual return for e-commerce operators who have filed GSTR-8 during the financial year.

4. GSTR 9C: The reconciliation form to be certified by a CA or CMA for registered persons with a turnover of more than INR 2 crores.

Who Is Liable To File GSTR-9?

All taxpayers or taxable persons registered under GST must file their GSTR 9 compulsorily. However, the following do not have the liability to file GSTR 9:

1. Taxpayers opting composition scheme

2. Casual Taxable Person

3. Non-resident taxable persons

4. Input service distributors

5. Persons paying TDS under Section 51 of the CGST Act.

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Details Included In GSTR-9

The following details are included in the GST return 9:

Part-I: Details of the taxpayer are auto-populated.

Part-II: Outward and Inward supplies details declared during the financial year.

Part-III: Details of the ITC declared in returns filed during the financial year. 

Part-IV: Information of tax paid as declared in the returns filed during the financial year.

Part-V: Details of the transactions for the previous financial year declared in returns of April to September of the current financial year or up to the date of filing of GSTR-9 of previous FY whichever is earlier. 

Part-VI: Other Information:

• Demands and refunds of GST,

• HSN wise summary information of the no of goods supplied and received with its corresponding Tax details against each HSN code

• Late fees to be paid and paid details

• Segregation of inward supplies received from different types of taxpayers like Composition dealers, deemed supply and goods supplied on approval.

Filing Of Nil Return

A taxpayer needs to file its GSTR-9 even if it is a Nil return. Consult a good GST consultant in Delhi for your GST filing requirements. A Nil return can be filed for a financial year in the following cases:

1. The business has no outward supplies or sales.

2. The business has no inward supplies or purchases.

3. The business has no liability to report.

4. The business has not claimed any refund.

5. The business has not received any order that creates any demand.

Due Date Of Filing GSTR-9

The due date for filing the annual GST return for a financial year is December 31 of the assessment year. However, the due date for filing the GSTR-9 for the financial year 2017-18 has been extended numerous times. On November 14, 2019, the Central Board of Indirect Taxes and Customs extended the GSTR-9 due date for the financial year 2017-18 to December 31, 2019, and for the financial year 2018-19 to March 31, 2019.

The Centre also decided to simplify the annual GST return by making various fields of these forms optional. The said amendments inter-alia allow the taxpayers not to provide a split of input tax credit availed on inputs, input services and capital goods and also not provide HSN-level information of outputs or inputs, etc. for the financial years 2017-18 and 2018-19.

Penalty For Non-Filing Or Late Filing Of GSTR-9

If a business fails to file its GST-9 within the due date, a penalty of INR 100 per day per act is levied. This means that a total of INR 200 per day- INR 100 for CGST and INR 100 for SGST will be applicable. This is penalty is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory.

This makes it pertinent for the GST-liable business to talk to a good GST consultant in Gurgaon to know about its GSTR filing liability and understand the procedure to file the GSTR-9 within the deadline.

Call SeekWiser’s expert tax consultants in India on our state-of-the-art IVR line - at 8010880066 or send us an email at [email protected] to get the best solutions for your GST return filing issues.