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Gst annual return
The GST Annual return i.e., GSTR 9 is a return to be filed by the every taxpayer once a year which is summary of all monthly/quarterly returns (GSTR 1, GSTR 2A, GSTR-3B) filed for that year.
It consists of details regarding the outward and inward supplies made/received during the relevant year, ITC availed and utilized, Refund claimed under different tax heads i.e., CGST, SGST & IGST.
Applicability
GSTR 9 is to be filed by every registered taxpayer* except Composition Dealer (GSTR-9A is prescribed for them), Casual Taxable Person, Input Service Distributor, Non Resident Taxable Person, taxpayer paying TDS u/s 51.
*As per decision taken in 37th GST Council Meeting, For FY 17-18 and 18-19, if aggregate turnover of taxpayer is less than 2 Crores, then he need not file GSTR 9. In such cases, it shall be deemed that GSTR 9 has been filed with auto-populated figures, if not filed by taxpayer by due date and hence no late fees shall be levied.
Types of gst annual returns:
Here is a list of all the returns to be filed as prescribed under the GST Law along with the due dates. GST filings as per the CGST Act subject to changes by CBIC Notifications
Annual Return Form
Section
Rule
Who need to file
GSTR-9
44(1)
80(1)
Every Registered Person / regular taxpayers (filing GSTR 1 & GSTR 3 B)
GSTR-9A
44(1)
Proviso to 80(1)
Registered Person paying tax under Section 10 (Composition Scheme), filing GSTR4.
GSTR-9B
52(5)
80(2)
TCS taxpayers (e-Commerce Operators) , filing GSTR 8
GSTR-9C
44(2)/35(5)
80(3)
Regiestered Persons exceeding aggregate turnover Rs 2 crores during the financial year. And also to file a copy of audited annual accounts along with GSTR 9.
Non applicability
As per Rule 80 of CGST Rules 2017, below are the different types of Returns under GSTR 9 Form:
01
Input Service Distributors
02
TDS Deductors(Sec 51).
03
TCS Collectors (Sec 52) (Note: Required to file Annual statement in GSTR 9B u/s 52(5))
04
Casual Taxable Person
05
Non Resident Taxable Person.
Gstr-9a
Registered taxpayers, including those under the composition scheme, are required to file annual returns once a year under GST. CBIC initially notified the formats of GST annual return forms GSTR-9 (for regular taxpayers) and GSTR-9A (for taxpayers registered under the composition scheme) along with requisite instructions via Notification No. 39/2018 – Central Tax dated 4th September 2018 and updated them via Notification 74/2018 on the 31st December 2018.
The GSTR-9A form has been phased out, with effect from FY 2019-20, and replaced with the revised GSTR-4.
Gstr-9b
GSTR-9B is an annual return to be filed by every E-commerce operator who is required to collect tax at source under section 52 (5) of the CGST Act, 2017.
It contains the details of outward supplies of goods and services, returns if any, and the amount collected during the financial year. It summarises the details filed in GSTR-8, which is the monthly return to be filed by E-Commerce operators.
Gstr-9c
Every registered person whose turnover during a financial year exceeds the prescribed limit of rupees two crores shall get his accounts audited by a chartered accountant or a cost accountant.
GSTR-9C is a statement of reconciliation between:
the Annual Returns in GSTR-9 filed for a FY, and
the figures as per the audited annual Financial Statements of the taxpayer.
It's comparable to a tax audit report filed under the Income Tax Act. It will be comprised of gross and taxable turnover as reported in the books, as well as the respective figures derived from the aggregation of all GST returns for the financial year.
Hence, any differences arising from this reconciliation exercise will be reported here along with the reasons for the same. The certified statement shall be issued for every GSTIN. Hence, for a PAN there can be several GSTR-9C forms to be filed.
GST audit
GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed his tax liability - a robust audit mechanism is a must. Various measures are taken by the government for proper implementation of GST and audit is one amongst them.
Audit under GST involves examination of records, returns and other documents maintained by a registered person. It ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and compliance with provisions of law.
GST Audit is applicable for every taxpayer whose aggregate turnover during the financial year exceeds Rs 2 Crores*. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant. Such taxpayer shall electronically file:
An annual return using the Form GSTR 9 by 31st December of the next Financial Year
The audited copy of the annual accounts
A certified reconciliation statement in the form GSTR-9C, reconciling the value of supplies declared in the return with the audited annual financial statement
Any other particulars as prescribed
*For FY 18-19, for taxpayer having aggregate turnover upto 5 Crores, requirement of GST audit has been removed.
Penalty for late filing of annual return
Filing after due date attracts late fee and penalty.
Penalty may extend to Rs.50,000 (Rs.25,000 + Rs.25,000) (Sec 125)
Late fee is of Rs.200 (Rs.100 U/CGST + Rs.100 U/SGST) per day subject to a maximum of Rs.0.50% (0.25% + 0.25%) of turnover in the state. (Sec 47(2))
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What is a GST Annual Return (GSTR-9)?
GST Annual Return (GSTR-9) is a yearly return that summarizes all your GST transactions, including sales, purchases, input tax credit (ITC), and taxes paid during a financial year. It consolidates data from your monthly/quarterly returns.
Who is required to file GST Annual Return?
What is the due date for filing GST Annual Return?
What details are required in GSTR-9?
What is GSTR-9C and when is it required?
How can Finaccle help with GST Annual Return filing?