GST Annual Return Filing

What is GSTR Annual Return Filing (GSTR-9 Filing)?

GSTR-9 is a GST annual return filing that must be filed by registered taxpayers under the Goods and Services Tax (GST) system. It serves as a detailed report of all purchases and sales made throughout the financial year, including transactions under CGST, SGST, and IGST. The return also provides information on total sales, purchases, and audit-related details for the year.

In short, GSTR-9 offers a comprehensive summary of a business’s yearly transactions and tax records. Filing this return is mandatory for businesses with an annual turnover exceeding Rs. 2 crores. However, for businesses with a turnover of up to Rs. 2 crore, filing GSTR-9 is optional.

Types of GST Annual Return Filing

The different types of GST annual return filing are as follows:

• GSTR-9:
  This GSTR-9 form for GST annual return filing is a must for those entities whose turnover exceeds ₹2 crores.
  This annual return compiles comprehensive financial information.
• GSTR-9A:
  A registered taxpayer who has opted for the GST composition scheme must submit a GST annual return filing through Form GSTR-9A.
  This return is specifically designed to meet the needs of participants in the composition scheme.
• GSTR-9C:
  A GSTR-9C reconciles or matches the details filed in the GSTR-9 annual return filing with the audited financial statements for the given financial year.
  This reconciliation statement is essential for entities requiring an annual account audit.
  Typically, GSTR-9C applies to taxpayers with an annual aggregate turnover exceeding ₹5 crores.
  The same must be prepared and certified by Chartered Accountants or Cost Accountants.

Applicability of GSTR 9 Filing

Typically, the GSTR 9 filing is applicable to various categories of taxpayers based on the registration status, GST annual return limit, and activities during the financial year. Mentioned below entities are obligated to GST annual return filing:

• All regular registered taxpayers, whether individuals or entities, are required to file Form GSTR-9. This applies to those operating under the standard GST provisions.
• SEZ units and SEZ developers must also file Form GSTR-9 to ensure complete reporting of their financial transactions for the financial year.
• If a taxpayer has switched from the composition scheme to regular taxpayer status during the financial year, filing Form GSTR-9 becomes mandatory for them.

List of Taxpayers Exempted from Filing GSTR-9A

The list of taxpayers exempted from filing GSTR-9A of GST annual return filing is as follows:

• Input service distributors
• Non-resident taxable individuals
• Individuals are subject to Tax Deducted at Source under Section 51 of the Income Tax Act
• E-commerce operators are subject to Tax collected at source under Section 52 of the Income Tax Act
• Casual Taxable Individuals

Procedure for GST Annual Return Filing (GSTR 9)

The step-by-step procedure for filing GST annual return filing (GSTR-9) is as mentioned below:

• Step 1: Visit the GST official website
  Firstly, the applicant should visit the GST official website and log in using the same by putting in the relevant credentials.
• Step 2: Choose the Relevant Financial Year
  Next, choose the relevant financial year for GST annual return filing; the same can be filed either online or offline.
• Step 3: Filling the Details
  In this stage, the applicant taxpayer must fill in all the requisite details in the various tables for the specific financial year.
• Step 4: Preview the Draft GSTR-9
  The applicant, before submitting the draft GST 9, may preview the same in the GST portal.
• Step 5: Computation of Liabilities and GSTR-9 Late Fees
  In case the taxpayer is liable for GSTR-9 late fees, they must pay the same before making a final submission.
• Step 6: Final Submission
  Once everything is filled and ready with the GSTR-9 draft, the applicant may submit the same with the authorized signatory.

Exclusions from GSTR-9 – GST Annual Return Filing

The list of taxpayers who are excluded from GSTR-9- GST annual filing is as follows:

• A taxpayer operating under the composition scheme, since they have a distinct annual return form, i.e. Form GSTR-9A.
• Non-resident taxpayers who are not residents of India but engage in taxable transactions within India are not obligated to file Form GSTR-9
• Entities engaged in the Input Service Distributors (ISD) and OIDAR Service Providers are not obligated to file Form GSTR-9.

GSTR-9 Format- GST Annual Return Filing

The GSTR-9 form is organized into six parts, each part provides a detail of supplies made or receive during relevant financial year. Here mentioned below is the list of GSTR-9 format- GST annual return filing:

• Basic Registration Details
  This section covers all the basic details and information of the registration, such as fiscal year, GSTIN, legal name, and trade name, which are, in fact, auto-filled on the GST portal when GSTR-9 is assessed.
• Details of Outward Supplies
  In this section, the taxpayer needs to collect and bring all the details of outward supplies declared during the relevant financial year. It is divided into two sections: supplies on which tax is payable (4A to 4L), such as taxable supplies, exports, supplies to SEZ, reverse charge and advances received; and supplies on which tax is not payable (5A to 5K), such as exports without tax payment, exempt supplies, nil-rated supplies, and non-GST supplies.
• Input Tax Credit (ITC)
  The section is also divided into three parts, namely, ITC availed as declared in returns filed (6A to 6O), ITC reversed and ineligible ITC (7A to 7H), and other ITC-related information (8A to 8J).
• Tax Paid
  Here, the taxpayer will have to provide the details regarding the previous year’s returns, such as the breakup of tax payable, paid in cash, tax paid through Input Tax Credit (ITC).
• Transactions from the Previous Financial Year
  This section covers details on the transactions from the previous year but declared in the returns of April to September of the current fiscal year.
• Miscellaneous Details
  This section refers to miscellaneous details, including demands, refunds, supplies from composition dealers, an HSN-wise summary of supplies, and late fee information.

Prerequisites for Filing GSTR 9

The list of prerequisites for filing GSTR 9 are as follows:

• The taxpayer must be registered as a regular GST taxpayer for at least one day during the financial year in the question
• Before filing the annual return (GSTR-9), the taxpayer must have already filed GSTR-1 and GSTR-3B for the entire financial year. These return details will provide the data required to complete GSTR-9.
• Some of the details in GSTR-9 are auto filed i.e., not editable such as Table 6A auto filled with data from GSTR-3B. Table 8A auto filled based on details from GSTR-2 A, Table 9 auto filed based on the information provided by the taxpayer in Form GSTR 3B for the relevant financial year.

Why Businesses Trust Corpbiz for GST Annual Return Filing?

• Annual Turnover Assessment
  Our experts help assess your annual turnover and guide you on whether GST Annual Return Filing is mandatory or optional for your business.
• Post-Filing Compliance Guidance
  We provide ongoing support after your GST Annual Return Filing to help your business stay updated and compliant with GST laws.
• Detailed Reconciliation for GST Annual Return Filing
  We perform an in-depth reconciliation of your monthly/quarterly returns with your GSTR-9 to ensure your GST Annual Return Filing is error-free.
• Support for Amendments & Revisions
  Our team assists with necessary amendments or revisions to correct any mistakes in your GST Annual Return Filing.
• Dedicated Account Managers for GST9 Filing
  You get a dedicated point of contact for personalized assistance and real-time updates throughout your GST Annual Return Filing process.