How to Prepare for GSTR 9 Annual Return: Stay Informed
The GST annual return (GSTR 9) is a statement of return that must be filed annually by every registered person (with a few specified exceptions) under GST. It provides a summarized account of outward supplies and taxes paid, input tax credits claimed, taxes paid, and refunds claimed during the financial year for which the annual return is submitted.
**Note: Always ensure you check the latest rules and notifications before filing your returns, as GST regulations may change periodically.**
Taxpayers with an Aggregate Annual Turnover (AATO) of up to Rs. 2 crores are exempt from furnishing the annual return, GSTR 9/9A, for FY 2021-22.
Understanding GSTR 9
Form GSTR 9 is a GST annual return that must be filed once a year by registered taxpayers under GST, including those registered under the composition scheme. It consolidates information regarding supplies made and received during the year under various tax heads, such as CGST, SGST, and IGST, summarizing the data furnished in monthly or quarterly returns throughout the year.
Who Needs to File GSTR 9?
All registered taxable persons under GST are required to file GSTR 9. However, the following individuals or entities are exempt from this requirement:
- Casual Taxable Persons
- Input Service Distributors
- Non-resident taxable persons
Sub-Categories of GSTR-9
There are four sub-categories under GSTR-9, namely GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C. Here, is a breakdown of these sub-categories:
GSTR 9A: This simplified GST annual return was introduced for business owners who opted for the composition scheme under the GST regime. However, it was discontinued starting from FY 2019-20. Composite taxpayers must now file an annual GSTR 4 return.
GSTR 9B: This form summarizes TCS (Tax Collected at Source) filed in GSTR-8 by taxpayers registered as E-commerce operators under GST. The due date for filing GSTR-9B typically falls on December 31 following the end of a financial year.
GSTR 9C: Form GSTR-9C is required to be filed by registered taxpayers when the aggregate turnover exceeds Rs. 5 crores. In such cases, taxpayers must also submit a copy of audited annual accounts and a reconciliation statement reconciling the value of supplies declared in the return for the financial year.
Penalties for Non-Filing of GSTR-9
According to Section 47(2) of the Central Goods and Services Tax Act (2017), individuals failing to file GSTR-9 before the due date may face a penalty of INR 100 per day (CGST) + INR 100 per day (SGST), with the total penalty not exceeding 0.25% of the total turnover. However, these penalty provisions may change over time, so it's essential to check the latest rules.
Filing Deadline for GSTR 9
The due date for filing GSTR 9 is December 31st of the subsequent financial year. For instance, the due date for filing GSTR-9 for the financial year 2021-2022 is December 31, 2022. Please refer to the historical due dates provided below and ensure you verify the latest due dates through official notifications for each financial year.
Penalties for Non-Filing of GSTR-9
According to Section 47(2) of the Central Goods and Services Tax Act (2017), individuals failing to file GSTR-9 before the due date may face a penalty of INR 100 per day (CGST) + INR 100 per day (SGST), with the total penalty not exceeding 0.25% of the total turnover. However, these penalty provisions may change over time, so it's essential to check the latest rules.
Filing Deadline for GSTR 9
The due date for filing GSTR 9 is December 31st of the subsequent financial year. For instance, the due date for filing GSTR-9 for the financial year 2021-2022 is December 31, 2022. Please refer to the historical due dates provided below and ensure you verify the latest due dates through official notifications for each financial year.
Common Issues in GSTR 9 Filing via GST portal
1. Mismatch of ITC Values: Some taxpayers report discrepancies between the ITC values in GSTR-2A and Table 8A of GSTR-9. This discrepancy may arise due to several reasons, including non-filing or delayed filing of GSTR-1 by suppliers and amendments made to invoices in GSTR-1.
2. 'Proceed to File' Button is disabled: When filing Form GSTR 9, the 'Proceed to File' button is enabled only after clicking 'Compute Liability.' This button is used for late fee computation. Remember that Form GSTR 9 cannot be revised after submission.
Issues in GSTR 9C Filing
Turnover threshold for GSTR-9C: Form GSTR-9C must be filed by taxpayers whose aggregate turnover exceeds Rs. 2 crores in a financial year, considering the entire year from April 1, 2017, to March 31, 2018, for calculation. Please note that GST filing commenced in July 2017, and there is no GSTR-1 and 3B data for April and May 2017.
User Error in Excel Version: Some users encounter errors while using the Excel version of the form. This issue may be attributed to the use of older versions of Microsoft Excel. It is advisable to use a version of Microsoft Excel higher than 2007 when preparing Form GSTR 9C.
Remember, staying updated with the latest rules and notifications is crucial to ensure accurate and compliant GST return filings.
Using Software for filing GSTR 9 and 9C
EaseMyGST has an option to file GSTR 9 and 9c through its software very easily, even if you have not used EaseMyGST for monthly and other GST returns. This is very helpful for those who are looking for a last-minute easy option for filing annual returns of GSTR9 and 9c. In case you have already been using EaseMyGST then all your data is properly filed and available in the system making the 9 and 9c return filing very simple. So go ahead and try out this GST software for your returns.