GST Annual Return Filing (GSTR-9)

GST Annual Return Filing - GSTR 9 Filing with Easy My Tax

GSTR-9 is an essential annual filing obligation for all taxpayers registered under the Goods and Services Tax (GST) system. GSTR-9 encapsulates comprehensive information concerning outward and inward supplies, encompassing transactions made or received during the relevant financial year. This includes supplies governed by Central GST (CGST), State GST (SGST), and Integrated GST (IGST) regulations. The return is a consolidated record of all monthly or quarterly returns submitted within the corresponding year. At Easy My Tax, we specialize in simplifying the GSTR-9 filing process and ensure filing it before the GSTR-9 due date. Recognizing that dealing with taxes can often be confusing, we aim to streamline the procedure and guide you through each step. Leveraging our expertise and user-friendly approach, you can confidently handle your GSTR-9 filings with accuracy. Make Easy My Tax your partner in GSTR-9 filings. Get started today and experience a stress-free way to fulfill your tax responsibilities.

What is GSTR 9?

GSTR-9 is a yearly report that registered taxpayers need to submit. This report contains everything they bought and sold throughout the year, including different taxes (like CGST, SGST, and IGST). It also covers their total sales and purchases and audit details for the year. In short, GSTR-9 summarizes a whole year's business transactions and tax details. The GST annual return limit for businesses is Rs. 2 crore, but filing is optional for those with a turnover up to Rs. 2 crore.

GSTR 9 Applicability

The requirement to file Form GSTR-9 extends to various categories of taxpayers based on their registration status, GST annual return limit, and activities during the financial year. The following entities are subject to GSTR 9 applicability and obligated to submit this annual return: Normal Taxpayers: Individuals or entities registered as regular taxpayers fall under the purview of Form GSTR-9 filing. SEZ Units and SEZ Developers: Special Economic Zone (SEZ) units and SEZ developers must also submit Form GSTR-9. Transition from Composition Scheme: Taxpayers who have transitioned from the composition scheme to normal taxpayer status during the financial year are mandated to file Form GSTR-9.

Exclusions from Form GSTR 9 Filing

Composition Taxpayers: Taxpayers under the composition scheme file Form GSTR-9A instead. Casual Taxpayers: Those with occasional business activities are exempt. Non-Resident Taxpayers: Non-resident taxpayers are exempt. Input Service Distributors (ISD) and OIDAR Service Providers are also excluded from filing Form GSTR-9.

Types of GST Annual Returns

GSTR-9: For taxpayers with turnover above ₹2 crores. GSTR-9A: For composition scheme taxpayers. GSTR-9C: Reconciliation statement matching GSTR-9 with audited financial statements, required for audited accounts.

Filing GSTR 9A: Composition Scheme Participants

GST-registered taxpayers under the composition scheme must file GSTR-9A. Some entities like Input Service Distributors, Non-resident taxable persons, TDS/TCS deductors, and casual taxpayers are exempt from filing GSTR-9A.

Filing GSTR 9C: Reconciliation Statement

Form GSTR-9C is a reconciliation between GSTR-9 and audited financial statements. Taxpayers with turnover exceeding ₹2 crores, who undergo GST audit, must file this with certification from a Chartered Accountant or Cost Accountant.

What is the GSTR 9 Turnover Limit?

GSTR-9 is mandatory for registered regular taxpayers with an annual turnover exceeding ₹2 crores. For turnover up to ₹2 crores, filing is optional. The GST department updates the turnover threshold annually.

GSTR 9 Due Date for Filing

The due date for GSTR-9 filing is typically 31st December of the following financial year, subject to extensions notified by the government.

GSTR 9 Format - Comprehensive Structure

The GSTR-9 return has six parts: 1. Basic Registration Details: Fiscal year, GSTIN, legal and trade name. 2. Details of Outward Supplies: Taxable and non-taxable supplies. 3. Input Tax Credit (ITC): ITC availed, reversed, and other details. 4. Tax Paid: Tax paid via cash and ITC. 5. Transactions of Previous Financial Year: Adjustments from the previous year. 6. Miscellaneous Details: Refunds, demands, composition dealer supplies, HSN summary, and late fees.

Documents Required to File GSTR-9

Monthly GST Returns (GSTR-1, GSTR-2A, GSTR-3B), Annual Financial Statements (Profit & Loss and Balance Sheet), Reconciliation Statement (GSTR-9C, if applicable).

Prerequisites for Filing GSTR-9

Registration as a regular GST taxpayer for at least one day during the financial year. Filing of GSTR-1 and GSTR-3B for the entire financial year. Auto-filled tables based on GSTR-1, GSTR-3B, and GSTR-2A will assist in filling.

How to File GSTR 9? (Step-by-Step with Easy My Tax)

1. Login to the GST portal and navigate to 'Annual Return'. 2. Select the financial year to file. 3. Choose if filing a Nil return (if no transactions). 4. Fill in all details, download summaries, and verify auto-filled data. 5. Save the data. 6. Preview the draft return. 7. Compute liabilities and pay any late fees, if applicable. 8. Submit the return using DSC or EVC.

GSTR 9 Penalty for Late Filing

Late filing attracts a penalty of ₹200 per day (₹100 CGST + ₹100 SGST). No penalty on IGST. The penalty cannot exceed the quarterly turnover.

How Can Easy My Tax Assist with GSTR-9 Filing?

Expert Guidance: Step-by-step help to ensure timely, accurate filing. Data Verification: Minimize errors to avoid penalties. Timely Reminders: Stay updated on deadlines. Support at Every Step: Customer service to resolve doubts quickly. Comprehensive Services: Help with data compilation, calculations, and filing.

Ready to Simplify Your GSTR-9 Filing?

Partner with Easy My Tax to file your annual GST returns confidently and on time. Contact us today for hassle-free tax compliance!