GSTR-9 return filing is more than consolidating the monthly returns filed during the financial year. Businesses must consolidate Goods and Services Tax (GST) data including sales registers, purchase registers, return files, taxes paid, demands and refunds. Additionally, GSTR-9 must be filed if they are registered for at least one day in a financial year. They should have filed all GSTR-1 and 3B returns for the financial year before filing GSTR-9.
This article explains everything about GSTR-9, including what it is, its applicability, due date, filing details, late fees, penalties and FAQs. Additionally, we have provided a white paper on the checklist for filing error-free GSTR-9. You can download it to understand how to file accurate GSTR-9.
53rd meeting of GST Council
On 22nd June 2024, the Council recommended relaxation of filing GSTR-9/9A for the financial year 2023-24 to taxpayers where their total annual turnover for the financial year is below Rs.2 crore. This notification was issued vide CGST Notification 14/2024 dated 10th July 2024.
50th meeting of GST Council
In the 50th GST Council meeting held on 11th July 2023, the Council recommended that the relaxation given in respect of various tables of GSTR-9 and 9C in the financial year 2021-22 be continued for the financial year 2022-23. Further, exemption from filing GSTR-9/9A for small taxpayers (with gross annual turnover up to Rs. 2 crore) will continue for FY 2022-23 as well.
What is GSTR-9 Annual Return?
GSTR 9 is the annual return filed by taxpayers registered under GST. Points to note:
It includes details regarding outward and inward supplies made/received during the respective financial year under various tax heads i.e. CGST, SGST and IGST and HSN codes.
It is a consolidation of all monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in the year. Although complex, this compensation helps in comprehensive reconciliation of data for 100% transparent advertising.
GSTR-9 Applicability: Who should file GSTR-9 Annual Return?
All GST registered taxpayers must file their GSTR 9. However, the following are not required to file GSTR 9:
Taxpayers opting for composition scheme (must file GSTR-9A)
Casual taxable person
Input service distributors
Non-resident taxable persons
Persons paying TDS under Section 51 of CGST Act
A person collecting TCS under Section 52 of the CGST Act
What is the GSTR-9 turnover limit?
The GST law does not specify any turnover limit for GSTR-9. However, in order to ease the compliance burden on small businesses, the department from FY 17-18 to Rs. GSTR-9 has been made optional for businesses with a turnover of up to Rs 2 crore.
What is GSTR-9 due date?
The last date for filing GSTR-9 for a financial year is 31st December of the year following the relevant financial year. Accordingly, businesses should file GSTR-9 for the financial year 2023-24 by 31st December 2024.
What details need to be filled in GSTR-9?
GSTR-9 is divided into 6 parts and 19 sections. Each part asks for details that are readily available from your previously filed returns and books of accounts.
Broadly, GSTR-9 requires annual sales, taxable and non-taxable.
On the purchase side, the annual value of inward supply and the ITC earned on it is to be declared.
Further, these purchases have to be classified as inputs, input services and capital goods.
Details of ITC which need to be reversed due to ineligibility have to be entered.
GST Amnesty Scheme for GSTR-9
CBIC notified vide 07/2023 on 31st March 2023, for late filing of GSTR-9 for the years up to the year 2017-18-18 Rs. 20,000 (ie, 10,000 each under the CGST and SGST Act) is waived off. 22 If filed between 1st April 2023 to 30th June 2023.
Why should you file your GST Annual Return through Clear GST?
Clear GST's GSTR-9 solution comes with a host of features to make the annual return filing process easy and error-free.
One-click download of GSTR-1, 2A, 3B and 9 data for entire financial year and for multiple customers within 2 minutes
Auto-filling of Tables 4, 5, 6, 8, 9, 10, 11 and 17 of GSTR-9 using data from GSTR-3B, 1 and 9.
Reconciliation of Table 8A & 2A vs Purchase Register in minutes using AI-enabled matching tools.
Decisive Settlement by Reports - GSTR-3B v/s 2A, GSTR-3B v/s 1.
A 19-point checklist for identifying potential errors.
Built audit trail at invoice level for each entry.
Direct import of data into ClearTax with the Superfast Tally plug-in.
Auto Calculation of Outward HSN Summary from Sales Books to Fill Table-17
Reconciliation of GSTR-1 with invoice-level account books.
One-click upload of GSTR-9 data to GSTN and file with the advanced Cleartax Assistant for GSTR-9.
What is the GSTR-9 turnover limit?
ReplyDelete