What is the GSTR-9 annual return?
GSTR 9 is an annual return to be filed yearly by REGISTERED taxpayers registered under GST.
Points to note:
- In these details regarding the outward and inward supplies made during the previous year under different tax heads.
- It is a consolidation of all the monthly/quarterly returns filed in that year.
Who is required to furnish the annual return?
- All taxpayers/taxable registered persons must file their GSTR 9. However, the following taxpayer is NOT eligible to file GSTR 9:
- casual taxable persons.
- Non- resident taxable person
- Input service distributors and
- Persons paying TDS under section 51 Due Date, late fee and penalty
What is the prescribed form for the annual return/statement?
The annual return is to be filed electronically in Form GSTR-9 through the common portal.
A person registered under composition levy:
A person paying tax under composition scheme is required to file the annual return in Form GSTR-9A.
ECO (E-commerce operator) required to collect tax at source:
An ECO required to collect tax at source is required to file an annual statement referred to in section 52(5) in Form GST-9B (yet to be notified). The statement for a financial year needs to be filed by 31st December of the next financial year.
Who is required to furnish a reconciliation statement?
The Section contains the provisions relating to accounts and records. Sub-section (5) of section 35 read along with section 44(2) and rule 80 of the CGST Rules stipulates as follows:
- Every registered person must get his accounts audited by a Chartered Accountant or a Cost Accountant if his aggregate turnover during a financial year exceeds two crores.
- Such registered person should furnish, electronically, the annual return along with a copy of –
- Audited annual accounts
- A reconciliation statement with duly certified, in Form 9C
Annual Return
The annual return for a financial year needs to be filed by 31st December of the next financial year.
In this return, the taxpayer needs to furnish details of income and expenditure of the during the financial year.
Due date to file GSTR-9
Any registered person who fails to furnish the annual return [GSTR 9/9A] by the due date
- shall be liable to pay a late fee of 100 per day or
- subject to a maximum of 0.25% of his turnover in the State/Union Territory, under the CGST Act
