GST Return Filing
@ 999/- PM
GST annual return filing is mandatory for all entities with a turnover of more than two crores required to obtain GST registration, irrespective of the business activity or sales or profitability during the return filing period. Hence, even a dormant business that gets GST registration must file GST returns.
Overview of GST return
GSTR 9 is the annual return that is to be to be filed yearly by the taxpayers registered under GST.
GSTR 9 is to be filed yearly by the taxpayers registered under GST. It consists of details regarding the outward and the inward supplies made during the relevant financial year.
Before filing GSTR 9, the taxpayer must file all GSTR-1, GSTR-3B, or GSTR 4 returns. In case of over dues, the GSTR registration holder will not be allowed to file an annual GST annual return.
GSTR 9 consists of details regarding the outward and the inward supplies made or received during the relevant financial year under CGST, SGST, and IGST. It is a consolidation of all the monthly/quarterly returns filed in that year.
Who should file GSTR-9, the annual return
All taxpayers/taxable persons registered under GST must file their GSTR 9. However, the following are NOT required to file GSTR 9:
- Taxpayers opting composition scheme (They must file GSTR-9A)
- Casual Taxable Person
- Input service distributors
- Non-resident taxable persons
- Persons paying TDS under section 51 of CGST Act.
Due Date, late fee and penalty
The due date to file GSTR-9 for a financial year is 31st of December of the year following the relevant financial year.
- GST amenesty scheme for GSTR-9-The CBIC notified vide 07/2023 dated 31st March 2023, a waiver of late fees in excess of Rs.20,000 (i.e., 10,000 each under CGST and SGST Act) for delayed filing of GSTR-9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.
- Any delay in the filing of annual returns in form GSTR-9 FY 2022-23 onwards attracts concessional late fee for the following categories of registered taxpayers-
- Turnover up to Rs.5 crore filing GSTR-9 after due date attracts a late fee of Rs. 50 per day (i.e., 25 under each CGST and SGST Act) subject to max cap 0.04% of turnover in state/UT (i.e., 0.02% each under CGST and SGST Act).
- Turnover over Rs.5 crore to 20 crore filing GSTR-9 after due date attracts late fee of Rs 100 (i.e., 50 under each CGST and SGST Act) per day subject to max cap 0.04% of turnover in state/UT (i.e., 0.02% each under CGST and SGST Act).
- It means for taxpayers with turnover over Rs.20 crore, the late fee continues to be Rs.200 per day (100 each under CGST and SGST Act) subject to max cap 0.50% of turnover in state/UT (0.25% each under CGST and SGST Act).
- For financial years up to 2021-22, the late fees for not filing the GSTR 9 within the due date was Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST were applicable in case of delay. Accordingly, the total liability was Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory per Act. However, there is no late fee on IGST yet.
Details required to be filled in the GSTR-9
GSTR-9 is divided into 6 parts and 19 sections. Each part asks for details that are easily available from your previously filed returns and books of accounts.
- Broadly, this form asks for disclosure of annual sales, bifurcating it between the cases that are subject to tax and not subject to tax.
- On the purchase side, the annual value of inward supplies and ITC availed thereon is to be revealed.
- Furthermore, these purchases have to be classified as inputs, input services, and capital goods. Details of ITC that needs to be reversed due to ineligibility are to be entered.