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GSTR Annual return
The GSTR (Goods and Services Tax Return) annual return is a comprehensive summary that taxpayers registered under the Goods and Services Tax (GST) system in India are required to file on an annual basis. The specific form for filing the GSTR annual return is termed as GSTR-9.
In GST GSTR – 9 is annual return to be filed by registered taxpayers before 31st December of the year following financial year. It is consolidated statement of all outward and inward supplies, taxes paid and all taxes payable under CGST, SGST and IGST
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Types Annual return
Basically there are three types of GSTR Annual returns
1. GSTR 9
This is most common type of GST return to be filed by most registered taxpayers under GST. It is consolidated statement of all inward and outward supplies, ITC, Taxes paid during the year etc.
2. GSTR 9A
It is applicable to GST registered dealers under composition scheme who have filed GSTR 4 during the financial year.
GSTR 9C
This is reconciliation statement and audit report that taxpayer with a turnover of above 5 Crores. It involves reconciliation of financial statements with GST returns.
KEY ASPECTS OF GST ANNUAL RETURNS
Who is not required to file Annual return
All registered persons are required to file an annual return. However, following persons are not required to file
- Casual taxable persons
- Non-resident taxable person
- Input service distributors
- Persons authorised to deduct / Collect tax at source
Points to be noted:-
- The annual return for a financial year needs to be filed by 31st December of the next financial year.
- The annual return is to be filed electronically in Form GSTR 9 through the common portal.
- Persons registered under composition levy are required to file the annual return in Form GSTR -9A
It’s essential for businesses and taxpayers to carefully review their records and ensure accurate reporting in the GSTR-9 return. The filing of the GSTR-9 is mandatory for all regular taxpayers registered under GST, with certain exemptions and relaxations provided for specific categories of taxpayers. Additionally, there are different variants of the GSTR-9 return, such as GSTR-9A for composition scheme taxpayers and GSTR-9C for taxpayers requiring a reconciliation statement and audit report.
FAQs
Is it possible to revise GSTR 9?
No, the returns field in GSTR-9 cannot be revised by the taxpayer after they have been filed.
What is the Late fees for not filing Annual return?
Late fees of Rs 200 per day (100 CGST + 100 SGST) is applicable for non filing of annual return subject to maximum of 0.5% of annual turnover.