It is essential for every registered person to file the GSTR-9 annually. This form contains all details of the business that they carry out. It also contains any tax credits claimed. The annual return must be filed within April-September of the current FY or by the date on which the previous financial year’s annual returns were filed. In addition to identifying the actual tax credits, the GSTR-9 will also include the amount of taxes paid.
The GSTR-9 annual filing is the first step in the GST compliance process. This form contains all the details of the transactions that a business has made in a fiscal year. It includes all taxable supplies as well as exempt items. The information required to file this form is extensive and includes inward and outward supplies, input tax credit, and tax paid.Ā
To file the GSTR-9 annually, businesses must provide the details of all their transactions for the last financial year and for the current one. This includes any refunds or demands, late fees, and HSN-wise supplies. It is imperative that businesses prepare the GSTR-9 correctly to avoid incurring any penalties.Ā In the meantime, small- and medium-sized enterprises can choose not to file the GSTR 9 and opt for the exemption. The Central Board of Indirect Taxes and Customs will let businesses know when they can stop filing the GSTR 9.Ā
The GSTR-9 form is made up of six sections and is filled in by the taxpayer. In part I, the taxpayer fills in basic details. The next section asks for the details of outward and inward supplies. In part II, the taxpayer has to consolidate the summary of the previous GST returns and reports them. To submit the GSTR 9 form, a taxpayer should pay particular attention to accuracy. This is the most vital part of the GSTR 9 Annual Filing.
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All registered normal taxpayers and SEZ units and developers are required to file form GSTR 9 irrespective of their annual turnover. Taxpayers who have withdrawn themselves from the composition scheme and become normal taxpayers are also required to file annual returns. However, taxpayers under the composition scheme are required to furnish their annual returns in the both Forms GSTR 9 and 9A . NRIs, casual taxpayers, and ISD taxpayers are not required to file their annual returns.
Yes, filing annual returns in form GSTR 9 is mandatory for all registered taxpayers who come under the normal scheme.
The following are the requirements to file GSTR 9:
a) TheĀ taxpayer is required to have an active GSTINĀ in that particular financial year even if s/he is a normal taxpayer for just one day.
b) All relevant and applicable returns ā such as forms GSTR 1 and GSTR 3B ā should have been filed by the taxpayer before filing GSTR 9.
A taxpayer can file Nil Form GSTR 9 for a particular financial year only if:
a) The taxpayer has not made any sale or outward supply,
b) The taxpayer has not purchased or received any goods or services,
c) The taxpayer has not claimed any Input Tax Credit (ITC),
d) The taxpayer has not claimed any refund,
e) The taxpayer has not received a demand creating order, and
f) The taxpayer has no late fee payment which is due.
The last date to furnish GSTR 9 is December 31st of the financial year immediately succeeding the financial year for which annual returns are being filed. However, in case the government notifies an extension in the due date, GSTR 9 can be filed accordingly.
Details are to be provided in the tables of Form GSTR-9 are as follows:
a) Details of advances, inward supplies, and outward supplies made during the financial year on which tax is payable
b) Details of outward supplies made during the financial year on which tax is not payable
c) Details ofĀ Input Tax CreditĀ availed during the financial year
d) Details of reversed and ineligible ITC for the financial year
e) Other information related to ITC
f) Details of paid tax as declared in returns filed in the financial year
g) Details of transactions taken place in previous financial year reported in the next financial year
h) Differential tax paid based on declaration in tables 10 and 11
i) Demands and Refunds Particulars
j) Supplies received from composition taxpayers, deemed supplies by job workers, and goods sent based on approval
k) Summary of outward supplies in the order of theirĀ HSN and SAC
l) Summary of inward supplies in the order of their HSN and SAC
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