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.
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. 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.
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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