Nowadays there is a buzz in the market regarding GSTR-9; the government has introduced an annual return form GSTR-9 with an intention to detect tax evasion and fraudulent claims of input tax credit under the Goods and Service Tax (GST). At present there are no detailed GST monthly return forms which facilitate matching of credit claims; GSTR-9 is one of the measures for tax authorities to detect the same.
What is GSTR-9?
The Goods and Service Tax Return- 9 is an annual return which needs to be filed once in a year by the registered taxpayers. This return contains the details of all supplies made and received under various tax heads i.e., CGST, SGST and IGST during the entire year.
In simple words, GSTR-9 basically consolidates the information furnished in the monthly/quarterly returns filed during the year.
Who needs to file GSTR-9?
The GSTR-9 needs to be mandatorily filed by all registered taxpayers under GST. However, there are some categories of person who are excluded from filing GSTR-9:-
Casual taxable person
Input service distributors
Non-resident taxable persons
Person paying TDS under Section 51 of GST Act.
What are the various types of GSTR-9 return forms?
There are four types of GSTR-9 return forms which are as under:-
GSTR-9: This should be filed by the regularregistered taxpayers who are filing GSTR-1, 2 and 3.
GSTR-9A: This should be filed by persons registered under composition scheme.
GSTR-9B: This should be filed by the e-commerce operators who have filed GSTR-8 during the financial year.
GSTR-9C: This should be filed annually by taxpayers who have a turnover of more than Rs. 2 Crores. It is basically a reconciliation statement between the annual returns filed in GSTR-9, and the audited annual financial statements of the taxpayer.
What is the due date of filing of GSTR-9?
GSTR-9 due date is on or before the 31st December of the following financial year. That is if you are filing the GSTR-9 for F.Y. 2017-2018 then you have to file the same up to 31st December 2018.
What is the penalty provision for late filing of GSTR-9?
If GSTR-9 is not filed on or before the due date then penalty shall be as under:-
Rs. 100 per day
Rs. 100 per day
Rs. 200 per day
However, the maximum of such penalty will be 0.25% of the Total Turnover in the respective State or Union Territory.
Whether revision of GSTR-9 is possible?
The revision of GSTR-9 is not possible i.e., its once filed cannot be revised.
If any error or omission made in the return then same can be revised in the monthly return of the month in which it is identified.
What are the details to be furnished in GSTR-9?
The Form GSTR-9 is divided into 6 parts. The following details are required part wise:-
Part-1: In this basic detail of the taxpayer is required like GSTIN, legal name etc. This detail will be auto-populated.
Part-2: The details of all outward and inward supplies declared during the financial year. The details can be taken by consolidating summary from all GST returns filed in previous FY.
Part-3: Details of input tax credit as declared in returns filed during the financial year.
Part-4: Details of tax paid as declared in return filed during the financial year.
Part-5: The particulars of transactions for the previous F.Y declared in returns of April to September of current F.Y or upto the date of filing of annual return of previous FY whichever is earlier.
Part-6: Other information in which following details needs to be furnished:-
GST demands and refunds
Information on supplies received from composition taxpayers, deemed supply and goods sent on approval basis.
HSN wise summary information of the quantity of goods supplied and received with its corresponding tax details against each HSN code.