Annual Return GSTR 9 - Detailed Analysis

The new GSTR-9 format for filing annual return was notified by CBIC.


What is form GSTR-9 Form?

Form GSTR-9 is an annual return to be filed by the businesses registered under GST. In Form GSTR-9, you need to declare the consolidated details of outward supplies, inward supplies, GST payable and ITC claimed for the previous financial year 2017-2018.


All you need to do here is to consolidate the details which you have already furnished through GSTR-3B and GSTR-1 either on a monthly or quarterly basis and declare it in the prescribed format of GSTR-9


Applicability:


The annual return in GSTR-9 form needs to be filed by all the businesses who have obtained regular GST registration. In other words, the annual return in form GSTR-9 is not required to be filed by the businesses registered under Composition scheme, Input Service Distributor, casual taxable person, non-resident taxable and e-commerce operator.


Turnover limit: Over and above the annual return (Form GSTR-9), the business who have obtained regular GST registration and if the aggregate turnover during a financial year exceeds 2 crore rupees, they are required to submit GSTR-9C (Audited).


Types of Annual Returns:


GSTR 9 : For Regular Registered Business

GSTR 9A : For Business opted for Composition scheme

GSTR 9B : For E-commerce Operator

Currently, only Form GSTR-9 format has been notified by the CBIC and other formats are yet to be notified.  Over and above the annual return form GSTR-9, the business who have obtained regular GST registration and if the aggregate turnover during a financial year exceeds 2 crore rupees, they are required to submit audited annual accounts and a reconciliation statement by filing GSTR-9C.


Due Date for filing:


As prescribed in the GST Act, all the annual returns should be filed on or before the 31st of December following the end of such financial year. i.e. 31st December'18 for the financial year 2017-18, unless it is extended through a notification. Currently, the provision for filing of GSTR 9 form in GST portal is yet to be made available.


Penalty for non furnishing:


Failure to furnish the annual return in GSTR-9 form will attract penalty. A late fee will be levied if GSTR-9 is not filed with the due date. Late fees for failure to furnish GSTR-9 is 200 Rs per day (CGST 100 Rs + SGST 100 Rs), subject to a maximum of 0.25% of the total turnover of the taxpayer


Different parts of Form GSTR 9:


The annual return GSTR 9 format consists of 6 parts. The details required in all 6 parts of GSTR 9 format is only at the consolidated level. The following are the 6 parts of GSTR 9 format as notified by the CBIC.


Part-1: Basic Details of Taxpayer


Part-2: Outward and inward supplies declared during the financial year


Part-3: Details of ITC as declared in returns filed during the financial year


Part-4: Details of tax paid as declared in returns filed during the financial year


Part-5: Particulars of the transactions for the previous FY declared in returns of April to September of current FY or up to the date of filing of annual return of previous FY whichever is earlier


Part-6: Other Information such as demands and refunds, HSN Summary, Late Fee supplies received from composition taxpayers, deemed supplies etc.


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