GST Annual Return
You cannot revise GSTR-9 after filing!
GST annual returns are a time-consuming process that constrains qualified assistance.
Our GST professionals at ICI can assist you with filing your returns with comfort.
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Table Of Contents
An Overview
GST returns include two types of returns: periodic returns and annual returns. Annual returns must be filed by all taxpayers registered under GST unless exempted. This is an annual compilation of external, internal tax liabilities and input tax deductions that are available during the fiscal year.
Related Read: An Overview On GST And 5 Ways GST Impacts Your Business
- The following individuals who are registered under GST do not need to submit an annual declaration:-
- Casual Taxable Persons
- Non-Resident taxable persons
- Input service distributor
- Person liable for deduction of Tax at Source
- E-commerce businesses that pay TCS under Article 52 of the Act
- Late filing of Annual returns will attract interest and late fees.
Related Read: Beginners Guide To Start Your Own E-Commerce Business!
What are the different types of Annual Returns ?
Form GSTR-9
- What is GSTR-9?
- GSTR-9 is a statement that has to be filed for every financial year by a registered taxpayer. This statement contains the details of all sales and purchases made under various tax heads (CGST, SGST and IGST) during the entire year.
- GSTR 9 has to be compulsorily filed by :-
- All normal taxpayers filing GSTR-1 & GSTR-3B and having an aggregate turnover of more than Rs. 2 Crore (GSTR-9 has been made optional for taxpayers with an aggregate turnover of up to Rs. 2 crore for FY 2017-18 and FY 2018-19)
- SEZ unit or SEZ developer
- OIDAR Service Providers
- Normal Taxpayers who have withdrawn from the Composition Scheme
- Details to be submitted
- Basic details of the taxpayer.
- Details of Input Tax Credit availed during the financial year.
- Details of taxes paid by the taxpayer during the financial year either through cash or credit.
- Details of transactions for the previous financial year which are declared in returns during April to September of the current financial year.
- Other Details like HSN wise summary of goods received and supplied, late fees payable and paid, GST refunds and demands etc.
Calculate HSN & SAC Code using our free tool!
- Pre-conditions for filing GSTR-9
- You must have an active GSTIN during the relevant financial year.
- You must have filed all GSTR 1 and GSTR 3B returns for the relevant F.Y. before filing this annual return.
- Other Important Points
- You cannot revise GSTR-9 after filing.
- You cannot claim or report any unclaimed Input Tax Credit (ITC) through this annual return.
- Due Date
- GSTR-9 is to be filed by 31st December from the end of the financial year.
- Penalty for missing the GSTR-9 due date
- Taxpayers would be penalised with a late fee of Rs. 200 (CGST – Rs. 100 and SGST – Rs. 100) for each day of default. However, the maximum amount of late filing fee for GSTR 9 cannot be more than 0.25% of the turnover.
Form GSTR-9A
- What is GSTR-9A?
- GSTR-9A is an annual statement that has to be compulsorily filed every year by persons who have registered themselves as composite tax payers. In this return, the taxpayer needs to submit all the information which it has furnished in his quarterly returns during the relevant financial year.
- Details to be provided in GSTR-9A
- Basic details of the taxpayer.
- Details of outward and inward supplies furnished in GSTR-4 during the financial year.
- Details of tax paid such as IGST, CGST, SGST, late fee, interest as declared in returns filed during the financial year.
- Details of the previous fiscal year's transactions, which are listed in the April-September returns of the current year.
- Other information such as demands, refunds, credit reversed or availed, late fees payable and paid.
- Due Date for GSTR-9A
- GSTR-9A needs to be filed on or before 31st December following the end of the financial year. For example, for FY 2017-18, the taxpayer should file it on or before 31st December 2018.
- Penalty for missing the GSTR-9A due date
- Taxpayers would be penalised with a late fee of Rs. 200 (CGST – Rs. 100 and SGST – Rs. 100) for each day of default. However, the maximum amount of late filing fee for GSTR-9A cannot be more than 0.25% of the turnover.
- Other important points
- GSTR-9 return cannot be revised after filing.
- Additional tax liabilities not declared in Form GSTR-4 can be declared in GSTR-9A, and tax can be voluntarily paid along with interest in Form DRC-03.
- In order to file Form GSTR-9A, candidates must ensure that they have filed all annual returns in Forms GSTR-4.
Form GSTR-9B
This form is to be compulsorily filed by all E-Commerce Operators who are required to collect
tax at source.
- Who is an E-Commerce Operator?
- Electronic commerce operators are people who own, operate, or manage electronic platforms that facilitate direct or indirect distribution of goods or services. e.g. Amazon, Flipkart etc.
- Due Date for GSTR-9B
- GSTR-9B needs to be filed on or before 31st December following the end of the financial year. For example, for FY 2017-18, the taxpayer should file it, on or before 31st December 2018.
- Penalty for missing the GSTR-9B due date
- Taxpayers would be penalised with a late fee of Rs. 200 (CGST – Rs. 100 and SGST – Rs. 100) for each day of default. However, the maximum amount of late filing fee for GSTR-9B cannot be more than 0.25% of the turnover.
Form GSTR-9C
- What is GSTR-9C ?
- GSTR-9C is an annual audit form that is to be filed by all persons registered under GST having an aggregate turnover exceeding Rs. 2 crores* during the financial year. Taxpayers are required to have their annual account audited and provide a copy of the audited annual account and a properly certified reconciliation invoice, in FORM GSTR-9C.
- *The limit for FY 2018-19 has been increased to Rs. 5 crore as per the CBIC notification dated 23rd March 2020.
- What is GST Audit?
- GST Audit is similar to that of a tax audit report which is prepared under the Income-tax act. In GST Audit, gross and taxable turnover as per our books are reconciled with the respective GST returns filed for a F.Y. Any differences arising will be reported in Form GSTR-9C along with the reasons for the same. GSTR-9C has to be separately prepared for every GSTN of a company, and therefore, for a single PAN registration there can be multiple GSTR-9C forms filed.
- Details to be submitted
- Basic details of the taxpayer.
- Reconciliation of the sales declared in GSTR-9 on the basis of an audited annual financial statement.
- Reconciliation of Tax paid.
- Reconciliation of Input Tax Credit availed during the financial year.
- Auditor’s recommendation of additional liability due to non-reconciliation.
- Certification of above mentioned details.
- Other points
- GSTR-9C is to be prepared and certified by a Cost Accountant or Chartered Accountant.
- A copy of audited financial statements is required to be submitted with the form.
- GSTR-9C is to be filed with or after filing GSTR-9.
- Due date
- GSTR-9C is to be filed by 31st December from the end of the financial year.
- Penalty for missing the GSTR-9C due date
- Taxpayers would be penalised with a late fee of Rs. 200 (CGST – Rs. 100 and SGST – Rs. 100) for each day of default. However, the maximum amount of late filing fee for GSTR-9C cannot be more than 0.25% of the turnover.
How will ICI help you?
Filing of GST annual returns is a tedious process and requires expert guidance. At ICI, our GST experts can help you file your returns with ease. The process is as follows:-
- Our Compliance Manager will contact and inform you about the annual filing date of the GST returns and obtain your documents along with a simple checklist.
- Our team of GST experts will verify your documents and proceed with the preparation of the GST workings. Throughout the process, our dedicated Compliance Manager will keep you updated on the progress of the filing of the GST Return.
- Before filing, we will get your return reviewed from you. Once your approval is received by our team, we will file the returns online. Upon successful filing, an email containing the acknowledgment receipt and return summary will be mailed to your registered email ID.
FAQs
You cannot claim additional ITC in your annual returns which have not been claimed in your GSTR-3B.
In such a case, the taxpayer needs to segregate the sales and purchases in the following manner:
In GSTR-9, report the turnover till the date he was under the regular scheme, and the remaining turnover will be reported in GSTR-9A. Purchases made while the taxpayer is registered as a regular taxpayer will be reported under GSTR-9 to claim the ITC. However, assessee will not be allowed to claim ITC on purchases made during the period where he was registered under the Composition Scheme.
All registrants must submit an annual tax return, even if the status of the taxpayer is unregistered as on the date of the filing return but was registered anytime during the financial year.
GSTR-9A is an annual return form to be filed by persons registered as composition dealers, whereas GSTR-9C is to be filed by normal GST taxpayers in which a reconciliation statement between GSTR-9 and the annual audited financial statements is to be prepared.
If the aggregate turnover at the PAN level exceeds Rs. 2 crore, then the taxpayer needs to file GSTIN-wise annual returns. So if 17 branches have different GST numbers then, each branch has to file GSTR-9C.
No, it is not mandatory to provide the HSN code for total sales below Rs. 1.5 Crore.
GSTR-9C revenue is the revenue recorded in the company’s audited financial statements compared to the revenue reported for GSTR-9.
GST audits can only be performed by auditors or cost auditors. You cannot appoint your internal auditor to do your GST Audit. Also, the Act does not allow a GST practitioner to perform the audit.
» Arrivals for which taxes are paid.
» All taxes and cess charged under Goods and Service Tax like CGST, SGST or IGST, Compensation Cess, etc.
» Goods supplied or received back from a Job Worker.
Activities that are neither considered as goods nor services under schedule III of the CGST Act.
Suppose, you own a company having 5 branches in 5 different states. There is a single PAN for a company, and hence all its branches have the same PAN. Each branch has its own sales and purchases. So while calculating the aggregate turnover threshold of Rs. 2 crore, you will add up the sales from each of your branches.
Speak to our experts who shall solve all your doubts.
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