GST Annual Return
GST annual return is a compilation of inward suppliers, outward suppliers, tax liability and input tax credit availed during a financial year. For filling of GST annual return form GSTR-9 has to be filled 1 time in a year .Annual return is for reporting the summary of the periodic returns filled during a financial year. GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST.GSTR annual return once filled can’t be revised.
Types of GSTR 9
GSTR 9 – For registered persons under regular scheme
GSTR- 9A – for registered person under composition scheme
GSTR-9B – for e-commerce operators who have filed GSTR-8 during the financial year
GSTR- 9C- Reconciliation form to be certified by CA/CMA for registered persons with a turnover of more than two crores
Documents Required for GSTR-9
- Details of total outward supplies made during the financial year and taxes and taxes paid and payable thereon.
- Details of total outward supplies related to financial year declared in return filled for the assessment year and taxes paid and payable thereon along with reconciliation sheet for the same.
- Documents related to inward supply
- Documents related to Input Tax Credit
- Detail of outward and inward HSN summary is optional for taxpayers having turnover below 1.5 crore
- Detail of outward and inward HSN summary in 2 digit is mandatory to submit by the taxpayers having turnover between 1.5crore – 5 crore
- Detail of outward and inward HSN summary in 4 digit is mandatory to submit by the taxpayers having turnover above 5 crore
Who need to file GSTR-9
- E- commerce operators
- Composite scheme holders
- All registered traders
- All the registered regular taxpayers are required to file a form under the GST regime except below list:
- Taxpayers opting composition scheme
- Casual taxable person
- Non – resident taxable person
- Persons paying TDS
- Input service distributors
New updates in GST Annual Return
- For businesses with an annual turnover of less than Rs. 5 crore, filling of GSTR 9C for financial year 2018-19 is waived off.
- Annual return and the reconciliation statement for the financial year 2017-18 and 2018-19 late filling penalties waived off for the taxpayers having turnover lower than Rs. 2 crore.
How can dial on financial services help you?
Dial on financial services provides you with the best GST cancellation registration. We helps in preparing all the documents of cancellation registrations formation.
Satisfaction Guaranteed
We are here for your happiness guaranteed DOFS is your happiness which means we stand by our product and services 100%. No matter what, no ifs, no question asked, no hold barred, no end, we will solve it.