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.

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