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.
Before filing GSTR 9, the taxpayer must file all GSTR-1, GSTR-3B, or GSTR 4 returns. In case of over dues, the GSTR registration holder will not be allowed to file an annual GST annual return.
GSTR 9 consists of details regarding the outward and the inward supplies made or received during the relevant financial year under CGST, SGST, and IGST. It is a consolidation of all the monthly/quarterly returns filed in that year.
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.