GST returns include two types of return - periodic and annual returns. The periodic return is monthly or quarterly returns for reporting transactions during the month or quarter, while the annual return is for reporting the summary of the periodic returns filed during a financial year.
GSTR-9 is the annual return that all registered, taxable people must file. It is necessary for a business to file this return annually by 31st December of the coming financial year (FY). It comprises of the amount of taxes paid (CGST, SGST, IGST) during the year, as well as details of exports or imports.
It consists of details related to outward and inward supplies received or made in the relevant previous year under CGST, SGST, IGST and HSN codes.
It provides transparency disclosures of monthly/ quarterly return.
It should be filed by taxable person, input service distributors, non- resident taxable person, taxpayers opting for composition scheme and person paying TDS.
There is no late fee charged on IGST.
This form provides disclosure of annual sales by stating that what is subject to tax and not subject to tax.
It also reveals the annual value of inward supplies.
Purchases are to be classified as inputs, inputs services and capital goods.
Late fees for not filing GSTR 9 within due date is charged i.e. Rs. 100 per day under CGST and Rs. 100 under SGST.
GSTR 9 contains six parts in which we need to fill all the details, firstly you need to enter the basic details such as financial year, legal name, trade name and GSTIN in Part 1.
Now the second part requires details of different types of transactions in which you need to fill details of purchases, sales supplies, advances on which tax is payable.
Part 3 includes information about your ITC balance. Here you need to mention details of ITC that you have availed, as mentioned in the returns filed during the financial year.
Part 4 requires all the details of tax paid as declared in returns during the financial year.
Part 5 is having the particulars of the transactions for the previous financial year declared in returns of April to September of the current financial year or up to date of filing of annual return of the previous financial year, whichever is earlier.
Part 6 is the final part where you need to mention other information that has not been provided earlier such as refunds, demands, special kinds of supplies.
No other common registration
The registration process is same as mentioned in the registration section.
Yearly statement which provides essential information about a firm's composition, activities, and financial position, and it must be filed by every incorporated or registered firm with an authorised authority.