GSTR 9 is an annual return that GST-registered taxpayers must file once a year. Take note of the following:
It contains information on outgoing and incoming supplies made/received during the relevant financial year under various tax heads, such as CGST, SGST, and IGST, along with HSN codes.
It is a compilation of all monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed throughout that financial year. Despite its complexity, this return helps in significant data reconciliation for completely transparent disclosures.
GST returns include two types of returns - periodic and annual returns. Periodic returns are 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.
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 returns.
It should be filed by the taxable person, input service distributors, non-resident taxable person, taxpayers opting for composition scheme, and the person paying TDS.
What are the advantages of the annual GST Return?
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.
The penalty for failing to file the GSTR 9 by the deadline is Rs 100 a day. In the event of a delay, late fines of Rs 100 under the CGST and Rs 100 under the SGST shall apply.
As a result, the total obligation per day of default is Rs 200. This is limited to 0.25 percent of the taxpayer's total turnover in the applicable state or union territory. However, there is now no late fee for IGST.
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 it requires details of different types of transactions in which you need to fill details of purchases, sales supplies, advances on which tax is payable.
It 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.
It requires all the details of tax paid as declared in returns during the financial year.
The particulars of the transactions for the previous financial year are 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.
In the final part where you need to mention other information that has not been provided earlier such as refunds, demands, special kinds of supplies.
Disclosure of Annual sales
The annual value of inward supplies and ITC availed
Details of ITC
What is GST monthly filing?
In the new system of GST return filing, a taxpayer needs to file form GST RET-1 (Normal) or Form GST RET-2 (Sahaj) or Form GST RET-3 (Sugam) on either a monthly or quarterly basis. A taxpayer with a turnover of up to Rs 5 crores can file GST returns on a quarterly basis.
GST monthly filing is done by all the registered taxpayers under GST laws.
There are certain exceptions to this which are as follows:
Small taxpayers
Composition dealer
Input service distributor
Non-resident registered person
A person who is liable to deduct or collect tax under the CGST Act
The due date for filing will be the 20th of next month.
Firstly you need to visit the GST portal (www.gst.gov.in).
A 15-digit GST identification number will be issued to you on the basis of your state code and PAN number.
Now, upload your invoices on the GST portal or the software, and an invoice reference number against each invoice will be issued.
The next step is to file outward return, inward return, and cumulative monthly returns online. If any errors occur, you have the option to correct it and refile the returns.
In the GSTR-1 file, the outward supply returns form through the information section at the GST Common Portal (GSTN) on or before 10th of the following month.
Now supplier needs to furnish details of outward supplies and will be made available in GSTR-2A to the recipient.
The recipient has to verify, validate, and modify the details of outward supplies, and also file details of credit or debit notes.
The recipient has to furnish the details of inward supplies of taxable goods and services in GSTR-2 form.
The supplier can either accept or reject the modifications of the details of inward supplies made available by the recipient in GSTR-1A.
A registered taxable supplier must file a GSTR-1 form describing outward supplies of goods and services. The provider fills out this form. The buyer must review the auto-populated purchase information on the form and make any necessary changes. The following information will be included on the form:
Business name, filing period, and GSTIN (Goods and Services Taxpayer Identification Number) (GSTIN).
Invoices from the prior month and the taxes collected.
Advances on a supply order that must be delivered in the coming years.
Outgoing sales invoices from prior tax periods have been revised.
The GSTR-1 form must be submitted by the 10th of next month.
A registered taxable recipient must file a GSTR-2 form detailing the inward supply of goods and services. The following information will be included on the form:
Business name, filing period, and GSTIN (Goods and Services Taxpayer Identification Number) (GSTIN).
Invoices from the prior month and the taxes collected.
Advances on a supply order that must be delivered in the coming years.
Outgoing sales invoices from prior tax periods have been revised.
The GSTR-2 form must be submitted by the 15th of the following month.
A registered taxpayer must file a GSTR-3 form with information that is automatically supplied from the GSTR-1 and GSTR-2 returns forms. The taxpayer must validate the information and, if necessary, make changes. The following information will be included on the GSTR-3 return form:
Information about the Input Tax Credit, the liabilities, and the cash ledger.
Details of CGST, SGST, and IGST paid.
Request a refund of the excess payment or a credit to be carried forward.
The GSTR-3 form must be submitted by the 20th of the next month.
All non-resident taxpayers are required to file the GSTR-5 form. The following information will be included on this form:
Taxpayer's name and address, GSTIN, and return period
Outward and inward supplies are mentioned.
Details about imported items, and any changes in commodities imported during past tax periods.
Services import and modifications to services import
Credit or debit notes, closing stock of items, and refund claims from the cash ledger are all specified.
The GSTR-5 form must be submitted by the 20th of the next month.
All taxpayers who are registered as Input Service Distributors must file the GSTR-6 form. The following information will be included on this form:
Taxpayer's name and address, GSTIN, and return period
Information about input credit distributed.
Supplies received from the registered person.
The amount of input credit that has been claimed for the current tax year.
The GSTR-1 and GSTR-5 return forms will be auto-populated with information of incoming supply.
Details about the GSTIN of the person who received input credit.
Credit or debit note information.
Input tax credit received, the credit returned, and the input tax credit distributed as SGST, CGST, and IGST.
The GSTR-6 form must be submitted by the 13th of the next month.
All registered taxpayers who are required to deduct tax at source under the GST system must file the GSTR-7 form. The following information will be included on this form:
Taxpayer's name and address, GSTIN, and return period
TDS information and changes to invoice amounts, TDS amounts, or contact information.
TDS liability will be filled in automatically. Fees for late filing of returns and interest on late TDS payments are mentioned.
The refund from the Electronic Cash Ledger will be automatically filled in.
The GSTR-7 form must be submitted by the 10th of the next month.
All e-commerce firms who are obligated to collect tax at source under the GST law must file the GSTR-8 form. This form will include information on the supplies made and the tax collected under Subsection (1) of Section 43C of the Model GST Law. Other information includes:
Taxpayer's name and address, GSTIN, and return period
Details about supply made to a taxable person who is registered, and any amendments.
Information of supplies given to unregistered individuals.
Information about Tax Collected at Source
TDS liability will be filled automatically. Fees for late filing of returns and interest on late TDS payments are mentioned.
The GSTR-8 form must be submitted by the 10th of the next month.
Everyone who has been given a Unique Identity Number (UIN) and claims a refund of taxes paid on inbound supply must fill out the GSTR-11 form. The following information is included on this form:
Name of the government entity, UIN, and return period
All inward purchases from GST-registered suppliers will be automatically filled in.
The tax refund will be issued based on the information provided above. The GSTR-11 form is due on the 28th of the month following the month in which the supply was received..
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