What is GSTR-9 and How to File It?

By GSTBazaar

28th March 2019

 

GST or Goods and services tax have included several different forms of GST returns and annual returns that might be a hassle to file, but are important nonetheless. There has been a recent composition scheme for the GST holders. For them, the annual return is to be filed through the Form GSTR-9. This blog is dedicated towards telling all about GSTR-9 that includes questions like:

  1. What is GSTR-9?
  2. Who is required to file GSTR-9?
  3. What is the last date to file GSTR-9?
  4. What if you file GSTR-9 after the due date is passed?
  5. How to file GSTR-9?

What is GSTR-9?

GSTR-9 is the annual return that has to be filed by specific persons who are falling under the composition scheme. This form of return involves 4 types of return forms:

  1. GSTR-9: This is filed by the individuals who are filing returns such as GSTR-1, GSTR-2, GSTR-3
  2. GSTR-9A: This particular form needs to be filed by persons who come under the composition scheme.
  3. GSTR-9B: it is to be filed by the e-Commerce operators who have also filed GSTR-8 in the last financial year.
  4. GSTR-9C: It is to be filed by taxpayers whose annual turnover exceed INR 2Crores.

Along with this return, the mentioned taxpayers need to:

  1. Get their account audited by a licensed auditor
  2. Submit an audited copy of the accounts
  3. Get the reconciliation statement of their taxes
  4. Details of the taxes payable as specified in their audited accounts.

Who is required to file GSTR-9?

GSTR-9 should be filed by individual under the composition scheme. However, following types of people are exempted from filing this return:

  1. Input tax distributors: they are part of the business that receives invoices about taxes and distributes them in its branches.
  2. Non-resident taxable persons: taxable individuals who are not currently residing in India. (NRI)
  3. Persons who are paying the TDS: People who are already submitting the TDS (Tax at Deducted Source)
  4. Casual taxable person: Casual taxpayers that don’t come under any type of scheme.

What is the last date to file GSTR-9?

You file the GSTR-9 by the end of the subsequent financial year. For example, the last financial year was 2018, so the return is to be filed by 31st December 2019.

What if you file GSTR-9 after the due date is passed?

 If the due date of filing the GSTR-9 return passes you by and you still haven’t filed it, then under CGST, you have to pay a penalty of INR 100/- per day and under SGST, you have to pay the same penalty per day (of INR 100/-). So all in all, there is an INR 200/- penalty to be paid on a daily basis.

How to file GSTR-9?

In the prescribed form of GSTR-9, you have to input the following information across the given 9 tables:

  1. GSTIN: Your GST Identification Number (GSTIN)
  2. Your legal name: The legal name of the GST registered person.
  3. Date of the audit: The date on which the statutory audit took place.
  4. Auditors: List of all the auditors that were involved with the statutory audit.
  5. Expenditure details: Details pertaining to the purchased goods and services.
  6. Income Details: Details pertaining to all the sales and supplies made during that financial year.
  7. Statement of return reconciliation: Once you furnish all the information, the system shall automatically reconcile tax information. You don’t have to fill this information as the system takes care of it.
  8. Other details: Similarly to auto return reconciliation statement, the other details shall be filled automatically. Although, make sure to cross check them for errors.  
  9. Profit and loss statement: You need to mentioned the break-up of gross-profit, which is profit after tax and net profit.

Conclusion:

These points are basically all that you need to know about GSTR-9. However, if you have made a mistake while filing the return, you can opt for a revision. The way to do that is revise the return in the next month’s return.

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What is GSTR-9 and How to File It?

2019-03-28