Every registered taxable individual is required to furnish monthly, quarterly and annual returns under the GST law. In this article, we will talk about GSTR-9 which should be filed once a year by a registered taxpayer for his annual returns.
What is GSTR-9?
GSTR-9 is a tax return statement which should be filed each year by a registered taxpayer. The taxpayer needs to provide the details of all supplies made and received under different tax heads such as CGST, SGST, and IGST during the year alongside turnover and audit details for the same.
Who needs to file GSTR-9?
As per the GST law, GSTR-9 must be filed by all registered regular taxpayers and individuals registered under the composition scheme through GST common portal or Green GST Software or at GST Suvidha Kendra
What is the Due Date for Filing GSTR-9?
The due date for filing GSTR-9 is before 31st December of the following financial year. (Eg.: If a taxable individual is filing GSTR-9 for the year 2018 then he must file it before 31st December 2019). If an audit is required for the filing then the details of audited statements must also be filed before 31st December in GSTR-9C.
Types of Returns under GSTR-9
- GSTR 9A: – GSTR 9A should be filed by all regular GST taxpayers before 31st December consolidating information furnished during the previous financial year.
- GSTR 9B: – GSTR 9B should be filed by electronic commerce operators who required to collect tax at source
- GSTR 9C: – GSTR 9C should be filed by all regular taxpayers registered under GST having a yearly total turnover of over Rs.2 Crores during the financial year. Additionally, the taxpayer needs to get his account audited and file a copy of the audited annual account and reconciliation statement with the Form.
Information required before Filing GSTR-9
To File GSTR-9 a taxpayer must have: –
- 15-digit PAN based GSTIN.
- The aggregate turnover of the business should be greater than 20 lakh rupees.
Information to be filed in GSTR-9
- GSTIN: Each taxpayer in India filing GSTR-9 is allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN).
- Name of the registered taxpayer: Name of the taxpayer will be automatically filled at the time of logging into the GST portal. In case of Trade Name (if any) should be provided separately.
- Whether Liable to Statutory Audit YES/NO: This section needs to be marked as YES if the annual turnover of the taxpayer exceeds Rs. 1 crores in the financial year for which GSTR-9 is being filed.
- Date of Statutory Audit: The taxpayer needs to mention the date of audit in this section.
- Auditors: If the turnover of the registered business exceeds the threshold limit for audit then under this section the taxpayer should provide the details of the auditor appointed by him who has audited the records furnished by the taxpayer.
- Details of expenditure: Under this section, the taxpayer needs to provide the details of goods and services purchased with HSN and SAC codes involved.
a) Total value of purchases on which ITC availed (intra-State)
b) Total value of purchases on which ITC availed (inter-State)
c) Total value of purchases on which ITC availed (Imports)
- Details of income: Details of all supplies and sales made during the year needs to be reported in this section.
a) Total value of supplies on which GST paid (inter-State Supplies
b) Total value of supplies on which GST Paid (intra-State Supplies)
c) Total value of supplies on which GST Paid (Exports)
d) Total value of supplies on which no GST Paid (Exports)
e) Value of Other Supplies on which no GST paid
f) Purchase Returns
g) Other Income (Income other than from supplies)
- Return reconciliation Statement: After providing all the required information the portal will perform the task of auto-reconciling the transactions and show the tax liability payable against the tax paid. The portal will also highlight the amount of tax difference, interest or penalty if any.
- Other: If there is any other payable the same will be auto-populated here. This may include arrears or any liability because of the assessment.
- Profit as per the Profit and Loss Statement: This section will provide report a breakup of gross-profit, profit after tax and net profit.