Income Tax efiling in India for FY 2023-24 (AY 2024-25)
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GSTR-9 annual return
GSTR-9 is an annual return that needs to be filed by all registered taxpayers who have a GST registration certificate, except for those who are registered under the composition scheme (GSTR-4 filers), Input Service Distributors (ISD), Casual Taxable Persons (CTP), and Non-Resident Taxable Persons (NRTP). It is essentially a summary of all the monthly or quarterly returns filed in a financial year, including GSTR-1, GSTR-2, and GSTR-3. The due date for filing GSTR-9 is December 31st of the subsequent financial year, and it is important to ensure timely and accurate filing to avoid penalties and fines.
Which taxpayers are required to file the GSTR-9 annual return under the GST regime?
GSTR-9 is an annual return that needs to be filed by every registered taxpayer who has a GST registration certificate. This return is essentially a summary of all the monthly or quarterly returns filed in a financial year. In other words, any taxpayer who has filed GSTR-1, GSTR-2, and GSTR-3 in a financial year, needs to file GSTR-9 as well. However, there are a few exceptions to this rule, such as: 1. Taxpayers who are registered under the composition scheme (GSTR-4 filers) are not required to file GSTR-9. 2. Taxpayers who are registered as Input Service Distributors (ISD) are also exempted from filing GSTR-9. 3. Casual Taxable Persons (CTP) and Non-Resident Taxable Persons (NRTP) are not required to file GSTR-9.
Is there any turnover threshold for filing the GSTR-9 return under the GST regime?
No, there is no turnover threshold for filing the GSTR-9 return under the GST regime. All registered taxpayers who have filed GSTR-1, GSTR-2, and GSTR-3 during a financial year are required to file GSTR-9, regardless of their turnover.
By when is the GSTR-9 return required to be filed under the GST regime?
The GSTR-9 return is required to be filed under the GST regime by December 31st of the subsequent financial year. For example, for the financial year 2020-21, the deadline for filing GSTR-9 is December 31st, 2021. However, it is important to note that the due date for filing GSTR-9 for the financial year 2019-20 has been extended until March 31st, 2021, in view of the COVID-19 pandemic.
How do I fill out the details required in the GSTR-9 form?
GSTR-9 is an annual return that summarizes the details of all the outward and inward supplies made during a financial year. The following are the details required to be filled in the GSTR-9 form: 1. Basic Details - This includes the GSTIN, legal name, and trade name of the taxpayer. 2. Financial Year - The year for which the return is being filed. 3. Part I - This includes the details of the turnover declared in the annual return, along with the details of the previous year's transactions. 4. Part II - This includes the details of all the outward supplies made during the year, such as taxable, exempted, and nil rated supplies. 5. Part III - This includes the details of all the inward supplies received during the year, such as inputs, capital goods, and input services. 6. Part IV - This includes the details of the input tax credit claimed during the year, along with the details of any adjustments made. 7. Part V - This includes the details of the tax payable and paid during the year. 8. Part VI - This includes the details of any additional liability arising due to any amendments made to the previous returns filed. 9. Part VII - This includes the details of any demands and refunds during the year. 10. Part VIII - This includes the details of HSN-wise summary of outward and inward supplies. 11. Certification - The taxpayer needs to certify that all the information provided in the return is true and correct.
Frequently asked questions
What is GSTR-9?
Who needs to file GSTR-9?
What are the details required to be filled in the GSTR-9?
What is the deadline for filing GSTR-9?
Can I revise my GSTR-9 after filing?
What happens if I miss the deadline for GSTR-9 filing?
Are there any penalties for non-compliance with GSTR-9 filing?
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