What is GSTR-9 annual return?

GSTR nine is associate annual come to be filed yearly by taxpayers registered under GST. Points to note:

It consists of details relating to the outward and inward supplies made/received throughout the relevant previous year under completely different tax heads i.e. CGST, SGST & IGST and HSN codes.

It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed therein year. tho' advanced, this return helps in in depth reconciliation of knowledge for 100% clear disclosures.

Who should file GSTR-9, the annual return?

All taxpayers/taxable persons registered under GST should file their GSTR nine. However, the subsequent don't seem to be needed to file GSTR 9:

Taxpayers opting composition scheme (They should file GSTR-9A)

1. Casual assessable Person

2. Input service distributors

3. Non-resident assessable persons

4. Persons paying TDS under section 51 of CGST Act.

GSTR-9 filing for businesses with turnover up to Rs 2 large integer created optional for FY 17-18 and FY 18-19.

Due Date, late fee and penalty

The day of the month to file GSTR-9 is additional extended to Gregorian calendar month thirty, 2019.

The late fees for not filing the GSTR nine at intervals the day of the month is Rs a hundred per day, per act. which means late fees of Rs a hundred underneath CGST and Rs a hundred under SGST are applicable just in case of delay.

Thus, the full liability is Rs two hundred per day of default. this is often subject to a most of zero.25% of the taxpayer’s turnover within the relevant state or union territory. However, there's no late fee on IGST however.

What ar the small print needed to be filled within the GSTR-9?

GSTR-9 is split into half dozen parts and 19 sections. every half asks for details that ar simply available from your previously filed returns and books of accounts.

1. Broadly, this kind asks for disclosure of annual sales, bifurcating it between the cases that ar subject to tax and not subject to tax.

2. On the acquisition aspect, the annual price of inward provides and ITC availed on that is to be revealed.

3. Furthermore, these purchases got to be classified as inputs, input services, and capital merchandise. Details of ITC that must be reversed thanks to qualification is to be entered.

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