Form GSTR-9 is an annual return form to be furnished by all registered taxpayers once in a year under GST including those taxpayers who are registered under the composition scheme. GSTR-9 will contain the details of all supplies made and received during the year under different tax heads i.e. CGST, SGST, and IGST. It basically consolidates the information furnished in the monthly/quarterly returns during the entire financial year.
Different Types of GSTR-9 return filing forms
Who are not required to file GSTR-9?
1. Casual Taxable Person
2. Input service distributors
3. Non-resident taxable persons
4. Persons paying TDS under Section 51 of the GST Act
Due date of Filing GSTR-9
The due date of GSTR-9 is on or before 31st December of the subsequent financial year. For example,for FY 2017-18, the due date for filing GSTR 9 is 31st December 2018.
Is there any Penalty for Late filing of GSTR-9?
If the GSTR-9 return is not filed on time, then a penalty of INR 100 per day under CGST & INR 100 per day under SGST shall be levied i.e. a total of INR 200 per day. However, the maximum of such a penalty will be an amount calculated at a quarter percent of the total taxpayer turnover in the respective State or Union Territory. There is no late fees however on IGST.
Along with late fees, an interest has to be paid at the rate of 18% per annum and will be calculated by the taxpayer on the amount of outstanding tax to be paid.
Can GSTR-9 be revised?
Form GSTR-9 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return when the error or omission is identified.
How to file GSTR-9?
Following are the details to be provided in the GSTR-9 form:
1. GSTIN: Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). The GSTIN of the taxpayer will be auto-populated at the time of return filing.
2. The legal name of the registered person: The name of the taxpayer will be auto-populated at the time of logging into the GST Portal. Table 2 has a sub-section called 2C, which states whether the registered person is liable to do a statutory audit. It is to be noted, that statutory audit is compulsory in case of companies and in the case of Individual / HUF if the turnover exceeds INR 1 Crore.
3. Date of Statutory Audit: Date of the statutory audit, needs to be mentioned in this section.
4. Auditors: The name of the auditors of the entity who have audited the accounts of the entity, need to be mentioned here.
5. Details of Expenditure: Details of goods and services purchased during the financial year must be provided in this section. Such information needs to be provided along with the HSN / SAC codes applicable and the taxable value of such goods and services, which shall be obtained from Form GSTR-2. This information is divided into the following heads:
a. The total value of purchases on which ITC is availed (Inter-State)
b. The total value of purchases on which ITC is availed (Intra-State)
c. The total value of purchases on which ITC is availed (Imports)
d. Other Purchases on which no ITC is availed
e. Sales Return
f. Other Expenditure (Expenditure other than purchases)
6. Details of Income:
Details of all supplies and sales made during the year need to be provided in this section. Such details are also mentioned in Form GSTR-1. This information is divided into the following heads:
7. Return Reconciliation Statement: After furnishing all the information, the system will auto-reconcile the transactions and will determine the tax liability payable against the tax actually paid. The system will also populate the amount of tax difference, interest and penalty if any.
8. Other: If there is any other payable, the same will be auto-populated in this section. It may include arrears or any liability because of the assessment.
9. Profit as per the Profit and Loss Statement: In this section, one needs to mention the break-up of gross-profit, profit after tax and net profit.
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