GSTR 9

Filing GSTR 9 involves more than just combining monthly GST returns, it requires compiling detailed GST data like sales, purchases, taxes, demands and refunds. All registered businesses even for just one day, must file GSTR 9 after submitting GSTR 1 and 3B returns. This article covers GSTR 9 applicability, deadlines, penalties and FAQs.

What Is GSTR 9?

GSTR 9 is an annual return that GST registered taxpayers must file, summarizing their income and expenses for financial year. This form consolidates information from monthly or quarterly returns (GSTR 1, GSTR 2A, GSTR 3B) filed throughout year. It details outward and inward supplies made and received under various tax categories like CGST, SGST and IGST as well as HSN codes. While GSTR 9 can be complex, it ensures thorough reconciliation of data, promoting complete transparency in disclosures. Basically GSTR 9 provides complete annual summary of all your GST transactions.

Who Is Required To File GSTR 9?

Every GST-registered taxpayer must file GSTR 9 annually. Currently businesses within the same state providing supplies and services, as well as those in the goods sector, are required to register for GST if their annual turnover exceeds Rs. 40 lakh.

However some individuals are exempt from filing GSTR 9 :

• Casual tax persons
• Input service distributors
• Non resident taxable persons
• Individuals paying TDS

Due Date Of Filing GSTR 9 Annual Return?

Businesses need to file their GSTR 9 for given financial year by December 31st of following year. This means that for financial year 2023-24 deadline to submit GSTR 9 form is December 31, 2024. It is important for businesses to adhere to this deadline to ensure compliance with tax regulations. Filing GSTR 9 involves providing detailed information about business's annual sales, purchases, input tax credit and other relevant details. Timely filing not only helps in avoiding penalties but also ensures smooth financial operations. So mark your calendars for financial year 2023-24, make sure to file your GSTR 9  by December 31, 2024.

Structure Of GSTR 9 - Annual Return

GSTR 9 is an annual return form that every registered taxpayer under GST except those in composition scheme, must file. It includes six sections that summarize all transactions for financial year.

• Basic information like GSTIN and financial year.
• Details of outward supplies, excluding exports and supplies to SEZs.
• Details of inward supplies, excluding imports and supplies from SEZs.
• Information on input tax credit claimed and reversed.
• Details of taxes paid and payable.
• Additional disclosures, such as HSN/SAC-wise summaries of outward and inward supplies.

This form consolidates year's outward and inward supplies, ensuring accurate reporting and compliance with GST regulations.

How To File Form GSTR-38? 

The GSTR 9 form has six parts with 19 sections, mainly using your past filings and account records:

Part 1: Enter basic details like your GSTIN, legal/trade names and taxable goods/services you provide.
Part 2: Include details of outward and inward supplies from GSTR-1 and GSTR-3B for financial year.
Part 3: Report input tax credit claimed, as found in GSTR-2A.
Part 4: Declare taxes paid during financial year.
Part 5: Provide details of previous year's transactions declared in current year’s returns.
Part 6: Include other information like HSN summary, late fees and GST demands and refunds.

Documents Required For GSTR 9 

For GSTR 9 filing gather documents as follows: 

• Outward Supply: Record total supplies and taxes for 2017-18 reconciling with 2018-19 returns. 
• Inward Supply (RCM): Document reverse charge supplies and payments reconciling with returns of both years. 
• Input Tax Credit: Note total 2017-18 available credits breakdown by input type and credits claimed in returns of both years. Include unclaimed credits, ineligible credits and reconciliation with GSTR 9 Table 8A. Also list invoices with unprocessed credits over 180 days. 
• HSN Summary: For turnover below 1.5 Cr it's optional, for 1.5 Cr - 5 Cr submit 2-digit summary, for above 5 Cr provide 4-digit summary. Ensure accurate reporting and compliance.

Late-Filing Fees Or Penalty Associated With GSTR 9

Conclusion

Filing GSTR 9 is important annual requirement for all GST registered businesses consolidating yearly transactions. Adherence to December 31st deadline ensures compliance and avoids penalties. Detailed documentation and accurate reporting are necessary to streamline process and maintain transparency in financial operations.