Annual Return under GST

1. What is Annual Return GSTR-9

The GST department has mandated form GSTR-9 Annual Return under GST regime to be filed annual by all registered taxpayers who are registered under Goods and Service Tax act including composition taxpayers. This return has been prepared in such a way that it will reconcile all the information of outward and inward supplies made during the year and which was submitted in the monthly/quarterly returns.

It will consolidate all the information and data with respect to the transactions incurred by a registered taxpayer in whole year.

2. Who is required to file Annual Return GSTR-9

All the Registered taxable persons are required to file Annual Return in form GSTR-9 except following categories of taxpayers:

i. Casual Taxable Person
ii. Input Service Distributors
iii. Non-Resident Taxable Persons
iv. Persons required to pay TDS under Section 51 of GST Act

3. What are all different returns under GSTR-9 Form

Four types of Returns under GSTR-9 are as follows:

i. GSTR-9: GSTR-9 is to be filed by the regular taxpayers who are required to file GSTR1, GSTR2, GSTR3.
ii. GSTR-9A: Composition dealer are required to file there annual return in Form GSTR-9A
iii. GSTR-9B: E -Commerce operatorw who have filed GSTR-8 as there return are required to file the annual return in form GSTR-9B
iv. GSTR-9C: All the registered taxable persons whose aggregate turnover in the financial year was above 2 crore are required to file the annual return in form GSTR-9C, moreover all these taxpayers are also required to get their accounts audited and need to file the copy of audited annual accounts and reconciliation statement of tax paid and tax payable as per the audited annual accounts along with annual return GSTR-9C.

4. What is the deadline for filing GSTR-9

GSTR-9 is to be mandatorily filed on or before 31st December of the subsequent financial year.

For example, GSTR-9 for the Fy 2017-18 is to be filed on or before 31st December, 2018.

As per the press release dated 7th December, 2018, the due date for filing of Annual Return under GST in GSTR-9A has been extended till 31st March, 2019

5. Is there any penalty for delayed filing of annual return GSTR-9

Not filing GSTR-9 within the prescribed time limit will attract penalty of Rs. 100 per day per act upto maximum of an amount 25% of the taxable turnover in the state or union territory.

For Example Rs. 100 per day under CGST and Rs. 100 Per Day under SGST, Total per day penalty will be Rs. 200 per day of default. There is no late fee on IGST.