Everything about Annual Return under GST
Taxpayers registered under GST have to file the annual return till 31st December, and it will contain consolidated details related to outward and inward supplies, HSN wise summaries and tax payment details.
What is Annual Return in the GST Act?
According to section 44(1) of CGST Act, all the registered taxpayers (except those specifically excluded) have to file the annual return.
It contains consolidated figures of outward supplies, inward supplies and tax payment details filed in the monthly/ quarterly returns.
If the turnover of a taxpayer exceeds 2 crore in the FY, due to which he is required to get his accounts audited, he will also submit the audited financial statements, audit report and the reconciliation statement (GSTR 9C) along with the annual return.
What is the Annual Return Form for Regular Taxpayers?
Regular Taxpayers have to file GSTR 9 as the annual return.
Who is not required to file GSTR 9?
Following persons shouldn’t file GSTR 9 –
1. Input Service Distributor,
2. Person deducting TDS under section 51,
3. E-commerce operator collecting TCS under section 52,
4. Casual Taxable Person, and
5. Non-Resident Taxable Person
What is the Annual Return Form for Other Taxpayers?
Composition Taxpayers have to file GSTR 9A. E-commerce operators, who are collecting TCS under section 52, have to submitGSTR 9B as the annual return.
What is the due date for filing Annual Return?
Annual return has to be filed for every Financial Year on or before 31st December of the subsequent Financial Year.
Hence, for FY 2017-18, Annual Return has to be filed till 31st December 2018. Details from July 2017 to March 2018 will be filledin the annual return.
What is the penalty for not filing annual return till due date?
Taxpayers have to pay a penalty of ₹ 200 (₹ 100 under CGST + ₹ 100 under SGST) for every day during which the failure continues. The penalty is subject to a maximum of an amount calculated at 0.25% of the turnover in a state or union territory.
What is the format of GSTR 9?
GSTR 9 consists of 6 major parts –
1. Basic Details
2. Details of Outward and inward supplies declared during the financial year
- Details of advances, inward and outward supplies on which tax is payable,
- Details of outwardsupplies on which tax is not payable.
3. Details of ITC as declared in returns filed during the financial year
- Details of ITC availed,
- Details of ITC reversed and ineligible ITC,
- Other ITC related information
4. Details of tax paid as declared in returns filed during the financial year
- Figures of tax (CGST, SGST, IGST, Cess, Interest, Penalty, Late Fees etc.) payable and paid through cash or ITC.
5. Particulars of the transactions for the previous FY declared in returns of April to September of current FY or upto the date of filing of annual return of previous FY whichever is earlier
- Supplies or tax added or reduced through the amendments (issue of debit or credit notes)
- ITC reversed which was availed during previous FY,
- ITC availed for the previous FY
- Differential tax paid due to addition or reduction of supplies or tax
6. Other Information
- Particulars of demands and refunds,
- Details of supplies received from composition taxpayers, deemed supply under 143 and details of goods sent on approval basis,
- HSN wise of outward supplies,
- Late fees payable and paid
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You can then review it, make the necessary changes and file it on the portal.
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