GST Annual Return

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GST Annual Return

A. About:

The GST Annual Return is a comprehensive summary of a taxpayer’s activities for a particular financial year. It consolidates all the monthly and quarterly returns filed during the year and provides a detailed overview of the taxpayer’s business transactions, tax liabilities, and input tax credits. Here’s a breakdown of the meaning and purpose of the GST Annual Return:

B. Meaning of GST Annual Return:

  1. Consolidation of Transactions:
  • The GST Annual Return consolidates all the monthly and quarterly returns filed by the taxpayer during the financial year.
  • It provides a comprehensive summary of all outward supplies, inward supplies, tax paid, and input tax credit (ITC) availed by the taxpayer.
  1. Annual Compliance Requirement:
  • The GST Annual Return is a mandatory compliance requirement under the GST law.
  • It ensures that taxpayers provide a complete and accurate account of their business activities for the entire financial year.
  1. Filing Details:
  • The Annual Return requires taxpayers to provide detailed information about their turnover, outward supplies, inward supplies, taxes paid, and ITC availed for the entire financial year.
  1. Reconciliation and Verification:
  • The Annual Return serves as a tool for reconciliation and verification of data filed in monthly and quarterly returns.
  • Taxpayers can cross-check the information provided in the Annual Return with their accounting records to ensure accuracy.

C. Purpose of GST Annual Return:

  1. Compliance with GST Laws:
  • Filing the Annual Return ensures compliance with GST laws and regulations.
  • It helps taxpayers fulfill their statutory obligation of providing complete and accurate information to the tax authorities.
  1. Transparency and Accountability:
  • The Annual Return promotes transparency and accountability in business transactions.
  • Taxpayers are required to provide a detailed account of their activities, ensuring transparency in tax reporting.
  1. Verification of Input Tax Credit:
  • The Annual Return allows taxpayers to verify the input tax credit (ITC) claimed during the financial year.
  • It helps in identifying any discrepancies or mismatches in ITC claimed and tax paid, facilitating corrective action.
  1. Audit and Assessment:
  • The Annual Return serves as a basis for audit and assessment by the tax authorities.
  • It provides a comprehensive overview of the taxpayer’s business transactions, facilitating audit and assessment procedures.
  1. Data Analysis and Policy Formulation:
  • The data provided in the Annual Return is used by tax authorities for data analysis and policy formulation.
  • It helps in identifying trends, tax evasion, and areas requiring policy intervention.
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D. WHO SHOULD FILE GST ANNUAL RETURN

  1. Regular Taxpayers:
  • Registered Businesses: Entities, including individuals, partnerships, LLPs, companies, and other types of entities, registered under GST as regular taxpayers, are required to file the GST Annual Return.
  1. Composition Scheme Taxpayers:
  • Composition Scheme Taxpayers: Taxpayers who have opted for the composition scheme under GST are also required to file the GST Annual Return.
  1. Input Service Distributors (ISDs):
  • Input Service Distributors (ISDs): Entities that receive invoices for input services and distribute credit of GST paid on these services to their units are required to file the GST Annual Return.
  1. Non-Resident Taxable Persons:
  • Non-Resident Taxable Persons (NRTPs): Individuals or businesses that do not have a fixed place of business in India but are liable to pay GST are required to file the GST Annual Return.
  1. Unique Identification Number (UIN) Holders:
  • UIN Holders: Organizations or entities such as embassies, consulates, and UN bodies holding a Unique Identification Number (UIN) are required to file the GST Annual Return.
  1. Special Cases:
  • Canceled/Surrendered Registrants: Taxpayers whose GST registration has been canceled or surrendered must file a final return, which may include the GST Annual Return, within three months from the date of cancellation.
  • Casual Taxable Persons: Individuals or businesses making occasional taxable supplies in a jurisdiction where they do not have a fixed place of business must file the GST Annual Return. 

E. GST ANNUAL RETURN FORM:

Under the Goods and Services Tax (GST) regime in India, there are several types of annual return forms, each catering to different categories of taxpayers. Here are the main annual return forms:

  1. GSTR-9:
  • Form: GST Annual Return.
  • Applicability: For regular taxpayers with an annual aggregate turnover exceeding ₹2 crores.
  • Contents: Provides a summary of outward and inward supplies, taxes paid, and input tax credit (ITC) availed during the financial year.
  • Filing Frequency: Annually.
  1. GSTR-9A:
  • Form: GST Annual Return (Composition Taxpayers).
  • Applicability: For taxpayers opting for the composition scheme under GST.
  • Contents: Similar to GSTR-9 but specific to composition scheme taxpayers.
  • Filing Frequency: Annually.
  1. GSTR-9C:
  • Form: GST Reconciliation Statement.
  • Applicability: For taxpayers with an annual aggregate turnover exceeding ₹5 crores.
  • Contents: Reconciles the figures reported in GSTR-9 with the audited financial statements of the taxpayer.
  • Certification: Must be certified by a Chartered Accountant or Cost Accountant.
  • Filing Frequency: Annually, along with GSTR-9.
  1. GSTR-10:
  • Form: Final Return.
  • Applicability: For taxpayers whose GST registration has been canceled or surrendered.
  • Contents: Provides details of stock held on the date of cancellation or surrender of registration.
  • Filing Frequency: Once (final return) within three months from the date of cancellation or surrender.

These are the main annual return forms under the GST regime in India. Each form serves specific purposes and is applicable to different categories of taxpayers based on their registration status, turnover, and compliance requirements. It’s crucial for taxpayers to file the appropriate annual return form accurately and within the specified deadlines to ensure compliance with GST laws.

 

F. Turnover Applicability of GSTR-9:

  1. Threshold:
  • Taxpayers with an annual aggregate turnover exceeding ₹2 crores are required to file the GST Annual Return (GSTR-9).
  • This threshold applies to both the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) components.
  1. Exemption:
  • Taxpayers with an annual aggregate turnover up to ₹2 crores are exempt from filing the GSTR-9.
  1. Other Categories:
  • The turnover threshold for GSTR-9 filing applies to regular taxpayers, including individuals, businesses, partnerships, LLPs, companies, and other entities registered under GST.
Conclusion:

The correct turnover threshold for the applicability of filing the GST Annual Return (GSTR-9) is ₹2 crores. Taxpayers with an annual aggregate turnover exceeding this threshold are required to file the annual return, while those with turnover up to ₹2 crores are exempt from filing GSTR-9.

Applicability of GSTR-9C:
  1. Turnover Threshold:
  • Taxpayers with an annual aggregate turnover exceeding ₹5 crores during a financial year are required to file GSTR-9C.
  1. Mandatory Requirement:
  • Taxpayers meeting the turnover threshold must file GSTR-9C along with GSTR-9 for the respective financial year.
  1. Certification Requirement:
  • GSTR-9C must be certified by a Chartered Accountant (CA) or a Cost Accountant.
  1. Reconciliation of Financial Statements:
  • GSTR-9C is a reconciliation statement that reconciles the figures reported in GSTR-9 (Annual Return) with the audited financial statements of the taxpayer.
  1. Verification of GST Compliance:
  • The reconciliation statement ensures the accuracy and reliability of the financial data reported in GSTR-9, providing assurance of compliance with GST laws.

Conclusion:

  • GSTR-9C is applicable to taxpayers with an annual aggregate turnover exceeding ₹5 crores during a financial year.
  • It is a mandatory requirement for such taxpayers and must be filed along with GSTR-9.
  • GSTR-9C must be certified by a Chartered Accountant or a Cost Accountant.

· The reconciliation statement helps verify GST compliance and ensures accuracy in reporting financial data under GST.

 

G. DUE DATE OF ANNUAL RETURN:

The due date for filing the GST Annual Return (GSTR-9) in India varies depending on the taxpayer’s category and turnover. Here are the general due dates:

GSTR-9 Due Dates:
  1. Regular Taxpayers:
  • For regular taxpayers with an annual aggregate turnover exceeding ₹2 crores: The due date for filing GSTR-9 is on or before December 31st of the subsequent financial year.
  1. Composition Scheme Taxpayers:
  • For taxpayers under the composition scheme: The due date for filing GSTR-9A (Annual Return for Composition Taxpayers) is also on or before December 31st of the subsequent financial year.
  1. Taxpayers with Turnover up to ₹2 Crores:
  • Taxpayers with an annual aggregate turnover up to ₹2 crores: The due date for GSTR-9 is typically announced by the government on a year-to-year basis. It is usually extended compared to the due date for regular taxpayers.
Additional Points:
  • The due date for filing GSTR-9C (GST Reconciliation Statement) is also on or before December 31st of the subsequent financial year, and it must be filed along with GSTR-9 by taxpayers meeting the turnover threshold.
  • Taxpayers are advised to monitor notifications issued by the GSTN (Goods and Services Tax Network) and the government for any changes or extensions to the due dates.
  • It’s essential for taxpayers to file their annual returns within the specified due dates to avoid penalties and maintain compliance with GST laws.

The due date for filing the GST Annual Return (GSTR-9) in India is typically December 31st of the subsequent financial year for most taxpayers. However, the due date may vary based on the taxpayer’s category and turnover, and taxpayers should stay updated with official announcements and notifications regarding due date extensions, if any.

 

H. PENALTY AND OTHER CONSEQUENSES OF NON-FILING GST ANNUAL RETURN:

Failing to file the GST Annual Return (GSTR-9) within the specified due date can result in various consequences and penalties under the Goods and Services Tax (GST) regime in India. Here’s what may happen if you don’t file your GST Annual Return:

  1. Late Fee:
  • Penalty: A late fee is applicable for not filing the GST Annual Return within the due date.
  • Amount: The late fee is ₹200 per day of delay (₹100 CGST + ₹100 SGST) up to a maximum of 0.25% of the taxpayer’s turnover in the respective state/union territory.
  • Minimum Late Fee: The minimum late fee is ₹5,000.
  1. Interest:
  • Interest: Interest is charged on the outstanding tax amount at a prescribed rate (currently 18% per annum) for the period of delay in filing the return.
  1. Loss of Input Tax Credit (ITC):
  • Non-filing of the GST Annual Return may lead to the loss of input tax credit (ITC) for the taxpayer.
  • Input tax credit claimed in previous returns may become ineligible if the annual return is not filed within the due date.
  1. Legal Consequences:
  • Prosecution: Non-compliance with GST return filing requirements may lead to legal action against the taxpayer.
  • The tax authorities may initiate prosecution proceedings, which can result in fines or imprisonment in severe cases of non-compliance.
  1. Compliance Issues:
  • Non-filing of the GST Annual Return may result in compliance issues for the taxpayer.
  • It can affect the taxpayer’s compliance rating, which may have implications for future business transactions and dealings.
  1. Notice from Tax Authorities:
  • The tax authorities may issue notices to the taxpayer for non-filing of the GST Annual Return.
  • Failure to respond to such notices or rectify the non-compliance may lead to further penalties and legal action.

Failing to file the GST Annual Return within the specified due date can result in significant consequences, including late fees, interest, loss of input tax credit, legal proceedings, and compliance issues. It’s crucial for taxpayers to ensure timely and accurate filing of their annual returns to avoid penalties and maintain compliance with GST laws.

I. DETAILS REQUIRED FOR GSTR 9:

The GST Annual Return (GSTR-9) in India requires taxpayers to provide comprehensive details of their business activities for the entire financial year. Here are the main details required in the GST Annual Return:

  1. Basic Information:
  • GSTIN: Goods and Services Taxpayer Identification Number.
  • Legal Name: Legal name of the registered taxpayer.
  • Financial Year: The financial year for which the return is being filed.
  1. Turnover Details:
  • Aggregate Turnover: Total turnover for the financial year, including taxable, exempt, and export turnover.
  • Taxable Turnover: Turnover liable for GST.
  • Exempt Turnover: Turnover exempt from GST.
  • Export Turnover: Turnover from exports.
  1. Outward Supplies:
  • Details of Outward Supplies: Breakdown of outward supplies made during the financial year, including supplies liable for different tax rates (CGST, SGST/UTGST, IGST), exports, and supplies to SEZ units/developers.
  1. Inward Supplies:
  • Details of Inward Supplies: Breakdown of inward supplies received during the financial year, including supplies liable for different tax rates (CGST, SGST/UTGST, IGST), imports, and supplies received from SEZ units/developers.
  1. Taxes Paid:
  • Tax Liability: Details of tax liability for the financial year, including tax paid on outward supplies, reverse charge mechanism (RCM), and any other adjustments.
  • Input Tax Credit (ITC) Availed: Breakdown of input tax credit claimed for various inputs, input services, and capital goods.
  1. Other Details:
  • HSN/SAC Summary: Summary of HSN (Harmonized System of Nomenclature) codes for goods or SAC (Services Accounting Code) for services.
  • Late Fee Details: Details of any late fees paid for filing returns after the due date.
  • Interest Paid: Details of interest paid for delayed payment of taxes.
  • Refunds Claimed: Any refunds claimed during the financial year.
  • Demands and Refunds: Details of any demands raised or refunds received during the financial year.

 

The GST Annual Return (GSTR-9) requires taxpayers to provide detailed information about their business activities, turnover, outward and inward supplies, taxes paid, input tax credit availed, and other relevant details for the entire financial year. It’s essential for taxpayers to ensure accurate reporting and compliance with GST laws when filing their annual returns.

J. Details Required in GSTR-9C (GST Reconciliation Statement):

  1. Part A: Reconciliation of Turnover:
  • Reconciliation of turnover as per the audited financial statements with the turnover reported in GSTR-9.
  1. Part B: Reconciliation of Tax Paid:
  • Reconciliation of tax liability as per the audited financial statements with the tax paid as per GSTR-9.
  • Reconciliation of input tax credit (ITC) availed as per the audited financial statements with the ITC claimed in GSTR-9.
  1. Other Details:
  • Self-Certification: Taxpayers eligible for the certification waiver must provide self-certification stating that the reconciliation statement is true and correct.
  • Additional Information: Any additional information or comments deemed necessary by the taxpayer.

GSTR-9C involves reconciling the figures reported in GSTR-9 with the audited financial statements of the taxpayer and providing self-certification. Ensuring accuracy and completeness in reporting these details is crucial for compliance with GST laws.

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