GST Annual Return

Features

Gst Annual Return Filing

Inr 15000/- (Excl Taxes)

Basic

GST Annual Return Filing - GSTR-9 Filing

Annual Filing Requirement: All GST-registered taxpayers must annually file GSTR-9, containing details of both outgoing and incoming supplies for the fiscal year, covering CGST, SGST, and IGST transactions.
Comprehensive Record: GSTR-9 serves as a consolidated record of monthly or quarterly returns filed throughout the year, ensuring a comprehensive overview of all transactions.
Filing Champs Assistance: Filing Champs specializes in simplifying the GSTR-9 filing process, providing guidance and support to navigate through each step with ease.
User-Friendly Approach: With Filing Champs, taxpayers can approach their GSTR-9 filings confidently, benefiting from a stress-free and simplified process.
Partner for GSTR-9 Filings: Consider Filing Champs as your partner for GSTR-9 filings, ensuring a smooth and hassle-free experience in fulfilling your tax obligations.

Introduction to Form GSTR-9

Yearly Tax Report: GSTR-9 is an annual report that registered taxpayers need to file. It encompasses all purchases and sales made throughout the year, along with details of various taxes like CGST, SGST, and IGST.
Comprehensive Overview: This report provides a comprehensive overview of the company’s total sales, acquisitions, and audit information for the fiscal year.
Inclusive Information: In essence, GSTR-9 summarizes all company transactions and tax details for the entire year.

GST Annual Return Filing - Applicability

Normal Taxpayers: Individuals and companies registered as normal taxpayers need to file Form GSTR-9, reflecting their standard tax activities for the fiscal year.
SEZ Units and Developers: Special Economic Zone (SEZ) units and developers are also obligated to file Form GSTR-9 to ensure comprehensive reporting of their financial transactions throughout the year.
Transition from Composition Scheme: Taxpayers who transitioned from the composition scheme to regular taxable status during the fiscal year must complete Form GSTR-9, indicating their shift from a simplified tax structure to a standard tax framework.

Exclusions from Form GSTR-9 Filing

Composition Taxpayers: Those opting for the composition scheme file Form GSTR-9A instead of GSTR-9.
Casual Taxpayers: Individuals engaging in occasional commercial activities are not mandated to submit Form GSTR-9.
Non-Resident Taxpayers: Individuals residing outside India but involved in taxable transactions within the country are exempt.
Input Service Distributors (ISD) and OIDAR Service Providers: Entities functioning as ISD or offering Online Information, Database Access, or Retrieval services are also excused from filing Form GSTR-9.

Types of GST Annual Returns

GSTR-9: Entities with revenue exceeding two crores must file this annual return, providing detailed financial information.
GSTR-9A: Registered taxpayers under the GST Composition scheme need to file GSTR-9A, tailored to their specific requirements.
GSTR-9C: This form reconciles GSTR-9 data with audited financial statements for the fiscal year. It’s mandatory for companies with annual turnover surpassing two crores, necessitating an annual audit. Chartered Accountants or Cost Accountants certify GSTR-9C.

Filing GSTR-9A: Composition Scheme Participants

Applicability of GSTR-9A

GSTR-9A Filing Requirement: GST-registered taxpayers opting for the composition scheme must file GSTR-9A. This return consolidates information from their quarterly returns for the fiscal year.
Eligibility: All taxpayers under the GST composition scheme must file GSTR-9A, except for:
a. Input Service Distributors
b. Non-resident taxable individuals
c. Individuals under Tax Deducted at Source (TDS) as per Section 51 of the Income Tax Act
d. E-commerce operators under Tax Collected at Source (TCS) as per Section 52 of the Income Tax Act
e. Casual Taxable Individuals

Filing GSTR-9C: Reconciliation Statement

Purpose of GSTR-9C: The GSTR-9C form enables taxpayers to reconcile their financial data for a specific fiscal year. It acts as a bridge between the annual returns filed in GSTR-9 and the information presented in their Audited Financial Statements.
Requirement: Taxpayers must submit this reconciliation statement, certified by a Chartered Accountant, along with their GSTR-9 and Audited Financial Statements. This ensures compliance with both GST regulations and financial reporting standards.
Filing Process: Taxpayers can fulfill this obligation either through the GST portal or at an authorized Facilitation Centre, simplifying the process of meeting regulatory requirements.

Eligibility Criteria

Eligibility: Taxpayers subject to an annual GST audit of their accounts are required to file GSTR-9C.
Preparation and Certification: The form must be carefully prepared and certified by a qualified Chartered or Cost Accountant.

Due date for filing Form GSTR-9

Deadline for GSTR-9: The due date to file Form GSTR-9 for a particular fiscal year is December 31st of the following fiscal year.
Extension by Government: The government may extend this deadline through notification as deemed necessary.

Penalties for Late Filing of GSTR-9 Form

Late Filing Penalty: If a taxpayer misses the deadline for submitting the GSTR-9 form, they will incur a substantial penalty of 200 INR per day.
Penalty Breakdown: This penalty comprises 100 INR for CGST and 100 INR for SGST. Notably, there’s no late fee for IGST.
Maximum Penalty Limit: However, the penalty amount cannot exceed the taxpayer’s quarterly turnover.

It’s crucial to file on time to avoid penalties and ensure compliance with tax regulations. Feel free to contact us for assistance!

Comprehensive Structure of GSTR-9

Structure of GSTR-9: The GSTR-9 format is organized into six parts, covering essential information regarding supplies made or received between July ’17 to March ’18.
Consolidated Information: It’s important to note that all six parts of the form require consolidated details, ensuring comprehensive reporting.

Part-1: Basic Registration Details: This section includes your fiscal year, GSTIN, legal and trade names, auto-filled from the GST portal.
Part-2: Details of Outward Supplies: This part covers taxable and non-taxable outward supplies, such as exports, supplies to SEZ, and advances received.
Part-3: Input Tax Credit (ITC): Divided into sections for ITC availed, reversed, ineligible ITC, and other related information.
Part-4: Tax Paid: Here, you’ll report tax payments from previous returns, specifying amounts paid in cash and via ITC.
Part-5: Transactions of Previous Financial Year: This includes transactions from the previous fiscal year, reported in the current fiscal year’s filings.
Part-6: Miscellaneous Details: Covers demands, refunds, composition dealer supplies, HSN-by-HSN supply breakdown, and late fee information.

Understanding these sections is crucial for accurate GSTR-9 filing. If you need assistance, Filing Champs is here to guide you through the process step by step.

Prerequisite Actions for GSTR-9 Filing

Completion of Other GST Filings: Before filing GSTR-9, taxpayers must ensure the timely submission of GSTR-1, GSTR-3B, or GSTR-4 returns, depending on their classification.
Address Outstanding Balances: It’s crucial to resolve any outstanding balances, as failure to do so may hinder the filing of the yearly GST return for the GSTR registration holder.

Filing Champs offers comprehensive support for all GST filings. Our experts can guide you through the entire process, from GSTR-1 to GSTR-9, ensuring accuracy and timeliness in all your filings.

How Filing Champs Can Assist with GSTR-9 Form Filing

Expert Guidance: Our team of tax experts provides step-by-step assistance with the GSTR-9 form, ensuring compliance with GST regulations.
Data Verification: We double-check your data for accuracy, minimizing errors and potential penalties.
Timely Reminders: Our system sends you reminders to prevent missing important deadlines, helping you avoid late filing penalties.
Supportive Customer Service: Have questions? Our customer support team is available to assist you, providing clarity on any aspect of the form.
Comprehensive Services: Beyond form-filling, we help with data compilation, calculations, and ensuring all necessary information is included.

With Filing Champs, you can confidently file your GSTR-9 form, knowing you have a reliable partner to simplify the process.
Ready to streamline your GSTR-9 filing? Contact us today for stress-free tax compliance.