What is GSTR – 9?
Form GSTR-9 is an annual return form to be furnished by all registered taxpayers under GST including those taxpayers who are registered under the composition scheme.
GSTR-9 return filing involves the following 4 return forms:
1. GSTR-9: should be filed by the regular taxpayers who are filing GSTR-1, GSTR-2 and GSTR-3
2. GSTR-9A: should be filed by the persons registered under composition scheme under GST
3. GSTR-9B: should be filed by the e-commerce operators who have filed GSTR-8 during the financial year
4. GSTR-9C: should be filed by the taxpayers whose annual turnover exceeds INR 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts, reconciliation statement of tax already paid and details of tax payable as per audited accounts, along with this return
Who are required to file GSTR-9?
All registered taxable persons under GST must file GSTR-9. However, the following persons are not required to file GSTR-9:
Casual Taxable Person
Input service distributors
Non-resident taxable persons
Persons paying TDS
When is the GSTR-9 last date?
The GSTR-9 due date is 31st December of the subsequent financial year. Thus for the current financial year, filing GSTR-9 will happen on or before the 31st of December, 2018.
What if GSTR-9 filing is done late?
If the GSTR-9 return is not filed on time, then a penalty of INR 100 per day under CGST & INR 100 per day under SGST shall be levied i.e. a total of INR 200 per day. However, the maximum of such a penalty will be an amount calculated at a quarter percent of the total taxpayer turnover in the respective State or Union Territory. There is no late fees however on IGST.
Along with late fees, an interest has to be paid at the rate of 18% per annum, and will be calculated by the taxpayer on amount of outstanding tax to be paid.
How to revise GSTR-9?
Form GSTR-9 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return, when the error or omission is identified.
GSTR-9 Format
GSTR-9 will contain the details of all supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. It basically consolidates the information furnished in the monthly / quarterly returns during the entire financial year.
How to file GSTR-9 ?
Following are the details to be provided in the GSTR-9 form, spread across 9 tables:
1. GSTIN:Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). The GSTIN of the taxpayer will be auto-populated at the time of return filing.
2. Legal name of the registered person: The name of the taxpayer will be auto-populated at the time of logging into the GST Portal. Table 2 has a sub-section called 2C, which states whether the registered person is liable to do statutory audit. It is to be noted, that statutory audit is compulsory in case of companies and in the case of Individual / HUF, if the turnover exceeds INR 1 Crore.
3. Date of Statutory Audit: Date of the statutory audit, needs to be mentioned in this section.
4. Auditors: The name of the auditors of the entity who have audited the accounts of the entity, need to be mentioned here.
5. Details of Expenditure: Details of goods and services purchased during the financial year must be provided in this section. Such information needs to be provided along with the HSN / SAC codes applicable and the taxable value of such goods and services, which shall be obtained from Form GSTR-2. This information is divided into the following heads:
a. Total value of purchases on which ITC is availed (Inter-State)
b. Total value of purchases on which ITC is availed (Intra-State)
c. Total value of purchases on which ITC is availed (Imports)
d. Other Purchases on which no ITC is availed
e. Sales Returns
f. Other Expenditure (Expenditure other than purchases)
6. Details of Income: Details of all supplies and sales made during the year needs to be provided in this section. Such details are also mentioned in Form GSTR-1 . This information is divided into the following heads:
a. Total value of supplies on which GST is paid (Inter-State Supplies): It includes the supplies made in other states on which IGST is paid
b. Total value of supplies on which GST is paid (Intra-State Supplies): It includes the supplies within the state on which SGST and CGST is paid
c. Total value of supplies on which GST is paid (Exports): It includes the export of goods and services made during the year on which IGST is paid
d. Total value of supplies on which no GST is paid (Exports): It includes the export of goods and services made during the year on which no IGST is paid
e. Value of other supplies on which no GST is paid: It includes the supply of goods and services made during the year without any GST paid on it i.e. CGST and SGST in case of intra-state supply and IGST in case of inter-state supply
f. Purchase Returns: It includes the purchase returns made during the year
g. Other Income (Income other than from supplies): Any other income earned during the year other than supplies mentioned in the above points, should be mentioned in this section.
7. Return Reconciliation Statement: After furnishing all the information, the system will auto-reconcile the transactions and will determine the tax liability payable against the tax actually paid. The system will also populate the amount of tax difference, interest and penalty, if any.
8. Other: If there is any other payable, the same will be auto-populated in this section. It may include arrears or any liability because of the assessment.
9. Profit as per the Profit and Loss Statement: In this section, one needs to mention the break-up of gross-profit, profit after tax and net profit.