GST Annual Return Filing Online - Fees, Documents, Process
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What is Annual Return GST Filing (GSTR 9)?
Avery Biz Solutions specializes in simplifying the annual GST return filing process, known as GSTR 9, which is a crucial obligation for businesses operating under the Goods and Services Tax (GST) framework.
GSTR 9 serves as a comprehensive summary of a business’s financial activities, encompassing both inbound and outbound supplies for the fiscal year.
This process involves consolidating all monthly or quarterly returns into one document and is essential for compliance with Central GST (CGST), State GST (SGST), and Integrated GST (IGST) regulations.
Avery Biz Solutions offers expert assistance to businesses, ensuring a hassle-free journey towards meeting their annual tax responsibilities.
While defining Annual Return, often referred to as GSTR 9 or GST Annual Return stands as a crucial yearly obligation for all businesses operating under the Goods and Services Tax (GST) framework. It serves as a comprehensive summary of a business’s financial activities, encompassing both outbound and inbound supplies throughout the fiscal year.
Moreover, GST Annual Return Filing (GSTR 9) is the process of submitting this annual return to the tax authorities. It entails consolidating all monthly or quarterly returns filed during the year into one comprehensive document. This document is pivotal for businesses as it encapsulates transactions falling under Central GST (CGST), State GST (SGST), and Integrated GST (IGST) regulations.
At Avery Biz Solutions, we excel at simplifying the GSTR 9 filing process, making it easier for you to meet your annual tax responsibilities. We understand the complexities of GST Annual Returns and are here to be your ally in ensuring compliance. Choose Avery Biz Solutions for your GSTR-9 filings and embark on a hassle-free journey toward fulfilling your tax obligations. Get started today!
What is the GST Form/GSTR 9 Form?
GSTR-9 is an annual report that registered taxpayers must submit. It compiles all their transactions for the year, including purchases, sales, and various taxes (such as CGST, SGST, and IGST).
This comprehensive GST form also includes total sales and purchase data, along with audit details for the year. In essence, GSTR 9 provides a summary of an entire year’s business transactions and tax information.
Who Can File GST Annual Return? GST Annual return eligibility
Fulfilling your annual tax obligations through GSTR 9 hinges on your registration status and business activities during the fiscal year. Let’s break down GST Annual Return eligibility:
✔ Normal Taxpayers: If you’re a regular taxpayer, operating under the standard tax provisions, GSTR 9 is your annual companion. It’s mandatory for businesses following the conventional tax regime.
✔ SEZ Units and SEZ Developers: Special Economic Zone (SEZ) units and developers must also engage with GSTR 9. This ensures a comprehensive record of their financial activities within the fiscal year.
✔ Transition from Composition Scheme: If you’ve transitioned from the composition scheme to regular taxpayer status during the year, GSTR 9 captures this shift. It marks your journey from a simplified tax setup to a full-fledged tax framework.
Who are excluded from GST Annual Return?
In essence, GSTR 9 filing applies to a wide array of taxpayers, but certain categories enjoy specific forms or exemptions tailored to their unique situations.
✔ Composition Taxpayers: Those benefiting from the composition scheme have their own unique annual return form, GSTR-9A, tailored to their specific needs. They’re exempt from filing GSTR 9.
✔ Casual Taxpayers: Taxpayers engaging in occasional or sporadic business activities aren’t required to tackle the annual GSTR-9 return.
✔ Non-Resident Taxpayers: Foreign taxpayers conducting taxable transactions in India, and non-resident taxpayers, are spared from GSTR 9 obligations.
✔ Input Service Distributors (ISD) and OIDAR Service Providers: Entities functioning as Input Service Distributors or providing Online Information and Database Access or Retrieval services also enjoy an exemption from GSTR-9 filing.
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What Must You Have in Place to Initiate GST Annual Return (GSTR 9) Filing?
Before you begin the GSTR 9 filing process, ensure you have the following prerequisites in place:
✔ GST Registration: You must have a valid GST registration.
✔ Financial Records: Maintain accurate financial records for the fiscal year.
✔ GSTR 1, GSTR 3B, GSTR-4 Returns Filing: Ensure that all monthly/quarterly GSTR 1 and GSTR 3B returns have been filed.
✔ Invoice: Also, ensure the invoices of the business.
What is the Last Date for Filing the GST Annual Return?
The due date for filing GST Form GSTR 9 for a specific financial year falls on the 31st of December of the subsequent financial year. However, it’s important to note that this deadline may be extended by the Government through notification from time to time.
How to File Annual Return in GST : Step-by-Step Process
Step 1: Sign In and Access GSTR-9
✔ Log in to your GST Portal account.
✔ Go to the ‘Returns Dashboard.’
✔ Click on ‘Annual Return’ either on the dashboard or through the provided link.
Step 2: Select the Financial Year
✔ Choose the relevant ‘Financial Year.’
✔ You’ll receive crucial instructions for Online/Offline GSTR-9 filing. Click ‘Prepare Online’ to proceed.
Step 3: Nil Return or Detailed Return
✔ Decide if you’re filing a Nil return by selecting ‘Yes’ or ‘No.’
✔ Opt for ‘Yes’ only if specific conditions are met.
✔ If ‘No,’ you’ll enter detailed data in various sections.
Step 4: Download Summaries
✔ Click on all four tabs to download essential summaries:
✔ GSTR-9 system-generated summary
✔ GSTR-1 summary
✔ GSTR-3B summary
✔ Table-8A document details
✔ These summaries help with reconciliation and provide insights for various sections.
Step 5: Fill in the Tables
✔ Enter the necessary information in various tables for the financial year.
✔ Edit data in some tables, but be aware of auto-populated figures.
✔ Confirm data if variations are within +/- 20%.
Step 6: Preview Draft GSTR-9
✔ Preview the form in either PDF or Excel format.
✔ For a PDF preview, click ‘Preview GSTR-9 (PDF)’ and download the draft.
✔ For Excel preview, click ‘Preview GSTR-9 (Excel)’ and extract the summary GSTR-9 Excel file from the
zip file.
Step 7: Calculate Liabilities and Late Fees
✔ Click ‘Calculate Liabilities’ to process data from various sections.
✔ The portal will compute late fees for delayed filing.
✔ Pay applicable late fees using the electronic cash ledger. If it’s insufficient, make an additional
payment through various methods.
Note: Ensure late fees are paid before proceeding with filing.
Step 8: File the Annual Return
✔ Select the declaration checkbox.
✔ Choose the ‘Authorized Signatory.’
✔ Click ‘File GSTR-9.’
✔ Two filing options will appear:
- File with DSC: Select the certificate and sign.
- File with EVC: Validate OTP sent to your registered email and mobile number.
✔ If errors occur during processing, you’ll receive a warning message. Correct errors by revisiting the form and adjusting the tables.
✔ Regularly review the draft in PDF/Excel format, especially after late fee calculations, to ensure accuracy.
How to File Annual Return in GST: Step-by-Step Process
Step 1: Sign In and Access GSTR-9
✔ Log in to your GST Portal account.
✔ Go to the ‘Returns Dashboard.’
✔ Click on ‘Annual Return’ either on the dashboard or through the provided link.
Step 2: Select the Financial Year
✔ Choose the relevant ‘Financial Year.’
✔ You’ll receive crucial instructions for Online/Offline GSTR-9 filing. Click ‘Prepare Online’ to proceed.
Step 3: Nil Return or Detailed Return
✔ Decide if you’re filing a Nil return by selecting ‘Yes’ or ‘No.’
✔ Opt for ‘Yes’ only if specific conditions are met.
✔ If ‘No,’ you’ll enter detailed data in various sections
Step 4: Download Summaries
✔ Click on all four tabs to download essential summaries:
✔ GSTR-9 system-generated summary
✔ GSTR-1 summary
✔ GSTR-3B summary
✔ Table-8A document details
✔ These summaries help with reconciliation and provide insights for various sections.
Step 5: Fill in the Tables
✔ Enter the necessary information in various tables for the financial year.
✔ Edit data in some tables, but be aware of auto-populated figures.
✔ Confirm data if variations are within +/- 20%.
Step 6: Preview Draft GSTR-9
✔ Preview the form in either PDF or Excel format.
✔ For a PDF preview, click ‘Preview GSTR-9 (PDF)’ and download the draft.
✔ For Excel preview, click ‘Preview GSTR-9 (Excel)’ and extract the summary GSTR-9 Excel file from the zip file.
Step 7: Calculate Liabilities and Late Fees
✔ Click ‘Calculate Liabilities’ to process data from various sections.
✔ The portal will compute late fees for delayed filing.
✔ Pay applicable late fees using the electronic cash ledger. If it’s insufficient, make an additional payment through various methods.
Note: Ensure late fees are paid before proceeding with filing.
Step 8: File the Annual Return
✔ Select the declaration checkbox.
✔ Choose the ‘Authorized Signatory.’
✔ Click ‘File GSTR-9.’
✔ Two filing options will appear:
- File with DSC: Select the certificate and sign.
- File with EVC: Validate OTP sent to your registered email and mobile number.
Notes:
✔ If errors occur during processing, you’ll receive a warning message. Correct errors by revisiting the form and adjusting the tables.
✔ Regularly review the draft in PDF/Excel format, especially after late fee calculations, to ensure accuracy.
GST Annual Return Turnover Limit
Entities with an annual aggregate turnover exceeding Rs. 2 Crore are required to complete and submit the GST annual return, known as GSTR-9. This crucial return serves as a comprehensive compilation of financial information related to their GST transactions for the fiscal year. GSTR-9 plays a pivotal role in providing insights into a taxpayer’s GST compliance, making it an essential requirement for businesses surpassing the specified turnover threshold.
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What are the Annual GST Return Form Types?
When it comes to filing annual GST returns, it’s important to know your options. Entities with a turnover exceeding 2 crores are required to file GSTR-9. This comprehensive return compiles all your financial information for the year. Here’s a breakdown of the different types of GST annual return forms:
GSTR 9A
✔ Who can File GST Annual Return (GSTR 9A): Registered taxpayers who have opted for the GST Composition scheme must submit GSTR-9A. It’s tailored to meet the specific needs of composition scheme participants.
✔ Applicability of GSTR 9A: Taxpayers operating under the composition scheme as per the GST Act are obligated to file GSTR-9A. This return encompasses all the information you previously submitted in your quarterly returns throughout the fiscal year.
✔ Eligibility Criteria: Every taxpayer registered under the composition levy scheme in GST must fulfill the GSTR-9A filing requirement. However, some individuals are exempt:
- Input Service Distributors
- Non-resident taxable individuals
- Those subject to Tax Deducted at Source under Section 51 of the Income Tax Act.
- E-commerce operators are subject to Tax Collected at Source under Section 52 of the Income Tax Act.
- Casual Taxable Individuals
GSTR 9C
✔ GST Audit Requirement: GSTR-9C is for taxpayers with an annual aggregate turnover exceeding two crores, necessitating an annual audit of their accounts.
✔ Role and Requirement: This form reconciles your annual returns in GSTR-9 with figures found in your audited financial statements for the given financial year. It’s essential for entities requiring an annual account audit.
✔ Eligibility Criteria: GSTR-9C applies to taxpayers mandated to undergo an annual GST audit of their accounts. The form must be meticulously prepared and certified by a qualified Chartered or Cost Accountant.
Understanding these annual GST return form types is crucial for staying compliant and ensuring your financial records align seamlessly with your tax obligations.
What is the Penalty for Late Filing Annual Return in GST?
✔ The penalty amounts to 200 INR per day.
✔ It’s split into 100 INR for CGST and 100 INR for SGST.
✔ Importantly, there’s no late fee applicable for IGST.
✔ The penalty amount won’t exceed quarterly turnover.
What are the Benefits of GST Annual Return Filing?
01.
Compliance
Staying compliant with tax regulations is crucial for any business. Filing GSTR-9 ensures you adhere to GST laws and avoid legal issues.
02.
Transparency
GSTR-9 provides a comprehensive overview of your financial transactions, making your business operations transparent and accountable.
03.
Input Tax Credit Reconciliation
It allows you to reconcile your input tax credit (ITC) and claim any pending credits, reducing your tax liability.
04.
Accuracy
Filing GSTR-9 involves a thorough review of your financial data, which can help identify and rectify errors in your previous returns.
05.
Legal Requirement
It’s a mandatory requirement for eligible taxpayers. Failing to file can lead to penalties and legal consequences.
06.
Data Verification
Government authorities may cross-verify the data you provide in GSTR-9 with your other tax filings, ensuring consistency and accuracy.
07.
Business Insights
Reviewing your annual GST return can provide valuable insights into your financial performance, helping you make informed decisions.
08.
Credit Validation
GSTR-9 enables you to validate whether you have claimed the correct ITC and availed of any eligible benefits.
09.
Future Planning
By maintaining a clean and accurate GST record, you can plan your tax strategies more effectively for future financial years.
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