GST Annual Return Filing - GSTR-9 Filing

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GSTR-9 Filing: Simplifying Your GST Annual Return Filing with Mantra & Co.

GSTR-9 is a crucial annual return filing requirement for all taxpayers registered under the Goods and Services Tax (GST) system. This form provides a detailed summary of outward and inward supplies made during the financial year. It consolidates transactions under Central GST (CGST), State GST (SGST), and Integrated GST (IGST), offering a complete overview of the year’s business activities and taxes.

At Mantra & Co., we specialize in making GSTR-9 filing easy and hassle-free. Our expert team ensures accuracy and compliance, guiding you step-by-step through the filing process. With our support, you can confidently manage your GST annual return filing obligations.

Understanding GSTR-9

GSTR-9 is an annual return summarizing a taxpayer’s purchases and sales during a financial year. It captures tax details, including CGST, SGST, and IGST, along with total transactions and audit information. Businesses with an annual turnover exceeding ₹2 crore are mandated to file GSTR-9. For businesses with a turnover up to ₹2 crore, filing is optional.

Who Needs to File GSTR-9?

The filing of Form GSTR-9 applies to the following categories of taxpayers:

  1. Regular Taxpayers: Entities registered as normal taxpayers under GST.
  2. SEZ Units and Developers: Ensures reporting of their financial activities.
  3. Transition Taxpayers: Those shifting from the composition scheme to a regular scheme.

Exemptions from Filing GSTR-9

The following categories are not required to file Form GSTR-9:

  • Composition Taxpayers: Required to file GSTR-9A instead.
  • Casual Taxpayers: Engaged in occasional business transactions.
  • Non-Resident Taxpayers: Conducting taxable operations in India without permanent residence.
  • Input Service Distributors (ISD) and OIDAR Service Providers: Online Information and Database Access or Retrieval service providers.

Types of GST Annual Returns

  1. GSTR-9: For regular taxpayers with turnover exceeding ₹2 crore.
  2. GSTR-9A: Tailored for composition scheme participants, summarizing quarterly returns.
  3. GSTR-9C: A reconciliation statement for taxpayers undergoing GST audits.

GSTR-9C: Reconciliation Statement

Taxpayers with annual turnover exceeding ₹2 crore must file GSTR-9C. This form reconciles the annual returns with audited financial statements. A Chartered Accountant or Cost Accountant must prepare and certify it.

Filing Deadlines and Penalties

The deadline for filing GSTR-9 is 31st December of the following financial year unless extended by the government. Missing this deadline results in a penalty of ₹200 per day (₹100 each for CGST and SGST). The penalty cannot exceed 0.25% of the taxpayer’s turnover.

Structure of GSTR-9

GSTR-9 is divided into six parts:

  1. Part 1: Basic details like GSTIN, legal name, and fiscal year.
  2. Part 2: Outward supplies (taxable and non-taxable).
  3. Part 3: Input Tax Credit (ITC) details.
  4. Part 4: Tax paid.
  5. Part 5: Transactions from the previous financial year declared later.
  6. Part 6: Miscellaneous details, including refunds and demands.

Prerequisites for Filing GSTR-9

Before filing GSTR-9, taxpayers must ensure that all other GST returns (like GSTR-1 and GSTR-3B) are submitted. Outstanding dues must also be cleared.

Mantra & Co.’s Expertise in GSTR-9 Filing

Mantra & Co. is dedicated to simplifying the GSTR-9 filing process for businesses. Here’s how we can assist:

  1. Expert Guidance: Get step-by-step support from GST experts to ensure accuracy.
  2. Data Verification: Our team meticulously reviews your data to minimize errors.
  3. Timely Reminders: Stay ahead of deadlines with our automated alerts.
  4. Comprehensive Services: From data compilation to submission, we handle everything.
  5. Ongoing Support: Our dedicated customer service team is available to answer all your queries.

Why Choose Mantra & Co. for GSTR-9 Filing?

  • Accuracy: Minimize the risk of penalties with expert-reviewed filings.
  • Efficiency: Save time with our streamlined processes.
  • Peace of Mind: Let our professionals manage the complexities of GST compliance.

Make GSTR-9 filing stress-free with Mantra & Co.. Contact us today to ensure accurate and timely compliance with GST regulations.

Frequently Asked Questions

How many subcategories are there under GSTR-9?

  • There are three subcategories under GSTR-9:

    • GSTR-9: For regular taxpayers with a turnover exceeding ₹2 crores.
    • GSTR-9A: For taxpayers under the composition scheme.
    • GSTR-9C: For taxpayers whose accounts need auditing, requiring reconciliation between annual returns and audited financial statements.

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What is the penalty for not filing GST annual returns?

The penalty is ₹200 per day of delay (₹100 for CGST and ₹100 for SGST), capped at 0.25% of the taxpayer’s turnover in the respective state/union territory. No late fee applies to IGST.

When is the GST annual return due date?

The due date for GST annual return filing (GSTR-9) is 31st December of the subsequent financial year, subject to government extensions.

If the taxpayer opts for the composition scheme, is she/he required to file GSTR-9?

No, taxpayers under the composition scheme are not required to file GSTR-9. Instead, they must file GSTR-9A.

Is it possible to file GSTR-9 online?

Yes, GSTR-9 can be filed online via the GST portal.

Is there any late fee if there is a delay in filing GSTR-9?

  • Yes, a late fee of ₹200 per day applies (₹100 for CGST and ₹100 for SGST), capped at 0.25% of turnover.

Is it possible to revise GSTR-9?

  • No, GSTR-9 cannot be revised once it has been filed. Taxpayers should ensure accuracy before submission.

Who is eligible to file GST annual returns?

All regular GST-registered taxpayers with a turnover exceeding ₹2 crores must file GSTR-9. Composition taxpayers file GSTR-9A.

Documents Required for GST Registration (as of December 2024)
  • Electricity Bill
  • Telephone Bill
  • Property Tax Receipt
  • Lease / Rent Agreement
  • Passport Size Photo
  • Partnership Deed
  • Incorporation Certificate
  • Incorporation Certificate
  • PAN Card
  • Adhaar Card
  • Legal Ownership Document