GST Annual Return Filing
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GSTR-9 or GST annual return filing for taxpayers registered under GST Scheme.
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GST Annual Return Filing – GSTR-9 Filing
GSTR-9 is indeed a crucial annual filing requirement for all taxpayers registered under the Goods and Services Tax (GST) system in India. This comprehensive return encompasses a wealth of information regarding both outward and inward supplies, covering transactions made or received during the relevant financial year. It includes supplies governed by Central GST (CGST), State GST (SGST), and Integrated GST (IGST) regulations. GSTR-9 consolidates all the data from the monthly or quarterly returns submitted throughout the year.
bmcsindia specializes in simplifying the GSTR-9 form filing process. Recognizing the complexities and challenges of dealing with taxes, our aim is to streamline the procedure and provide guidance through each step. With our expertise and user-friendly approach, you can confidently handle your GSTR-9 filings with precision.
Consider making bmcsindia your partner in GSTR-9 filings and start the process today to experience a stress-free way of fulfilling your tax responsibilities. We're here to assist you in navigating the GST compliance landscape.
Introduction to Form GSTR-9
The requirement to file Form GSTR-9 extends to various categories of taxpayers based on their registration status and activities during the financial year. The following entities are obligated to submit this annual return:
- Normal Taxpayers: Individuals or entities registered as regular taxpayers fall under the purview of Form GSTR-9 filing. This encompasses businesses operating under standard tax provisions.
- SEZ Units and SEZ Developers: Special Economic Zone (SEZ) units and SEZ developers must also submit Form GSTR-9. This ensures comprehensive reporting of their financial activities within the fiscal year.
- Transition from Composition Scheme: Taxpayers who have transitioned from the composition scheme to normal taxpayer status during the financial year are mandated to file Form GSTR-9. This captures their shift from a simplified tax regime to a regular tax framework.
Exclusions from Form GSTR-9 Filing
Composition Taxpayers: Taxpayers operating under the composition scheme have a distinct annual return form, i.e., Form GSTR-9A, designed to cater to their specific requirements. As such, they are not required to file Form GSTR-9.
- Casual Taxpayers: Those taxpayers who engage in sporadic or occasional business activities, everyday taxpayers, are exempt from filing the Annual Return in Form GSTR-9.
- Non-Resident Taxpayers: Taxpayers who are not residents of the country and engage in taxable transactions within India, non-resident taxpayers, are not obligated to file Form GSTR-9.
- Input Service Distributors (ISD) and OIDAR Service Providers: Entities functioning as Input Service Distributors or providing Online Information and Database Access or Retrieval services are also excluded from the requirement to file Form GSTR-9.
Types of GST Annual Returns
Entities with a turnover exceeding 2 crores are mandated to file the GST annual return using Form GSTR-9. This return compiles comprehensive financial information and is a crucial compliance requirement for taxpayers falling within this turnover bracket. It helps in providing a consolidated overview of their annual GST activities and transactions.
GSTR-9A
Registered taxpayers who opted for the GST Composition scheme must submit GSTR-9A. This tailored return addresses the specific needs of composition scheme participants.
GSTR-9C
Form GSTR-9C reconciles the taxpayer's annual returns in GSTR-9 with the figures found in their audited financial statements for the given financial year. This reconciliation statement is essential for entities requiring an annual account audit. GST Audit Requirement GSTR-9C applies to taxpayers with an annual aggregate turnover exceeding two crores, necessitating an annual audit of their accounts. The preparation and certification of GSTR-9C are entrusted to Chartered Accountants or Cost Accountants.
Filing GSTR-9A: Composition Scheme Participants
Applicability of GSTR-9A
GST-registered taxpayers who have chosen to operate under the composition scheme as per the GST Act are obligated to file GSTR-9A. This return encompasses all the taxpayer previously submitted information in their quarterly returns throughout the specific fiscal year.
Eligibility Criteria Every taxpayer registered under the composition levy scheme in GST must fulfill the GSTR-9A filing requirement. However, the subsequent individuals are exempt from filing GSTR-9A:
- Input Service Distributors
- Non-resident taxable individuals
- Individuals are 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
Filing GSTR-9C: Reconciliation Statement
Form GSTR-9C serves the purpose of filing a reconciliation statement by taxpayers for a specific financial year. This form involves reconciling the Annual Returns submitted in GSTR-9 with the figures presented in the taxpayer's Audited Financial Statements. The submission of this form must be certified by a Chartered Accountant. The GSTR-9C form aligns with the filing of both the Annual Returns in GSTR-9 and the Audited Financial Statements. Taxpayers can fulfill this requirement through the GST portal or a designated Facilitation Centre. The reconciliation statement is a critical component of GST compliance, ensuring that the data presented in the Annual Returns is consistent with the audited financial records of the taxpayer.
Eligibility Criteria
GSTR-9C applies to taxpayers who are 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.
Due date for filing Form GSTR-9
The due date for filing Form GSTR-9 for a particular financial year is 31st December of the subsequent financial year or as extended by the Government through notification from time to time.
Penalties for Late Filing of GSTR-9 Form
Filing the GSTR-9 form within the given time frame is essential to avoid significant penalties. If the deadline is missed, a late fee will apply, amounting to 200 INR per day. This late fee is divided into 100 INR for CGST and 100 INR for SGST, with no late fee applicable for IGST. Importantly, the penalty amount will not exceed the taxpayer's quarterly turnover.
To prevent these penalties and ensure smooth compliance with tax regulations, it's crucial to meet the filing deadline for GSTR-9. Timely filing is essential to avoid unnecessary financial penalties and maintain good standing with the GST authorities.
Comprehensive Structure of GSTR-9
GSTR-9 Format Explained The GSTR-9 format is divided into six parts, each capturing vital details of supplies made or received from July '17 to March '18. The key aspect to remember is that the information required in all six parts is consolidated.
Part-1: Basic Registration Details
Here, you'll provide basic registration information. This includes the fiscal year, GSTIN, legal name, and trade name. These details will be automatically filled out when GSTR-9 is available on the GST portal.
Part 2: Details of Outward Supplies
In this part, you'll consolidate details of outward supplies declared in your returns for the financial year. It's further split into two sections:
- Supplies on which tax is payable (4A to 4L): This covers taxable supplies, exports, supplies to SEZ, reverse charge, and advances received.
- Supplies on which tax is not payable (5A to 5K): This includes exports, exempt supplies, nil-rated supplies, and non-GST supplies.
Part 3: Input Tax Credit (ITC)
This part has three sections:
- ITC availed as declared in returns filed (6A to 6O): Breakdown of ITC availed on various inward supplies.
- ITC reversed and ineligible ITC (7A to 7H): Details of ITC reversed and ineligible ITC.
- Other ITC-related information (8A to 8J): Information related to ITC as per GSTR-2A, reclaimed ITC, and more.
Part-4: Tax Paid
In the GSTR-9 form, you need to capture the tax paid as declared in the previous year's returns. This involves providing a detailed breakup of tax payable, tax paid in cash, and tax paid through Input Tax Credit (ITC). It's crucial to accurately report these figures to ensure compliance with GST regulations and maintain accurate financial records.
Part-5: Transactions of Previous Financial Year
This part of the GSTR-9 form covers transactions from the previous financial year but are declared in the returns of April to September of the current financial year. It's important to ensure that these transactions are accurately reported and aligned with the relevant timeframes to maintain compliance with GST regulations.
Part-6: Miscellaneous Details
In this part of the GSTR-9 form, you'll provide details about demands, refunds, supplies from composition dealers, an HSN-wise summary of supplies, and late fee information. Understanding and correctly filling these parts is crucial for accurate GSTR-9 filing. If this seems overwhelming or if you have any questions, don't worry! At bmcsindia, we're here to simplify the process and guide you step by step. With our support, you can confidently navigate the GSTR-9 form and ensure accurate compliance with GST regulations. We are here to assist you in meeting your GST filing requirements with ease.
Prerequisite Actions for GSTR-9 Filing
Before proceeding with the submission of GSTR-9, taxpayers must ensure the completion of other GST-related filings, such as GSTR-1, GSTR-3B, or GSTR-4, depending on the taxpayer's classification. It is crucial to address any outstanding dues related to these filings, as failure to do so can hinder the ability of the GSTR registration holder to file their annual GST return.
At bmcsindia, we offer comprehensive assistance for all your GST filings. Our experts can guide you through the entire process, from GSTR-1 to GSTR-9, ensuring that all your filings are accurate and timely. We are here to simplify the GST compliance process and help you meet your tax obligations efficiently.
How bmcsindia Can Assist with GSTR-9 Form Filing
Navigating the intricacies of tax filings can be overwhelming, but bmcsindia is here to simplify the process. We provide comprehensive support to make GSTR-9 form filing a breeze:
- Expert Guidance: Our team of tax experts is well-versed in GST regulations. We guide you step by step through the GSTR-9 form, ensuring accuracy and compliance.
- Data Verification: We ensure the accuracy of your data before submission. This reduces the chances of errors that could lead to penalties.
- Timely Reminders: Our system sends you timely reminders so you don't miss important deadlines. You'll stay informed and avoid late filing penalties.
- Support at Every Step: Have questions? Our customer support team is here to help. Whether you're unsure about a field or need clarification on a concept, we've got you covered.
- Comprehensive Services: We go beyond just form-filling. We assist with data compilation, calculations, and ensuring all necessary information is included.
With bmcsindia by your side, you can file your GSTR-9 form with confidence, knowing that you have a reliable partner guiding you through the process. Ready to simplify your GSTR-9 filing? Let bmcsindia be your trusted partner in tax compliance. Get started today and experience a stress-free way to fulfill your obligations.
Take the hassle out of GSTR-9 filing. Contact us now!
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | Sole Ownership | Min 2 Partners Max 50 Partners | Designated Partners | Min 2 Shareholders Max 15 Directors Max 200 Shareholders 1 Director 1 Nominee Director |
| Registration Time | 7-9 working days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
| Documentation | Partnership Deed | LLP Deed Incorporation Certificate | ||
| Governance | – | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
| Compliance Requirements | Income tax filing if turnover is more than Rs.2.5 lakhs | ITR 5 | ||
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