Explore all the details you need about GST Annual Return Filing - GSTR 9 Filing, tailored for your needs.
GSTR-9 is an essential annual filing obligation for all taxpayers registered under the Goods and Services Tax (GST) system. GSTR 9 encapsulates comprehensive information concerning outward and inward supplies, encompassing transactions made or received during the relevant financial year. This includes supplies governed by Central GST (CGST), State GST (SGST), and Integrated GST (IGST) regulations. The return is a consolidated record of all monthly or quarterly returns submitted within the corresponding year
At Solocorp, we specialize in simplifying the GSTR 9 filing process and ensure filing it before GSTR 9 due date. Recognizing that dealing with taxes can often be confusing, we aim to streamline the procedure and guide you through each step. Leveraging our expertise and user-friendly approach, you can confidently handle your GSTR 9 filings with accuracy.
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GSTR-9 is a yearly report that registered taxpayers need to submit. This report contains everything they bought and sold throughout the year, including different taxes (like CGST, SGST, and IGST). It also covers their total sales and purchases and audit details for the year. In short, GSTR-9 summarizes a whole year's business transactions and tax details. The GST annual return limit for businesses is Rs. 2 crore, but filing is optional for those with a turnover up to Rs. 2 crore.
The requirement to file Form GSTR-9 extends to various categories of taxpayers based on their registration status, GST annual return limit, and activities during the financial year.
Certain taxpayers are exempt from filing Form GSTR-9 due to their specific tax schemes or business nature. Below are the categories of taxpayers excluded from this requirement:
The different types of GST annual returns cater to various taxpayer categories and compliance requirements.
Entities exceeding a turnover of 2 crores are mandated to file the GST annual return using form GSTR-9. This return compiles comprehensive financial information.
Registered taxpayers who opted for the GST Composition scheme must submit GSTR-9A. This tailored return addresses the specific needs of composition scheme participants.
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.
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.
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.
Form GSTR-9C is an essential component of the GST compliance process, ensuring accuracy and transparency in the financial records submitted by taxpayers.
GSTR-9C serves the purpose of filing the reconciliation statement by taxpayers for a specific financial year. This form constitutes a reconciliation between the Annual Returns submitted in GSTR-9 and the figures outlined in the taxpayer's Audited Financial Statements.
The submission of this Chartered Accountant-certified form aligns with the filing of both the Annual Returns in GSTR-9 and the Audited Financial Statements. Taxpayers can fulfill this obligation through the GST portal or a designated Facilitation Centre.
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.
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.
Here, you'll provide basic registration information, including 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.
This part consolidates details of outward supplies declared in your returns for the financial year, split into taxable supplies (4A to 4L) and tax-exempt supplies (5A to 5K).
This section includes ITC availed (6A to 6O), ITC reversed and ineligible (7A to 7H), and other ITC-related information (8A to 8J).
Captures the tax paid as declared in the previous year's returns, including tax payable, paid in cash, and paid through ITC.
Covers transactions from the previous financial year but declared in the returns of April to September of the current financial year.
Provides details about demands, refunds, supplies from composition dealers, an HSN-wise summary of supplies, and late fee information.
The following prerequisites must be met before filing GSTR-9:
Access the official GST website and log in using your credentials. Go to the 'Returns Dashboard' and click on the 'Annual Return' option.
Choose the relevant financial year (2023-2024) from the 'File Annual Returns' page. Click 'Prepare Online' after a message appears with instructions for filing GSTR-9 either online or offline.
Decide whether you want to file a Nil return by selecting 'Yes' or 'No.' If you select 'Yes,' ensure all specific criteria are met. If you select 'No,' move on to the next step.
On the 'GSTR-9 Annual Return for normal taxpayers' page, various sections will appear requiring specific information. Download summary details like GSTR-9 System Computed Summary, GSTR-1 Summary, and GSTR-3B Summary. Enter the necessary details in the respective tables.
Go back to the 'GSTR-9 Dashboard' and fill in all required information. Save the data.
Preview the form in PDF or Excel format by clicking 'Preview GSTR-9 (PDF)' on the GSTR-9 dashboard.
Click 'Compute Liabilities,' and the GST portal will process the details, including calculating any late fees. Make the payment from the electronic cash ledger.
Select the declaration check box, choose the authorized signatory, and file the return either with DSC or EVC. Upon successful validation, the return status changes to 'Filed.'
Filing GSTR-9 can be complex, but with Solocorp, you can streamline the entire process. Our experts are here to assist you every step of the way, ensuring accuracy and compliance. Connect with us today to simplify GSTR-9 filing for your business!
Every taxpayer needs to submit the GSTR 9 form within the GST annual return due date. If the GSTR 9 due date is missed, a significant penalty will be imposed. The fine amounts to 200 INR per day, with the penalty split into 100 INR for CGST and 100 INR for SGST. No late fee is applicable for IGST. The total penalty will not exceed the taxpayer's quarterly turnover.
A penalty of 200 INR per day will be charged for late filing of GSTR-9, divided into 100 INR for CGST and 100 INR for SGST. This penalty will not exceed the taxpayer's quarterly turnover.
It is crucial to meet the GSTR 9 due date to avoid penalties and ensure smooth compliance with tax regulations.
Navigating tax filings can be overwhelming, but Solocorp is here to simplify the process. We offer comprehensive support to ensure GSTR-9 form filing is hassle-free.
Our team of experts is well-versed in GST regulations and provides step-by-step guidance to ensure accurate filing before the due date, avoiding penalties.
We help verify your data to reduce the chances of errors that could lead to penalties. Our timely reminders ensure you never miss important deadlines.
Our team of tax experts guides you through the entire GSTR-9 filing process, ensuring accurate submission before the last date.
We ensure the accuracy of your data before submission, reducing the chances of errors that could lead to penalties.
Our system sends you reminders to ensure you don’t miss important deadlines, keeping you informed and penalty-free.
Our customer support team is available to assist you with any questions or clarifications you may need throughout the process.
Beyond form-filling, we assist with data compilation, calculations, and ensuring that all necessary information is included for smooth filing.