What is the GSTR-9 Annual Return and Who Should File it?

Posted In | Finance | Accounting Software | Gridlex Academy | India Accounting Tax

GSTR-9 is an annual return that is required to be filed by taxpayers registered under the Goods and Services Tax (GST) regime in India. It is a consolidated return that includes details of all the supplies made and received, input tax credit availed, and tax paid during the financial year. In this article, we will take a closer look at GSTR-9 and who is required to file it.

 

 

What is GSTR-9?

GSTR-9 is an annual return that is required to be filed by taxpayers registered under GST. It consists of the following details:

  1. Details of supplies made and received: This includes the details of all the supplies made and received during the financial year, such as the name and GSTIN of the supplier/recipient, the value of the supplies, and the applicable GST rate.
     
  2. Input tax credit availed: GSTR-9 includes details of the input tax credit availed by the taxpayer during the financial year. Input tax credit refers to the credit that a taxpayer can claim on the GST paid on inputs (i.e., goods or services used in the course of business).
     
  3. Tax paid: GSTR-9 includes details of the tax paid by the taxpayer during the financial year, including the GST paid on outward supplies, TCS (tax collected at source) collected, and TDS (tax deducted at source) deducted.

GSTR-9 is required to be filed by the 31st of December of the following financial year. For example, if the financial year is 2021-22, the GSTR-9 return for that financial year is required to be filed by 31st December 2022.

 

Who Should File GSTR-9?

GSTR-9 is required to be filed by all taxpayers registered under GST, except the following:

  1. Composition taxpayers: Composition taxpayers are taxpayers who are registered under the composition scheme, which is a scheme under GST that allows small businesses with an annual turnover of up to Rs. 1.5 crore to pay a flat rate of tax on their supplies. Composition taxpayers are required to file GSTR-9C instead of GSTR-9.
     
  2. Non-resident taxable persons: Non-resident taxable persons are persons who are not resident in India and who make taxable supplies in India. They are required to file GSTR-5 instead of GSTR-9.
     
  3. TDS deductor: TDS deductor refers to a person who is required to deduct TDS (tax deducted at source) while making certain specified payments. They are required to file GSTR-7 instead of GSTR-9.

 

In conclusion, GSTR-9 is an annual return that is required to be filed by taxpayers registered under GST. It consists of details of supplies made and received, input tax credit availed, and tax paid during the financial year. GSTR-9 is required to be filed by the 31st of December of the following financial year. Composition taxpayers, non-resident taxable persons, and TDS deductor are required to file other returns instead of GSTR-9. It is important to file your GSTR-9 return accurately and on time to fulfill your obligations under the GST law and avoid any penalties.

 

Frequently Asked Questions: 

1. What if GSTR-9 filing is done late?

If you are unable to file your GSTR-9 return by the due date, you will be liable to pay a late fee. In addition to the late fee, you may also be liable to pay interest on the unpaid tax. The interest rate for delayed payment of tax is 18% per annum. If you have missed the due date for filing your GSTR-9 return and are unable to file it online, you can file it manually by visiting the GST Seva Kendra or by submitting the return in person at the GST office. You will need to carry the necessary documents and proof of payment of late fee and interest, if applicable.

 

2. Is GSTR 9 mandatory for all?

Yes, GSTR-9 is mandatory for all taxpayers registered under GST. 

 

3. What is GST 9 and 9C?

GSTR-9 and GSTR-9C are returns that are required to be filed by taxpayers registered under the Goods and Services Tax (GST) regime in India. GSTR-9 is an annual return that is required to be filed by all taxpayers registered under GST, except composition taxpayers, non-resident taxable persons, and TDS deductor. GSTR-9C is an annual return that is required to be filed by composition taxpayers. It is important to file these returns accurately and on time to fulfill your obligations under the GST law and avoid any penalties.