ANNUAL RETURN UNDER GST(GSTR 9)

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Annual Return Under GST

A. GST ANNUAL RETURN:

The Annual Return Under GST is nothing but the consolidation of information that the taxpayers have filed via various return in the Form of 3B and Form GSTR1. Therefore, it is summary of outward and inward supplies, input tax credit, tax paid, GST demands and refunds.

Under GST Law also, there are various provisions for the registered GST dealer to file the Annual Return as per the Section 44 of the CGST Act, 2017 and applicable GST rules prescribed thereof. So, Let us understand these provisions of filing annual return and discharge the responsibility of filing with simple understanding of this article content.

B. APPLICABILITY OF SECTION 44 OF THE CGST ACT 2017:

Section 44 of CGST Act reads as follows:

  • Every registered person, other than an Input Service Distributor, tax deductor under section 51, tax collector under section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December.(However for the FY 2017-18, the due date for filing GSTR 9 is extended upto 30th June 2019)
  • Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall require to furnish, electronically, the annual return along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed

Further, every registered person whose aggregate turnover during a financial year exceeds Rs.2 Crores shall get his accounts audited and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

C. TYPES OF ANNUAL RETURN:

GSTR 9
  • To be Filed by Regular Taxpayer
  • Who has filed GSTR 1 and GSTR 3B.
GSTR 9A
  • To be Filed by Composition Taxable Person
  • Who has filed GSTR 4 .
GSTR 9B
  • To be filed by E-commerce Operator.
  • Who has filed GSTR 8 .
GSTR 9C
  • To be filed by the person whose turnover exceeds Rs. 2 crores during financial year.
  • Annual Return along with Reconciliation statement.

CONTENT OF GSTR 9:

Part

Information to be furnished

I

  •  Basic Details

II

  • Details of Outward & Inward Supplies as declared during the financial year

III

  • Details of Input Tax Credit as declared in returns filed during financial year

IV

  • Details of Tax Paid as declared in returns filed during financial year

V

  • Details of Transaction for previous Financial year declared in returns during April to September of current financial year

VI

  • Other Details – GST Refunds & Demands, HSN Wise summary information of goods recd & supplied, late fees payable & Paid, Segregation of various Inward supplies, HSN Wise summary for outward supplies.

CONTENT OF GSTR 9A:

Part

Information to be furnished

I

  • Basic Details (auto populated)

II

  • Details of Outward & Inward Supplies as declared during the financial year

III

  • Details of Tax Paid as declared in returns filed during financial year

IV

  • Adjustment of Circular 26 i.e. Adjustments of Previous F.Y. made in Current F.Y.

V

  • Other Details – GST Refunds & Demands, ITC availed/reversed while transmission from regular to composition Late fees payable & Paid.

     CONTENT OF GSTR 9C:

Part

Information to be furnished

I

  • Basic Details

II

  • Reconciliation of turnover declared in the Audited Financial statement with turnover declared in Annual Return (GSTR 9).

III

  • Reconciliation of Tax liability as per accounts and paid as reported in the GSTR 9.

IV

  • Reconciliation of Input Tax Credit as reported in GSTR 9 and as reported in Audited Financial Statement.

V

  • Auditor’s recommendation on additional Liability due to non-reconciliation.

D. PENAL CONSEQUENCES:

For Late Filing:

  1. Late fee is Rs 100 per day under CGST subject to Maximum of 0.25% of Turnover in the State or Union territory under CGST. &
  2. Late fee is Rs 100 per day under SGST subject to Maximum of 0.25% of Turnover in the State or Union territory under SGST.

Return defaulters:

    A notice shall be issued requiring him to furnish such return within 15 days in such form &   manner and the jurisdictional officer will apply other applicable provisions of the GST law accordingly.

REVISION OF ANNUAL RETURN:

     As there is no specific provision in GST law to revise the annual return hence, based upon the current provision of the law, once it is filed it cannot be revised.

– Shrutika Jain (Article Assistant)

Nagpur.

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