GSTR 9 Live on GST Portal – Know everthing about GST Annual Returns

Today, we’ll be discussing on GST annual returns. So we will be addressing the following questions in this article.

  • What is GSTR 9?
  • Who has to file GSTR 9?
  • What are the types of it? And
  • what is the deadline?
  • What is the penalty if not filed on time?
  • whether it can be revised or not?

As you all know, GST returns comprises of periodic and annual returns. All the taxpayers are required to file their respective returns on a periodic basis and summarise this information in the annual return form.

Early this September, a GSTR 9 format was released. This form was released to help taxpayers understand the requirements for the annual return filing.

What is GST R9?

This is a form which has to be filled once in every financial year.

You will have to report the summary of the periodic returns filed during a financial year in the annual return.

Don’t Miss : GST Calculator

Who has to file GSTR 9?

All the registered taxpayers, including the composition dealers, must file the GSTR 9 returns.

However, there are a few exceptions to this, which include input service distributors, casual taxable persons, non-resident taxable persons and persons liable to deduct tax at source. These taxpayers are not required to file annual returns.

When to file GSTR 9?

You have to file your annual return by 31st December of the next financial year.

For example, 31st December 2018 is a due date to file GSTR 9 for the financial year 2017-18.

What are the types of GSTR 9?

Annual returns form consists of four formats for every category of taxpayers. One is GSTR 9, which is for all normal taxpayers. GSTR 9A, for all the taxpayers registered under the composition scheme. GSTR9 B, for all the e-commerce operators who have filed GSTR 8 during a financial year.

Please note that this form has not yet been released. GSTR 9C is a reconciliation statement which has to be filed by a taxpayer with an annual turnover of more than 2 crores. All the taxpayers who fall in this bracket have to get their accounts audited and file the audited financial statements along with GSTR9 C.

Also Read : Gst full form – GST accounting entries with example – Goods and Services Tax

What are the penalties or late fees if you do not file on time?

If you do not file GSTR 9 return on time, a penalty of Rs 100 per day under CGST and Rs 100 per day under SGST shall be levied i.e. a total of Rs 200 per day. However, the amount of interest is Rs 0.25% of your total turnover. A good thing, however, is that there is no late fee on IGST. Along with the late fee, you have to pay an interest at the rate of 18% per annum and that will be calculated on the other side.

Leave a Comment