Nareshv and Associates

GST Annual Return Filing

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Steps

1. Fill out the Form

Filling out the form is quick and easy and will provide you with numerous benefits in the long run. By this, you will be able to get consultation from our nareshv & associates CA/CS and will be able to get Guidance. So, why wait? Take the first step towards a bright future for your business and fill out the form today.

2. When does GSTR9 have to be filed?

GSTR-9 for the fiscal year 2018-2019 must be filed by November 30, 2019, according to the 37th GST Council Meeting. The deadline for submitting this return is December 31 of the following year. (For example, if you complete the GSTR-9 for 2019, you must do so by December 31, 2020.)

3. Types of GSTR 9

Under the GST statute, there are four different forms of annual returns, and they are as follows:

Regularly enrolled taxpayers who file GSTR 1 and GSTR 3B must also file GSTR 9.
Composite dealers who are registered must file GSTR 9A. (Composition Scheme).
E-commerce firms that collect tax at source and submit GSTR 8 for the financial year must file GSTR 9B.
GSTR 9C is an audit form that all taxpayers must file with a yearly turnover of more than Rs 2 crores and are required to have their annual reports audited.

4. Who is liable for filing GSTR9?

You must be a GST registered taxpayer with a GSTIN of 15 digits, depending on your PAN.
Your company's total revenue should be larger than 20 lakh rupees.
This return is for all GST-registered taxpayers, except those with a Unique Identification Number (UIN) and non-resident taxpayers.
For the full year, you must record the specifics of all your transactions at the invoice level. This covers intra-state and inter-state transactions, business-to-business and business-to- consumer transactions, transactions involving exempted items, non-GST suppliers, and stock transfers between your business sites in various states.

5. GST Annual Return Filing Instructions

To file your GST annual return, you will first need to gather all of the necessary information and documents, including your GST registration number, your financial statements for the year, and details of all GST returns filed during the year.
Once you have all of the necessary information, you can log in to the GST portal and navigate to the annual return filing section. You will need to fill out an online form with details of your business, including your turnover and GST liability for the year. After you have completed and submitted the form, you will need to pay any outstanding GST liability and file your annual return.
It's important to note that the specific steps and requirements for filing an annual GST return may vary depending on your jurisdiction, so it's a good idea to check with your local tax authority for more information.
Also, it will be good idea to seek professional help for preparing and filing Annual GST returns. Tax consultants or Practitioners would be able to assist you on the process and guide through the filing.

6. Importance of GST Annual Return Filing

GST (Goods and Services Tax) annual return filing is important as it helps businesses comply with GST laws and regulations, avoid penalties and fines, and maintain accurate and up-to-date records of their GST transactions. It provides a comprehensive overview of all inward and outward supplies made during the financial year, GST paid and collected, and any adjustments or amendments made during the year. GST annual return filing is a complex process that requires a thorough understanding of GST laws and regulations, and businesses may engage tax experts to ensure compliance and minimize errors.

GST Annual Return Filing

What is GST Annual Return Filing?

GSTR 9 is an annual tax return that includes information about the supplies you produced and received over the year. The GSTR 9 is a document or declaration that a registered taxpayer must file once a year. This record will describe all supplies made and received for the year under several tax headings (CGST, SGST, and IGST) and turnover and audit information. The government has established the GSTR 9C audit form, which taxpayers must file every year with a turnover of more than Rs 2 crore. It's essentially a reconciliation statement between the taxpayer's audited yearly financial statements and the annual returns filed in GSTR 9.

Frequently Asked Questions

1. What are the ramifications of the Annual Return if the business switches from Regular to Composition Scheme or vice versa during the same fiscal year? How will the calculations be carried out?

When an assessee's business is switched from Regular to Composition or vice versa, the turnover and purchases must be separated in the following way:

The turnover of a period in which the assessee is registered under the Regular Scheme is calculated: GSTR-9 should be used to report this information.
The turnover of a period in which the assessee is registered under the Composition Scheme is calculated as follows: GSTR-9A should be used to report this.
Separate your purchases: Calculate purchases when an assessee was a regular taxpayer and record them on GSTR-9 to claim ITC. ITC, on the other hand, cannot be
claimed on purchases made while the assessee was registered under the Composition Scheme.

2. Is it possible to record an error in GSTR 9 if CGST, SGST, and IGST were interchanged in reporting during the year, but the gross value of the taxes matched?

When reporting in GSTR-1, CGST, SGST, and IGST are interchanged, the error cannot be addressed when filing GSTR-9. The only column in Table 9 – Details of Taxes Paid of GSTR-9 that can be altered is the payable tax column. However, while updating Table 9, the assessee can correctly state the actual taxes payable under separate heads; this correct reporting does not account for the automated intra-adjustment of tax under CGST, SGST, and IGST. The tax shortfall must be paid in full the following month when submitting GSTR-3B or DRC-03, and the taxes paid in excess erroneously can be claimed as a refund. In such circumstances, there is also no interest liability on taxes paid quickly.

3. What should be done if a sales figure originally reported as B2C sales in GSTR-1 was later adjusted to B2B sales?

Both B2B and B2C suppliers are required in Table 4 of GSTR-9. In this situation, the assessee must declare sales in Table 4 as B2B, as this is the correct categorisation, even though it was incorrectly represented as B2C in GSTR-1.

4. Is there any method to seek a refund of the excess amount paid if a GSTR-3B was submitted with incorrect (extra) outward supplies and tax was paid on them, but the actual/correct supplies were declared in GSTR-1 for the same period?

If taxes were incorrectly paid in excess in GSTR-3B, the excess could be claimed as a refund (according to Section 54 of the CGST Act) or applied to future tax payments. GSTR-9, on the other hand, cannot make the same claim. The refund can be obtained by applying to the GST portal.

5. Should sales that were first reported as "With the payment of taxes" but were later changed to "Without payment of taxes" be registered in Table 4C?

Because the nature of the sales in this situation is without payment of taxes, they should be recorded in Table 5A of GSTR-9 rather than Table 4C. Regardless of whether it was incorrectly recorded in GSTR-1 as 'With the payment of taxes,' correct reporting in GSTR-9 is required.

6. . Should sales previously recorded as "Without Payment of Taxes" now be classified as "Exports with Payment of Taxes" if a LUT was not applied?

A procedural non-compliance is the failure to execute the LUT. The nature of the transaction cannot be changed from "exports without payment of tax" to "exports with payment of tax" due to non- compliance. The transaction must be reported under Table 5 of GSTR-9 as "Exports without tax payment." If there are any penalties, they must be addressed.

7. Is it possible to declare a new credit in GSTR-9 that was not claimed in the GSTR-3B filings?

In GSTR-9, no further credit can be claimed that was not claimed in GSTR-3B. Credit claimed in a TRAN-1 filing, on the other hand, can be reported in GSTR-9 under Table 6K/6L or Table 13, as appropriate.

8. What happens if we file with more than a 20% difference in values, such as an ITC difference between claimed and 2a? What might I expect from the government next, and how should I respond?

The majority of the information in GSTR-9's Tables will be auto-populated from GSTR-1 and GSTR-3B. A taxpayer can change the auto-populated numbers, but the cells will be marked in red if the difference is greater than 20%. A confirmation message will be sent, asking if the taxpayer wants to proceed despite the deviation. The assesse may receive a notice from the GST authorities requesting that they reconcile the ITC claimed in GSTR-3B with the system-generated Form GSTR-2A. If there is a difference in tax, it may be necessary to pay it.

9. How do we divide the ITC into three categories: capital goods, inputs, and services?

The division of ITC into Capital goods, Inputs, and Input Services is required under Table 6B of GSTR- Purchases due to output supply of products, output services, and capital goods must be identified in books of accounts, and ITC on these purchases must be distinguished. The treatment of ITC for products and services, on the other hand, is identical. As a result, such splitting may be avoided in the first year because the assesse may not have kept records properly due to the lack of a requirement in GSTR-3B.