GSTR 9: Effortless GST Annual Filing with TaxKey!
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OVERVIEW
GST ANNUAL FILINGS
The annual report, or GSTR 9, is required to be submitted each year by taxpayers who have registered for GST. It includes information about the supply made throughout the relevant financial year, both internally and externally. The taxpayer is required to submit all GSTR-1, GSTR-3B, or GSTR 4 returns prior to submitting GSTR 9. The GSTR registration holder will not be permitted to submit an annual GST return if there are outstanding debts.
Information on the inward and outward supplies made or received during the relevant financial year under CGST, SGST, and IGST is included in GSTR 9. It is a compilation of all the quarterly and monthly returns submitted throughout that year.
FILE GSTR 9
WHO SHOULD FILE GSTR 9?
The GSTR 9 must be submitted by all GST-registered taxpayers and taxable individuals.
WHO ARE NOT NECESSARY TO FILE GSTR 9?
Every taxpayer who has registered for GST is required to submit an annual return using the form GSTR-9. However, some people are free from this requirement if they have been registered as:
- A taxpayer who only occasionally provides taxable goods or services is referred to as a casual taxpayer.
- A non-resident taxable taxpayer who offers taxable goods or services on-demand but does not reside or do business in India.
- A taxpayer who distributes input tax credits for services invoiced in one state but claims tax credits in another is known as an input service distributor.
- Those who are responsible for TDS get payment after tax has been withheld.
FORMAT
GSTR-9 FORM: FORMAT
GSTR 9 Form is composed of six main sections:
1. The Basics
The GSTR 9 form’s first section contains the taxpayer’s basic information, which has already been filled out.
2. Information on Inward and Outward Supplies
Details about the taxpayer’s inward and outward supplies during that specific financial year are included in this form section. These specifics will be presented in a condensed version that consists of all of the FY’s data.
3. ITC information
If any, the taxpayer must include information about any ITCs that were reversed or found to be ineligible for reimbursement in this column. For the entire FY, the information must be combined.
4. Information on Tax Paid
Details of the tax that the taxpayer paid under the GST Act for the relevant financial year are contained in this section. In addition, the taxpayer can use the GSTR3B form to record the information in this part.
5. Transactional Details
Every taxpayer must provide information regarding each transaction, but there is one requirement:
- A transaction reported in the returns from April to September of the current fiscal year or up until the day the annual GST return was filed, whichever came first.
6. Other Information
The taxpayer must provide information about various items in this area of the GSTR 9 form. The specifics include the following information.
- Details of the GST Refund and Demand as requested by the government.
- Late fees were paid or are due.
- Specifics of Inward Supplies from Taxpayer Under Composition Scheme
- Consolidated information on inward and outward supplies that must be HSN-specific.
ANNUAL FILING DUE DATE
GSTR ANNUAL FILING DUE DATE
The GSTR 9, 9A, 9B and 9C forms must be submitted by December 31 of the next fiscal year. For example, if the fiscal year is 2022–23, the deadline for submitting the GSTR 9 form is December 31, 2023.
GSTR 9 Form Penalties for Late Filing
Every taxpayer is required to submit the GSTR 9 form within the allotted time frame. A high fine of INR 200 each day will be imposed if he disobeys that, and it is possible that he may also face further penalties. This late payment penalty includes INR 100 of CGST and INR 100 of SGST daily; IGST is not subject to a late payment penalty. Penalty payments will not be made in excess of the taxpayer’s quarterly revenue.
GST Return Form Types (Excluding GSTR 9)
Let’s shed some light on these GST Return form categories:
GSTR 9A – Taxpayers who fall under the composition scheme are required to submit this form.
GSTR 9B – E-commerce companies must submit GSTR 9B as their GSTR9 annual return if they submitted GSTR 8 during the fiscal year.
GSTR 9C – Any taxpayer whose annual revenue exceeds the 2 crore INR threshold must submit GSTR 9C with their annual GST return. Also, copies of all the audited accounts must be included with the GSTR 9C form, along with an audit of these firm accounts by authorized persons.
TAXKEY
WHY CHOOSE TAXKEY?
On your behalf, our professionals will access the GST Portal and make sure that the required paperwork is correctly filled out. Once all the payments are finished, we will give you a summary preview draught to examine and cross-verify the liabilities estimated before you submit the form. Becoming GST-compliant is now simple. Contact the reputable GST experts in India at Taxkey right away!
FAQS
FAQS
No. GSTR-9 does not permit any revisions following submission.
Absolutely, even if the taxpayer had his registration terminated during the relevant financial year, the annual return must still be filed.
The GSTIN level, or for each registration, requires filing a Form GSTR-9 return. Whether in the same state or in different states, a taxpayer who has obtained multiple GST registrations under the same PAN is required to submit an annual return for each registration separately, regardless of whether the GSTIN was registered as a regular taxpayer for the entirety of the fiscal year or just part of it.
Yes, before submitting GSTR-9, you must reconcile the data from GSTR-2A for FY with the input tax credit recorded in your books of accounts until March for FY data.
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