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GSTR-9 Filing service for FY (19-20) is now LIVE on Tax Advisory!

Latest News for GSTR-9

To start with GSTR9 annual return filing, there is great news for all the people who are up for it- GSTR9 due date or Deadline to fill form gstr9 has been extended to 31^st March 2021.

Also, as per the sources in the 40th GST Council Meeting; it was decided that- GST return filing due dates will be extended phase-wise for May, June, and July for taxpayers with turnover below Rs.5 crore, Council may also consider the reduction of interest from 18% to 9 %.

Nothing good can be this announcement as it came as a big relief for people to file gstr9 form following a hassle-free procedure.

What is our role here?...

Here, Tax Advisory is taking the entire responsibility to make you understand the proceedings of GSTR-9 and how it operates. GSTR 9 online filing is not so easy but interesting along with a step-by-step compliance procedure.

What is GSTR-9 (The Annual Return Form gstr9)?

Before, proceeding with filing the annual return; you need to understand the exact existence of it and a proper procedure of filing it.

As we know about GST (Goods & Services Tax), so the name is quietly justifying itself. The GSTR9 is a GST annual return form to be filed by the regular taxpayers once in a year with all the compiled details of SGST, CGST and IGST (components of GST) paid during the entire year. Basically, gstr-9 is a statement that a registered taxpayer needs to submit once in a year.

This statement encrypts all the details of supplies proving that the concerned businessperson has received & made throughout the year under the multiple tax heads (CGST, SGST, IGST), turnover details, and audits for the same. The government has introduced a GSTR 9C audit form. Taxpayers, who have a turnover of more than Rs 2 crores, need to file this GST Annual Return. This is a statement of reconciliation between the annual returns which the taxpayer has filed in GSTR 9 and his/her audited annual financial statements.

The Implementation Story of GSTR-9 (37^th meeting)

1. GST Council (Under the chairpersonship of Ms. Nirmala Sitharaman- Minister of Finance, Govt. of India) held its 37th meeting in Goa, on 20th September 2019.
2. Meeting faced a proposal by the GST Council that businesses with a turnover of up to Rs 2 crores (for FY 2017-18 & 2018-19) can choose not to file GSTR9.
3. Later then, it was decided that the Central Board of Indirect Taxes and Customs (CBIC) will issue a notification regarding the date from when they can stop filing this GST Annual Return.
4. The Council also suggested & decided that the last day to file this statement is December 31st of the following year. So, if you are filing this for 2019, then you have to do it by December 31, 2020.
5. Penalty decision- If you fail to file the GST Annual Return within the stipulated time, then you have to pay a penalty – Rs 100/day under CGST & Rs 100/day under SGST. The upper limit for a penalty is Rs 5000. You also have to pay 18% interest on outstanding tax payments.

39th Council Meeting of GST/Annual Return Form.

• GST council gave a big relief or benefit to the MSMEs that they can furnish reconciliation statement in the form GSTR 9C for FY 2018-19 for aggregate turnover of INR 5 crore.
• Reconciliation Statement and annual return for the financial year 2018-19 due date extended till 30th June 2020. Note: Now the due date is extended by CBIC till 30th September 2020.
• Annual return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 late filing penalty waived off for the taxpayers having turnover lower than Rs. 2 crores

Sales	GSTR 9	GSTR 9C
Upto 2 cr	Optional	N/A
Between 2 cr- 5 cr	Mandatory	Optional
Above than 5 cr	Mandatory	Mandatory

Update about 40th GST Council Meeting

• 40th GST Council meeting was held on Friday, 12th June 2020 via video conferencing.
• 40th GST Council meeting chaired by the Union FM Nirmala Sitharaman and made important announcements on GST return late fee waiver, reduced interest rate further being extended on account of COVID-19 crisis.

Now, we have seen the updates in GSTR 9 clauses as per meetings, but Eligibility plays a pivotal role in GSTR 9. Therefore, here we have listed the ‘Eligibility for GSTR 9 or who can file gstr-9?

Who needs to file GSTR-9?

As a businessperson, you would need to file the GSTR 9, if you meet the following terms & conditions:

• If your business turnover is more than 20 lakhs, then you are eligible to file GSTR-9
• You have registered yourself as a taxpayer under GST, and you also have the 15-digit GSTIN or you are a non-resident taxpayer. Businesspersons who have a Unique Identification Number (UIN) need not file this return.
• You must ensure that you have precisely captured all the relevant points pertaining to the transactions you have carried out throughout the year, at the invoice level. Intra-state, inter-state, B2B, B2C – all these transactions come under its purview.
• If you have transferred stock between your multiple business locations across different states or your transactions relating to exempted items, then you need to capture their details too.

How many types of GST Return forms are there?

• GSTR-9 Annual Return Form: The regular taxpayer who files 1 and 3B forms is required to file the GSTR-9.
• GSTR-9A: The composition scheme holder under GST is required to furnish GSTR-9A.
• GSTR-9B: All the e-commerce operators who have filed GSTR-8 are required. to file GSTR-9B in a financial year.
• GSTR-9C: The taxpayers whose annual turnover cross Rs. 2 crores are required to file GSTR-9C in a financial year. All those taxpayers are needed to obtain the accounts to be audited and furnish a copy of the reconciliation statement of tax already paid, audited annual accounts, and tax payable according to the audited accounts with GSTR-9C

 

What are the Penalty Norms on Missing Due Date of GSTR-9 Filing?

As per the penalty provisions of the GSTR-9 annual return form, the taxpayer has to pay Rs. 200 per day as a penalty in which Rs. 100 consists of SGST and Rs. 100 for CGST. Also, it is to be noted that the total penalty cannot exceed 0.25% of the total turnover on which the said penalty is being levied in gstr 9 filing.

GSTR9 Filing Procedure

In this Tech-driven world, filing any forms are quite easier. Every way of applying for gstr-9 is available via various mediums, which are categorized under Offline and Online.

OFFLINE (Excel-based Tool)

You can file GST Annual Return or GSTR-9 on GSTR9 Offline Tool (v1.2), which is an excel-based GSTR 9 Offline tool. This has been invented and designed to facilitate the taxpayer in the offline preparation of the GSTR 9 return. To download the utility, there are some systems requirements. So, before downloading the same, we must ensure that our system is compatible.

GST SOFTWARE (e-Filing)

You can also file GSTR-9 return via GST Software. It has great benefits of filing GSTR 9-

• Download GSTR-2A data for multiple months in a single click
• Get instant GSTR-3B v/s 2A and GSTR-3B v/s 1 report and become compliant
• Maximize ITC Through Advanced Matching of GSTR-2A with purchase register and stay compliant with section 36(4) rule
• Single click dashboard to track returns filing for multiple GSTINs at one place
• 100% data security guaranteed with 128-bit SSL encryption

ONLINE

• To file GST online, visit https://www.gst.gov.in/
• and select Annual Returns.
• Download forms GSTR-1, GSTR-3B & GSTR 9. 
• Then, enter the relevant tax details.
• Do a preview of the Draft Form GSTR-9, calculate the liabilities and pay late fees, if applicable.

How to File GSTR9 form?

In order to file GSTR-9 Annual Return Form, you will have to provide a range of information i.e., about your inward & outward supplies, Input Tax Credit (ITC), Tax pai and all the factors which have an effect on your tax liability for the entire year.

So, to start with let us tell you that the GSTR 9 Form has Six segments.

Step 1-

You have to enter the basic information  like the financial year under consideration, your GSTIN, legal name, and trade name (if you have any)

Step 2-

Here, you have to provide details pertaining to the inward and outward supplies that you have declared, during the entire financial year. This part has two sections  4 and 5.

In Section 4, you have to enter details of both B2B and B2C supplies, which attract tax liability, supply to Special Economic Zones (SEZ) on payment of tax, inward supplies which attract reverse charge tax,deemed exports, debit or credit notes issued for above-mentioned transactions.

In Section 5, you need to provide details of exempted sales supplies, non-GST supplies, supply to SEZ without payment of tax, outward supplies that attract reverse charge tax, debit or credit notes issued for the above-mentioned transactions.

Step 3-

In this part, you need to furnish the ITC details that you have declared during the financial year. This part has three sections – 6, 7 and 8.

In Section 6, you have to provide the details of ITC that you have availed in the financial year on inward supplies, like B2B, B2C, imports, etc. You have to provide the breakup of inputs, input services, and capital goods.

In Section 7, you have to provide details of reversed ITC, for reasons like making exempt supplies, non-business use, etc. You also need to provide details of ITC which is ineligible.

In Section 8, you have to provide other information related to ITC. The ITC as per the GSTR-2A is auto-populated. You have to furnish details pertaining to ITC you have availed on B2B inward supplies and reclaimed ITC. You would also need to provide information about ITC available but not availed, total invalid ITC value for the financial year under consideration, etc.

Step 4

In this part, you have to enter the details of the tax that you have paid and declared in the returns that you have filed in the financial year. You need to furnish a break-up of payable taxes, the tax you have paid in cash and through ITC.

Step 5

In this part, you need to provide details of those transactions which pertain to the previous financial year but which you have declared in the April-September returns of the current financial year, or the previous financial year’s GST annual return filing date – whichever is earlier.

Step 6

In the last part of GSTR 9, you have to furnish information not provided till now – like- refund details (including refunds claimed, sanctioned, rejected and pending). You have to provide similar details for demands as well.

You also need to enter details of HSN-wise (Harmonized System of Nomenclature) inward & outward supplies, and late fees (if any).

Declaration Statement

THE CONCLUSION

Filing GSTR 9 Annual Return is not an easy task unless you have the entire guidance. So, contact TAX ADVISORY now to pave an easy path for your return filing.

You will get to know all the related information of GST return 9 annual filing procedure, format, eligibility & rules along with proper screenshots and filing guidance at each and every step. For any query and question, ask our experts and professional chartered accountants which will resolve all your doubts as soon as possible.

Stay tuned for more articles and updates…

 

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