Latest Update on GSTR-9 and GSTR-9C
Budget 2021: Update as on 1st February 2021 GST audit requirement by specific professionals such as CAs and CMAs has been removed from the GST law. Section 35 and 44 were amended for this. As per the amendment, only GSTR-9-annual returns on a self-certification basis needs to be filed on the GST portal by taxpayers, completely removing the requirement for GSTR-9C -reconciliation statement. However, the financial year and date of applicability of this removal are yet to be clarified by the government. Update as on 30th December 2020 The due date to file GSTR-9 & GSTR-9C for the FY 2019-20 has been extended up to 28th February 2021. Update as on 28th Oct 2020 The due date to file GSTR-9 & GSTR-9C for the FY 2018-19 is further extended up to 31st December 2020.
GSTR-9 or GST Annual Return must be filed by all regular taxpayers registered under GST. The casual taxable persons and non-resident taxable person’s category are not required to file GSTR-9 because they are input service distributors. 30th June 2019 is the due date for filing GSTR-9 for FY 2017-18.
What is GSTR-9 Filing?
The persons registered under GST composition scheme are used to file GST annual return or GSTR-9 .It is a type of GST return that must be filed by regular taxpayers and. GSTR-9 should be filed each year through the GST Common Portal or at a GST Facilitation Centre.
Who should file GSTR-9A return?
GSTR-1, GSTR-2 and GSTR-3 are filed by regular GST taxpayers and it should also file GSTR-9A on or before 31st December, consolidating information furnished during the previous financial year.
Who should file GSTR-9B return?
Electronic commerce operators are used to file GSTR-9B return or it should be filed by who are required to collect tax at source. Electronic commerce operators In addition to GSTR-9B return and also to file GSTR-8 return every month.
Who should file GSTR-9C return?
Under GST having an annual aggregate turnover of over Rs. 2 crores during a financial year are Regular taxpayers. They are required to get their accounts audited and file a copy of the audited annual account and reconciliation statement along with GSTR-9C return. The annual audit of GST can be done by a practicing Chartered Accountant or Cost Accountant.
What information should be filed in GSTR-9 return?
The following information is expected to be filed in GSTR-9A return:
- Total value of purchases on which ITC availed (inter-State)
- Total value of purchases on which ITC availed (intra-State)
- Total value of purchases on which ITC availed (Imports)
- Other Purchases on which no ITC availed
- Sales Returns
- Other Expenditure (Expenditure other than purchases)
- Total value of supplies on which GST paid (inter-State Supplies)
- Total Value of supplies on which GST Paid (intra-State Supplies)
- Total value of supplies on which GST Paid (Exports)
- Total value of supplies on which no GST Paid (Exports)
- Value of Other Supplies on which no GST paid
- Purchase Returns
- Other Income (Income other than from supplies)
- Return reconciliation Statement
- Arrears (Audit/Assessment etc.)
- Refunds
- Turnover Details
- Profit as Per the Statement of Profit and Loss
- Gross Profit
- Profit after Tax
- Net Profit
- Details of Statutory Audit
What is the due date for filing GSTR-9 return?
31st December (now changed to 30 June 2019) is the due date of GSTR-9 return or GST annual return for all persons registered under GST. If an audit is required for GSTR- filing, then the details of audited statements should also be filed.
What is the penalty for late filing of GSTR-9 return?
Late filing of GSTR-9 return a per day penalty of Rs.100, up to a maximum amount of Rs.5000 would be applicable. File GSTR-9 return on the GST Portal only if all the GSTR-1, GSTR-2 and GSTR-3 returns are filed.
Should GSTR-9 return be audited?
GSTR-9 accounts can be audited by a practicing Chartered Accountant or Cost Accountant. Regular taxpayers registered under GST having an annual aggregate turnover of over Rs.2 crores during a financial year are required to file GSTR-9 return with audited accounts.