GST Annual Return


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    How To Comply With The Gst In The Annual Report For The Year 2021?

    On July 1, 2017, India began to apply its Goods and Services Tax (GST), and as of today, more than 1.3 crore firms have registered for GST registration. According to the GST instructions, businesses subject to GST are required to submit their annual returns by the specified deadline.

    Regardless of the firm's sales or business activity during the return filing period, a company must submit GST returns if its annual revenue exceeds two crores. Nevertheless, whether they are large or little, all firms that are subject to GST registration are required to submit their GST returns before the deadline.

    Who Is Responsible For Filing GSTR-9?

    Every single firm that is subject to GST and every single taxable individual is required to submit their GSTR 9 forms. Look at the following entities, exempt from the need to submit GSTR 9:

    • A method for opting for composition.
    • Participant in the tax system who distributes input services.
    • A taxpayer who is not a resident.
    • A taxpayer making a TDS payment following Section 51 of the CGST Act.

    Where Can I Get The Instructions For Filling Out The GSTR-9?

    The GSTR-9 form is composed of 19 sections that are organized into six segments. Each component needs specific information, which may be found in the returns you've already submitted:

    • The taxpayer is responsible for filling in the yearly sales, which are then broken down into two sections: those that are taxable and those that are not taxable.
    • When you're on the buyer's side, you're responsible for meeting the yearly worth of incoming goods.
    • It is necessary to break down the purchases into three categories: input, input services, and capital goods.
    • During the GSTR-9 filing process, you must include product information linked to ITC..
    Due dates, late charge, and penalty for late payment of GST Annual Return

    Date Due, Late Charge, And Penalty For Late Payment

    • Due to the pandemic, the deadline for submitting forms GSTR-9 and GSTR-9C has been pushed out to March 31 for the fiscal year 2019-2020. This extension was granted.
    • GSTR 9 has a penalty of Rs.100 per day per act if it is submitted late. If the return is submitted late, a fine of 100 Indian rupees (CGST) and 100 Indian rupees (GST) will be assessed.
    • Therefore, the total amount of the penalty is 200. It is calculated as 0.25% of the total taxable income of taxpayers in the relevant union territory and state.
    • The IGST does not have a penalty cost for being late.

    GST Annual Return Types

    GSTR 9

    Entities having turnover of more than 2 crores have to file under GSTR-9.

    GSTR-9A

    Taxpayer entities who have opted for the GST composition scheme have to file under GSTR-9A. 

    GSTR-9C

    All the taxpayers have to file the GSTR-9C as reconciliation in the financial year.

    FAQs(Frequently Asked Questions)

    How many subcategories are under GSTR-9?

    There are four subcategories under GSTR-9. The four categories are GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C. 

    What is the penalty for not filing the GST Return?

    According to section 47(2) of the Central Goods and Service Tax Act, the person has to pay a penalty of Rs. 100 per day (CGST) + Rs. 100 per day(SGST), which is Rs.200 per day for not filing the GST before the deadline. However, the maximum amount of penalty charged is 0.25% of the total turnover. 

    What is the due date of filing GSTR 9?

    According to the updates, the due date is extended by CBIC. CBIC extended the due date of GSTR 9 & 9C for the FY 2019-20 to March 2021.

    If a taxpayer chooses a composition scheme during the financial year, is he/she required to file GSTR 9?

    Every taxpayer who opted for the composition scheme has to file the GSTR 9 during the financial year