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GST Annual Return Filing

How to Submit a GST Annual Return for the Year 2021

In India, it went into effect on July 1, 2017. Under the new GST system, over 1.3 crore firms in India have been registered and granted GST registrations. GST-registered businesses must file yearly returns by the deadline set by the government.

GST yearly return filing is needed for all companies having a turnover of more than two crores that are obliged to register for GST, regardless of business activity, sales, or profitability during the return filing period. As a result, even a defunct business that registers for GST is required to file GST returns.

What is GSTR 9: Filing of Annual Returns?

GSTR 9 is the annual return that GST-registered taxpayers are required to file once a year.

Taxpayers who are enrolled for GST must file GSTR 9 once a year. It contains information on outbound and inbound supplies made during the relevant fiscal year.

All GSTR-1, GSTR-3B, and GSTR 4 returns must be filed before submitting GSTR 9. If a GSTR registration holder owes money, he or she will not be able to file an annual GST yearly return.

GSTR 9 contains information about CGST, SGST, and IGST outbound and inbound supplies made or received during the relevant financial year. It is a compilation of all of the previous month’s data.

Who is responsible for filing GSTR 9?

GSTR 9 must be filed by all GST-registered taxpayers and taxable individuals. The following, however, are not necessary to file GSTR 9:

  • Taxpayers who choose the composition scheme (They must file GSTR-9A)
  • Distributors of Input Services for Taxable Persons on the Side
  • Taxpayers who are not residents of the United States
  • Those who are required to pay TDS under Section 51 of the CGST Act.
Due Date for GST Annual Returns

Due to the pandemic situation, the deadline for filing Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for the financial year 2019-2020 has been extended until March 31, 2021.

The government has also chosen to make these forms easier to use by making certain fields optional.

What information does the GSTR-9 require?

Six components and 19 sections make up the GSTR-9. Each section requests information that can be found in previously filed returns and books of account.

This form requests annual sales disclosure, distinguishing between taxed and non-taxed instances.

The yearly value of inbound supplies, as well as the ITC derived from them, must be disclosed.

In addition, these purchases must be labelled as inputs, input services, or capital goods. It’s time to input the details of any ITCs that need to be revoked owing to ineligibility.

Types of GST Annual Returns

Based on the form to be filed, GST annual return filing may be split into three types:

GSTR No. 9

Businesses with a revenue of more than 2 crores must file a GST annual return in the form GSTR-9.

GSTR-9A

GSTR-9A is necessary for registered taxpayers who have chosen the GST Composition plan.

GSTR-9C

The purpose of Form GSTR-9C is to file the taxpayers’ reconciliation statement for a specific fiscal year. This form is a declaration of reconciliation between the statistics in the taxpayers’ Audited financial statements and the figures in the Annual returns in GSTR-9.

GSTR 9C is for taxpayers who are obligated to have their accounts audited every year. A CA or Cost Accountant must draught and certify GSTR 9C. A person with a GST registration who has an annual aggregate revenue of more than two crores in a financial year is subject to a GST audit.

GSTR-9A should be filed by who?

GSTR-9A is required to be filed by GST registered taxpayers who have chosen the composition scheme under the GST Act. GSTR-9A contains all of the information provided by the taxpayer in the quarterly return for a certain fiscal year.

Eligibility

Every taxpayer who is subject to the GST composition levy system must file GSTR-9A. The following people, however, are exempt from filing GSTR-9A:

  • Distributor of Input Services
  • Individuals who are taxable but do not live in the United States
  • Individuals who are subject to TDS (tax deducted at source) under Section 51 of the Income Tax Act.
  • Individuals who are taxable on a sporadic basis
  • E-commerce businesses that pay TCS (tax collected at source) under Section 52 of the Internal Revenue Code
GSTR-9C should be filed by who?

Form GSTR 9C is used to file a taxpayer’s reconciliation statement for a certain fiscal year. The form is a declaration of reconciliation between the data in the taxpayer’s Audited Financial Statements and the figures in the Annual Returns in GSTR-9. As a result, this CA-certified document must be submitted along with the GSTR-9 Annual Returns and the Audited Financial Statements. Either the GST site or a Facilitation Center can be used to fulfil the requirement. This article discusses how to use the form and why it is necessary.

Eligibility

GSTR 9C is for taxpayers who are required to have their accounts audited for GST every year. It has to be prepared and certified.

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