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GST ANNUAL RETURN



GST ANNUAL RETURN

Every Registered Taxpayer including those opted for composition levy scheme are required to file Annual GST return in form GSTR 9. It’s a consolidated information of monthly & Quarterly Returns. It contains all details regarding Expenditure and Income during the assessment year under different tax heads i.e. CGST, SGST and IGST.

APPLICABILITY

Filing of Annual Return is applicable to all Taxable Persons other than:
1. Casual Taxable person: It means a person who gets registered under GST for Temporary period i.e. less than 90 days or period as may be prescribed by proper officer.
2. Input Service Distributor
3. Non-resident Taxable Person
4. Person paying TDS U/s 51.
DUE DATE
GSTR 9 shall be filed on or before 31st December of the subsequent financial year.
A taxpayer has to file GSTR 1 & GSTR 2 and GSTR 3 will be auto populated with summary of above return in addition to some payment information.
LATE FEE
Any Registered person who fails to furnish the annual return by the due date shall be liable to pay a late fee.
Rs. 100 for every day during which failure continues in each CGST and SGST, totaling Rs.200 per day. There is no late fee for IGST.
                                                                         Or
0.25% of the turnover of registered person, whichever is lower.

FORMS FOR ANNUAL RETURN

GSTR 9:- Regular taxpayer is to file Annual Return electronically in Form GSTR 9 through the Common Portal.
GSTR 9AThe Person paying tax under Section 10 i.e. composition levy Scheme shall furnish the annual return in form GSTR 9A.
GSTR 9B:- Every Electronic commerce operator required to TCS under Sec 52A, and have filed GSTR 8, shall furnish annual statement in form GSTR 9B.
GSTR 9C:- Every registered person whose aggregate turnover during financial year exceeds Rupees two crores, shall get his accounts audited as specified under sub section (5) of Section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in Form GSTR 9C.


Comments

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