Guide to file (GST) Annual Return on GST portal

The Goods and Services Tax (GST) Annual Return is a comprehensive summary of a taxpayer’s GST-related activities and transactions for a specific financial year. It is a mandatory return that businesses registered under the GST regime in India must file on an annual basis. The GST Annual Return provides a consolidated view of the taxpayer’s financial transactions and helps tax authorities assess tax compliance. With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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Why Should I Use Auriga Accounting For file GSTR- 9 ?

Auriga Accounting has a team of registration experts who can provide complete guidance to file GSTR-9 .

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Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete yourfile GSTR- 9 .

Your GSTR-9 filling is complete .

OVERVIEW - GST ANNUAL RETURN

Key points to understand about the GST Annual Return include:

Frequency: The GST Annual Return is filed once a year, covering the entire financial year (from April 1 to March 31).

Applicability: The GST Annual Return must be filed by various types of GST-registered taxpayers, including regular taxpayers, composition scheme dealers, and businesses with a turnover exceeding specified threshold.

Components: The GST Annual Return typically comprises various components, including the details of outward supplies (sales), inward supplies (purchases), tax paid on reverse charge basis, input tax credit availed, tax liability, and other relevant financial information.

GSTR-9: The most filed GST Annual Return is known as GSTR-9. This return is filed by regular taxpayers, including businesses and individuals with GST registration, who need to provide details of their outward and inward supplies, input tax credit, and tax liabilities.

GSTR-9A: Composition scheme dealers file GSTR-9A, a simplified annual return. Composition dealers are subject to lower tax rates but have certain limitations on their business operations.

GSTR-9B: GST-registered taxpayers who are required to obtain a tax audit under the GST law also need to file GSTR-9B. It is an additional return that includes details of the audit findings.

Filing Deadline: The due date for filing the GST Annual Return is typically December 31 of the following financial year. However, due dates may be extended by the government.

Reconciliation: The GST Annual Return plays a crucial role in reconciling the data provided in periodic GST returns, such as GSTR-1 (outward supplies) and GSTR-3B (monthly summary of outward and inward supplies) with the financial statements of the taxpayer.

Audit Requirement: For businesses with a turnover exceeding a specified threshold (currently Rs. 2 crore), a GST audit is mandatory. The findings of the audit are reported in GSTR-9B.

Penalties for Non-Compliance: Failing to file the GST Annual Return by the due date can result in penalties and legal consequences. It’s essential for businesses to meet the filing deadline to avoid financial liabilities.

Records Maintenance: Taxpayers are required to maintain detailed records of their financial transactions and documents related to the GST Annual Return for a minimum of 72 months (six years) from the due date of filing.

Professional Assistance: Many businesses seek the assistance of tax professionals or chartered accountants to ensure accurate and timely filing of the GST Annual Return, as it involves complex calculations and compliance requirements.

TYPES OF GST ANNUAL RETURN

As of my last knowledge update in September 2021, there are several types of Goods and Services Tax (GST) Annual Returns (GSTR-9) in India, each catering to different categories of taxpayers and transactions. These types of GSTR-9 forms include:

GSTR-9: The standard GST Annual Return is filed by regular taxpayers, including businesses and individuals with GST registration. It is used to report details of outward supplies (sales), inward supplies (purchases), input tax credit (ITC), and tax liability for the entire financial year.

GSTR-9A: This return is specifically for taxpayers registered under the Composition Scheme. Composition scheme dealers pay a fixed percentage of their turnover as GST and cannot collect GST from customers. GSTR-9A is a simplified version of the annual return for composition dealers.

GSTR-9B: GSTR-9B is filed by e-commerce operators who are required to collect tax at source (TCS) under GST law. E-commerce operators are responsible for collecting GST on behalf of sellers on their platform. This return is used to report the details of the TCS collected and to reconcile it with the data provided by sellers.

GSTR-9C: This is a reconciliation statement and certification that is filed by taxpayers whose annual turnover exceeds a specified threshold (currently Rs. 2 crore). It is essentially an audit report that is prepared by a chartered accountant or a cost accountant. The auditor certifies the accuracy of the financial statements and GST returns of the taxpayer.

ELIGIBILITY for GST ANNUAL RETURN

In India, the eligibility for filing the GST Annual Return (GSTR-9) depends on the type of taxpayer and the nature of their GST registration. Here’s a breakdown of which taxpayers are eligible to file the GST Annual Return:

Regular Taxpayers: Most businesses and individuals registered under the Goods and Services Tax (GST) regime as regular taxpayers are required to file the GST Annual Return. This includes businesses with regular GST registration, such as manufacturers, traders, service providers, and other entities with GSTIN (Goods and Services Tax Identification Number).

Composition Scheme Dealers: Composition scheme dealers, who opt for a simplified tax scheme under GST, are also eligible to file the GST Annual Return. They need to file GSTR-9A, a simplified version of the annual return.

Aggregate Turnover: The eligibility for filing the GST Annual Return is often determined by the aggregate turnover of the taxpayer. As of my last knowledge update in September 2021, businesses with an aggregate turnover of Rs. 2 crore or more in a financial year are required to file the GST Annual Return.

GST Audit Requirement: For businesses whose aggregate turnover exceeds a specified threshold (currently Rs. 2 crore), a GST audit is mandatory. In such cases, along with the GST Annual Return (GSTR-9), they also need to file GSTR-9B, which includes details of the audit findings.

Exemptions and Special Cases: Certain categories of taxpayers and transactions may be exempt from filing the GST Annual Return. For example, businesses registered under the composition scheme with a turnover below the prescribed threshold may not be required to file GSTR-9.

Specific Circumstances: Eligibility for filing the GST Annual Return may change based on specific circumstances and changes in GST laws. It’s crucial for businesses to stay updated with the latest rules and regulations.

Voluntary Filing: In some cases, taxpayers with an aggregate turnover below the prescribed threshold may voluntarily choose to file the GST Annual Return for various reasons, such as maintaining a transparent record of their financial transactions.

ADVATNAGES OF GST ANNUAL RETURN.

The GST Annual Return (GSTR-9) in India offers several advantages for businesses and taxpayers. Here are some of the key advantages of filing the GST Annual Return:

Comprehensive Tax Summary: The GST Annual Return provides a comprehensive summary of a taxpayer’s GST-related activities and transactions for an entire financial year. It consolidates data from various GST returns and helps businesses review their financial performance.

Transparency: Filing the GST Annual Return promotes transparency in financial transactions. It allows tax authorities to verify the accuracy of reported data, which reduces the chances of tax evasion.

Compliance Assessment: Tax authorities use the GST Annual Return to assess a taxpayer’s compliance with GST laws. This helps ensure that businesses are fulfilling their tax obligations and adhering to regulatory requirements.

Reconciliation: The GST Annual Return allows businesses to reconcile their financial records with the data reported in other GST returns, such as GSTR-1 (outward supplies) and GSTR-3B (monthly summary of outward and inward supplies). This reconciliation helps identify any discrepancies or errors that need to be rectified.

Input Tax Credit Verification: It helps verify the accuracy of input tax credits claimed during the financial year. Tax authorities can cross-reference the input tax credits reported in GSTR-9 with the corresponding outward supplies reported by the suppliers in GSTR-1.

Identification of Tax Liability: Businesses can calculate their tax liability for the financial year based on the data in the GST Annual Return. This helps them ensure that they have paid the correct amount of GST and can make any additional payments if necessary.

Assessment of Business Operations: The GST Annual Return can serve as a valuable tool for businesses to assess their operations, including sales, purchases, and expenses, over the financial year. This information can inform strategic decisions and financial planning.

Legal Compliance: Filing the GST Annual Return is a legal requirement for eligible taxpayers. Complying with this requirement helps businesses avoid penalties and legal consequences.

Maintaining Records: The GST Annual Return filing process encourages businesses to maintain accurate and organized records of their financial transactions, which can be beneficial for internal management and future audits.

Improved Governance: Accurate and timely filing of the GST Annual Return demonstrates good governance and compliance culture within a business. It can enhance a business’s reputation and credibility in the eyes of stakeholders.

Financial Accountability: Businesses that file the GST Annual Return demonstrate financial accountability and transparency to shareholders, investors, and lenders.

Data for Future Tax Planning: The data collected in the GST Annual Return can be used for future tax planning and strategy development, helping businesses optimize their tax liabilities.

Documents for GST ANNUAL RETURN.

When filing the GST Annual Return (GSTR-9) in India, businesses and taxpayers typically need to provide specific documents and information to accurately report their financial transactions for the entire financial year. Here are the key documents and details typically required for filing the GST Annual Return:

GST Returns: It’s essential to have copies of all the GST returns filed during the financial year, including GSTR-1 (outward supplies), GSTR-3B (monthly summary return), and any other applicable returns. These returns serve as the basis for reporting in the GST Annual Return.

Invoices and Bills of Supply: Copies of invoices issued for outward supplies (sales) and bills of supply should be available for reference. These documents should contain details such as invoice number, date, GSTIN of the supplier, GSTIN of the recipient, HSN (Harmonized System of Nomenclature) code of goods, description of goods or services, quantity, and value.

Purchase Invoices: Copies of purchase invoices received for inward supplies (purchases) should be retained. These invoices should include details such as the supplier’s GSTIN, the recipient’s GSTIN, HSN code, description of goods or services, quantity, and value.

Input Tax Credit (ITC) Records: Maintain records of input tax credit availed on inward supplies. This includes supporting documents, such as invoices, debit notes, credit notes, and any other relevant documents showing ITC details.

HSN or SAC Codes: Ensure you have a record of the HSN or SAC (Service Accounting Code) codes for the goods or services you have supplied or received. These codes help in proper classification and reporting.

Reconciliation Statements: Businesses should prepare reconciliation statements to match the data reported in their GST returns with their financial statements. This helps identify discrepancies and reconcile them before filing the GST Annual Return.

Ledgers and Accounting Records: Maintain comprehensive accounting records, including general ledgers, sales ledgers, purchase ledgers, and any other relevant financial documents. These records should reflect the financial transactions reported in the GST returns.

Tax Payment Challans: Copies of GST payment challans should be available to verify the payment of tax liabilities.

E-way Bills: If applicable, retain records of E-way bills generated for the movement of goods during the financial year. E-way bills serve as proof of the movement of goods.

Exemption or Concessions Documents: If your business has claimed any exemptions or concessions under GST, ensure that you have documentation to support these claims.

Audit Reports: For businesses with a turnover exceeding a specified threshold, a GST audit may be mandatory. Keep copies of the GST audit reports and findings.

Other Relevant Documents: Depending on the nature of your business and specific transactions, you may need to retain other relevant documents, such as export documents, import documents, job work records, and more.

PROCESS OF GST ANNUAL RETURN.

Filing the GST Annual Return (GSTR-9) in India is a comprehensive process that involves reporting and summarizing a taxpayer’s GST-related activities for a specific financial year. Here’s a step-by-step guide on how to file the GST Annual Return:

Before You Begin: Before starting the filing process, ensure that you have all the necessary documents, invoices, and financial records related to your GST transactions for the financial year in question. Additionally, make sure you have access to the official GST portal (www.gst.gov.in) with your login credentials.

Step 1: Access the GST Portal

Visit the official GST portal (www.gst.gov.in).

Step 2: Log In 2. Log in to the portal using your GSTIN (Goods and Services Tax Identification Number) and password.

Step 3: Navigate to GSTR-9 3. Once logged in, go to the “Services” menu and select “Returns.”

Step 4: Select Financial Year 4. Under the “Returns Dashboard” section, select the financial year for which you want to file the GST Annual Return (GSTR-9).

Step 5: File GSTR-9 5. Click on “Annual Return (GSTR-9)” to start the filing process.

Step 6: Verify Details 6. Verify your GSTIN, legal name, trade name (if applicable), and the financial year. Ensure that the information is correct.

Step 7: Filling Out the Form 7. The GSTR-9 form consists of various sections, each requiring specific information. Fill out each section carefully:

Part I: Basic Details – Provide your GSTIN, financial year, and legal name.
Part II: Details of Outward and Inward Supplies – Report details of outward supplies (sales) and inward supplies (purchases) separately for each tax rate.
Part III: Details of ITC – Report the input tax credit (ITC) availed and reversed during the financial year.
Part IV: Details of Tax Paid – Provide information about tax liability and tax paid under GST for the financial year.
Part V: Particulars of the Transactions – Report details of advances received, advances adjusted, and HSN-wise summary of outward and inward supplies.
Part VI: Other Information – Include details related to amendments, demands, and refunds.
Part VII: Verification – Verify the information provided and sign the declaration.

Step 8: Verify and Preview 8. After filling out all sections, click on the “Preview” button to review the details you’ve entered. Ensure that all the information is accurate.

Step 9: Make Corrections (If Necessary) 9. If you find any errors or discrepancies during the preview, make corrections as needed by clicking the “Back” button and updating the relevant sections.

Step 10: Generate JSON File 10. Once you’re satisfied with the accuracy of the data, click the “Generate JSON File” button to create a JSON file of your GSTR-9.

Step 11: Download and Verify JSON File 11. Download the generated JSON file to your computer. Verify the JSON file to ensure that it contains the correct data.

Step 12: Upload JSON File 12. Go back to the GST portal and upload the JSON file you generated in Step 10 by clicking the “Upload” button.

Step 13: Payment (If Applicable) 13. If there is any additional tax liability or interest payable, make the payment through the portal. The portal will generate a challan for payment.

Step 14: File GSTR-9 14. After uploading the JSON file and making any necessary payments, click the “File GSTR-9” button to submit the annual return.

Step 15: Acknowledgment 15. Once the return is successfully filed, you will receive an acknowledgment in the form of an ARN (Acknowledgment Reference Number). Keep this number for your records.

Step 16: Download PDF Copy 16. Download and save a PDF copy of the filed GSTR-9 for your records.

Step 17: Reconciliation and Record-Keeping 17. After filing, perform a reconciliation of your annual return with your financial statements and GST returns for the year. Maintain accurate records and keep the filed return and supporting documents for future reference.

COMPLIANCES FOR GST ANNUAL RETURN.

Compliance with the Goods and Services Tax (GST) Annual Return (GSTR-9) in India is essential for businesses and taxpayers to meet their regulatory obligations. Non-compliance can result in penalties and legal consequences. Here are the key compliance requirements for the GST Annual Return:

Timely Filing: Ensure that you file the GST Annual Return within the prescribed due date. As of my last knowledge update in September 2021, the due date is typically December 31 of the following financial year. However, this date may be extended by the government, so it’s crucial to check for any updates.

Accurate Reporting: Provide accurate and complete information in the GSTR-9 form. Ensure that all financial data, including details of outward and inward supplies, input tax credits, and tax liabilities, are correctly reported.

Reconciliation: Reconcile the data reported in your GSTR-9 with the data reported in your regular GST returns (e.g., GSTR-1, GSTR-3B) and your financial statements. Identify and rectify any discrepancies.

Record Keeping: Maintain organized and accurate records of all supporting documents, invoices, purchase orders, sales records, input tax credit records, and other financial documents related to your GST transactions. These records may be required for audit or verification by tax authorities.

Audit Reports (If Applicable): If your business is subject to a GST audit due to a turnover exceeding a specified threshold (currently Rs. 2 crore), ensure that you provide accurate details in the GSTR-9B form, which includes the findings of the audit.

Payment of Outstanding Liabilities: Before filing the GST Annual Return, ensure that all outstanding GST liabilities, including taxes and interest, are paid through the portal. The return cannot be filed if there are outstanding dues.

Exemptions and Concessions: If your business has claimed any exemptions, concessions, or deductions under GST, ensure that you have the necessary documentation to support these claims. These documents may be requested during an audit.

Amendments and Corrections: If you identify errors or discrepancies in your GST returns or the annual return after filing, rectify them by filing an amendment or correction return as per the GST rules.

Stay Updated: Keep abreast of changes and updates to GST laws and regulations, as they may evolve over time. The compliance requirements and due dates may be subject to change.

Professional Guidance: If your business has complex transactions or faces challenges with GST compliance, consider seeking professional guidance from GST consultants, chartered accountants, or tax advisors. They can assist you in meeting compliance requirements accurately.

Regular Monitoring: Continuously monitor your compliance with GST laws, including the timely filing of regular GST returns, as well as the GST Annual Return, to avoid penalties and legal consequences.

Legal Consequences: Be aware that non-compliance with GST laws, including the GST Annual Return, can result in penalties, fines, interest payments, and legal proceedings. Ensuring compliance is essential to avoid these consequences.

WHY AURIGA ACCOUNTING ?

Auriga Accounting, like many professional financial and advisory firms, can provide valuable assistance to businesses and individuals in India looking to comply with the GST Annual Return (GSTR-9) filing requirements. Here’s how Auriga Accounting can help with GSTR-9 filing:

Assessment of Eligibility: Auriga Accounting can assess whether your business is eligible to file GSTR-9 based on your GST registration type, turnover, and other relevant factors.

Data Preparation: They can help you gather and organize all the necessary financial data and documents required for GSTR-9 filing, including invoices, purchase orders, input tax credit records, and other relevant records.

Accuracy Check: Auriga Accounting can review your financial data to ensure accuracy and completeness. They can help identify any discrepancies or missing information that needs to be addressed before filing.

GSTR-9 Form Filling: Auriga Accounting can assist in filling out the GSTR-9 form, including the reporting of outward supplies, inward supplies, input tax credit details, and tax liability for the entire financial year.

Reconciliation: They can help reconcile the data reported in your regular GST returns (such as GSTR-1 and GSTR-3B) with the information provided in GSTR-9 to ensure consistency and accuracy.

GST Audit Compliance: If your business is subject to a GST audit (GSTR-9C), Auriga Accounting can help you prepare the necessary documents and reconcile the audit findings with the data reported in GSTR-9.

Review and Verification: Before submission, they can review and verify the GSTR-9 form to ensure that all data is accurate and compliant with GST laws and regulations.

Timely Filing: Auriga Accounting can assist in filing the GSTR-9 within the prescribed due date to avoid penalties and legal consequences.

Documentation: They can help you maintain organized records of your GSTR-9 filing, including a copy of the filed return and all supporting documents, for future reference and audit purposes.

Professional Guidance: If you have complex business operations or face challenges with GSTR-9 compliance, Auriga Accounting can provide professional guidance and advice to navigate the process effectively.

Stay Updated: Auriga Accounting stays informed about changes and updates to GST laws and regulations, ensuring that your compliance practices remain up-to-date.

Communication with Authorities: In case of any communications or queries from GST authorities related to your GSTR-9 filing, Auriga Accounting can represent you and provide the necessary documentation and responses.

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