In our previous article, we have covered all about annual returns and its different types that need to be filed by different entities. Now let us focus on GSTR-9
What is GSTR-9?
GSTR-9 is an annual return form that needs to be filed once a year by registered taxpayers under GST disclosing a detailed summary of outward supply and taxes paid thereon, input tax credits claimed, taxes paid and refund claimed in the financial year in respect of which such annual return is filed.
Who is liable to file GSTR-9?
Registered Regular taxpayers under GST who file GSTR-1 and GSTR-3 are liable to file GSTR-9.
What does GSTR-9 Return form consists of?
The GSTR-9 return form consists of 19 tables grouped into 6 parts. the 6 parts can be broken down as follows:
What is the Penalty for Non-Filing of GSTR-9?
As per Section 47(2) of Central Goods and Service Tax Act (2017), a person will be fined a penalty of INR 100 per day (CGST) + INR 100 per day (SGST), amounting to a total of INR 200 per day if he/she fails to file GSTR-9 before the due date. However, the maximum amount of penalty a person can be fined is 0.25% of the total turnover.
When is the due date for filing GSTR-9?
The due date for filing GSTR-9 is 31st December of the subsequent financial year. For example, the due date for filing GSTR-9 for the financial year 2017-2018 is 31st December 2018.
The due date for filing GSTR 9, GSTR 9A and GSTR 9C has been extended upto June 30, 2019 in the 31st GST Council Meeting held on December 22, 2018. There were certain other changes also announced in the meeting regarding GSTR 9, please read here for details.
GSTR 9 is quite an elaborate return and consolidates all the details and transactions of the financial year. As businesses have been filing monthly and quarterly GST returns, some of the sections of GSTR 9 hence can be directly derived from the previously filed GST returns.
The implementation of GSTR 9 in GST system is in progress and once available for taxpayers and GSPs. Stay tuned with us for updates on GSTR 9.
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