Understanding GSTR-9 Annual Return: Comprehensive Guide
GSTR-9 return filing entails more than just consolidating monthly returns filed during a financial year. Businesses must compile extensive Goods and Services Tax (GST) data, including sales and purchase registers, filed returns, tax payments, demands, and refunds. Moreover, GSTR-9 filing is mandatory for businesses registered for even a single day in a financial year, provided they have filed all GSTR-1 and 3B returns for that year.
Applicability of GSTR-9
GSTR-9 is required to be filed annually by taxpayers registered under GST. However, certain categories such as those opting for the composition scheme, casual taxable persons, input service distributors, non-resident taxable persons, and those paying TDS or collecting TCS under specified sections of the CGST Act are exempt from filing GSTR-9.
Turnover Limit for GSTR-9
While the GST law does not specify a turnover limit for GSTR-9, it was made optional for businesses with turnover up to Rs 2 crore from FY 17-18 onwards, aiming to alleviate compliance burdens for small businesses.
Due Date for GSTR-9
The due date for filing GSTR-9 for a financial year is December 31st of the subsequent year. For instance, businesses should file GSTR-9 for FY 2023-24 by December 31st, 2024.
Details Required in GSTR-9
GSTR-9 comprises six parts and 19 sections, requiring details available from previously filed returns and books of accounts. It includes annual sales, bifurcating between taxable and non-taxable cases, annual value of inward supplies, and classification of purchases as inputs, input services, and capital goods.
Late Fee and Penalties
Late filing of GSTR-9 incurs late fees based on turnover categories, ranging from Rs 50 to Rs 200 per day. Additionally, a maximum late fee of up to 0.50% of turnover in the state or union territory may apply.
GST Amnesty Scheme for GSTR-9
A GST amnesty scheme waiving late fees in excess of Rs. 20,000 for delayed filing of GSTR-9 between 2017-18 and 2021-22 was introduced by the CBIC. The waiver applied if filed between April 1st and June 30th, 2023.
Advantages of Filing GSTR-9 through Clear GST
Clear GST offers numerous features to streamline the annual return filing process:
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Quick download of GSTR-1, 2A, 3B, and 9 data for multiple clients within minutes.
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Auto-filling of key tables in GSTR-9 using data from GSTR-3B, 1, and 9.
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AI-enabled matching tools for reconciliation of Table 8A and 2A vs purchase register.
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Essential reconciliations done through reports.
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In-built audit trail at an invoice level.
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Direct import of data into ClearTax with Tally plug-in.
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Auto-computation of outward HSN summary and invoice-level reconciliation of GSTR-1 with books of accounts.
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One-click GSTR-9 data upload and filing with ClearTax Assistant.
