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GSTR-9 Annual Return under the GST law

GSTR 9 - Annual Return Filing
The GSTR-9 is a document or statement that has to be filed once a year by a registered taxpayer. Key details of inward supplies (i.e., purchases), outward supplies (i.e., sales), input tax credit (ITC), or refund claimed etc. along with turnover and audit details for the same are mentioned in this Annual GST Return Form.
It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.
Who are required to file GSTR 9?
All taxpayers/taxable persons registered under GST must file their GSTR 9. However, the following are NOT required to file GSTR 9:
·                 Taxpayers opting composition scheme (They must file GSTR-9A)
·                 Casual Taxable Person
·                 Non-Resident Taxable Persons
·                 Input Service Distributors
·                 Persons paying TDS under section 51 of CGST Act.
However, as per 37th GST Council Meeting, GSTR-9 has been made optional for taxpayers with an aggregate turnover of up to Rs.2 crores for FY 2017-18 and FY 2018-19.
But, GST Portal Baba overpowered this notification and the taxpayers whose aggregate turnover in 2018-19 exceeds Rs2 Crores were not allowed to file GSTR 9. The reason indicated was non-filing of their GSTR 9 of 2017-18 (even though aggregate turnover in 2017-18 was less than Rs2 Crores and they were not required to file 2017-18 GSTR-9). Such taxpayers have no option but to file 2017-18 GSTR-9.
Due date for filing of GSTR 9
As per the 37th GST Council Meeting, GSTR-9 for the financial year 2018-2019, must be filed by September 30, 2020.
The last day for filing this return is before the 31st December of the following year.
For example: If you are filing the GSTR-9 for financial year 2019-20 then you have to file it before the 31st December 2020.
Late Fees & Penalties
The late fees for not filing of GSTR-9 within the due date are Rs100 per day under CGST & SGST each. Thus, the total liability is Rs200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory.
However, there is no late fee on IGST yet.
Note: CBIC vide press release dated 14 March 2020 stated that No Late fees for delayed filing of the Annual Return for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs2 crores.

Disclaimer: 

The contents of this article are solely for informational purpose. It does not constitute any professional advice. The author does not represent that the contents of the article are accurate or complete. Neither the Site/Blog 'Your Instasolv' and the author accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.


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