GST Annual Return

A Guide to GST Annual Return

The Goods and Services Tax (GST) requires registered taxpayers to complete an annual return called GSTR-9. Since it is an annual return, it is only filed once at the end of the fiscal year and contains information on all supplies made inside and outside the country during that time.

 In addition, if a person registers for at least one day within a fiscal year, they need to file a GSTR-9. Before completing GSTR-9, they had to have submitted all of the GSTR-1 and 3B returns for the fiscal year. Lawgical Adda will give you a better insight into GST Annual Return

What is the GST Annual Return Form or GSTR 9?

One sort of annual return that qualifies for filing is GSTR 9. It provides a report that summarises the transactions made throughout the fiscal year. Below is a description of the information that needs to be included in the GSTR 9 Annual Return:

• Essential Information
• Information on external supplies
• ITC asserted or denied
• Paid or modified taxes
• Previous year transactions reported
• Others

Exclusions from Form GSTR-9 Filing 

• Composition Taxpayers: Those who file their taxes using the composition scheme use Form GSTR-9A, a special annual return form created to meet their unique requirements. As a result, they are exempt from filing Form GSTR-9. 
• Casual Taxpayers: Taxpayers who engage in irregular or intermittent business activities, also known as daily taxpayers, are not obliged to file Form GSTR-9 annually.
• Non-Resident Taxpayers: Non-resident taxpayers do not dwell in India yet conduct taxable business there; they are not required to file Form GSTR-9.

GST Annual Return Types

GSTR-9: Tax entities must file the yearly GST return using Form GSTR-9 if their turnover exceeds two crore rupees. This return gathers all of the financial data.

GSTR-9A: Registered taxpayers who choose to participate in the GST Composition plan are required to file GSTR-9A. This tailored return addresses the special needs of composition scheme participants.

GSTR-9C: Form GSTR-9C compares the information in the taxpayer's audited financial accounts for the specific financial year to the annual reports in GSTR-9. This reconciliation statement is crucial for organizations that need to have an annual account audit.

What information needs to be included in the GSTR-9?

There are six sections and nineteen segments in GSTR-9. Each section requests information that can be readily obtained from your previously filed books of accounts and returns.

• In general, GSTR-9 mandated yearly sales, separating it into situations where taxes are due and situations where they are not.
• The annual value of inward supplies and the ITC obtained from that place must be disclosed on the buying side.
• These purchases must also be categorised as capital goods, services, and inputs.
• Information on ITC that must be reversed because of ineligibility must be entered.

What is the GSTR 9-Annual Return Structure?

The form GSTR-9, known as the Annual Return format, is a comprehensive record that requires reporting all transactions from the previous year. It is split into the following five parts:

Part I: Fundamental Information

Part II: Information about outbound supplies during the fiscal year as reported in returns

Part III: Information on the ITC that was claimed and reversed and reported in the returns submitted for the fiscal year

Part IV: Information about taxes paid, as reported in returns submitted for the fiscal year

Part V: Details of the transactions from the prior fiscal year reported in returns from April to September of the current fiscal year or until the date the previous fiscal year's annual return was filed, whichever is earlier (Table 10 to 14)

Part VI: Additional details

Small taxpayers' optional annual returns:

(a) For taxpayers with an aggregate annual turnover of less than two crore rupees for the fiscal years 2017–18, 2018–19, 2019–20, 2020–21, and 2021–22, filing an annual return in FORM GSTR-9 has been made optional; additionally, registered individuals whose aggregate turnover in the fiscal year 2022–23 is up to two crore rupees are exempt from filing an annual return for the said fiscal year;

(b) It is now optional for composition dealers to file an annual return in FORM GSTR-9A for the following fiscal years: 2017–18, 2018–19, 2019–20, 2020–21, 2021–22, and 2022–23;

(c) The aggregate annual turnover requirement for filing the reconciliation statement in FORM GSTR-9C for the fiscal year has been raised from t 2 Cr to t 5 Cr.

 Is it necessary to reveal the amount collected as a Pure Agent in the Annual Return?

The amount recovered is because, in accordance with Rule 33 of the CGST/SGST Rules and Section 15 of the CGST/SGST Act, the pure agent is not included in the value. It may not be required to be disclosed in the Annual Return since it is not displayed in the quarterly GSTR-1 either. There won't be any disclosure in the GSTR-9C if these transactions are conducted via the balance sheet. On the other hand, it would be one of the GSTR-9C reconciliation items if included in the turnover according to the books of account.

Which stock information must be included in the annual return?

The annual return does not need to include information about the addition, consumption, or transfer of stock. Nonetheless, the assessee must internally determine the values of any stock that is misplaced, stolen, issued as samples, etc.; these values must then be reversed in the monthly reports, and a corresponding declaration must be made in Part III of the annual return.

What's the turnover limit for GSTR-9?

There is no turnover cap for GSTR-9 specified in the GST statute. However, the government made GSTR-9 optional for companies with sales up to Rs 2 crore starting in FY 17–18 to lessen the burden of compliance for small enterprises.

When is the GSTR-9 due?

The 31st day of December of the year following the relevant financial year is the deadline for filing GSTR-9 for that fiscal year. Therefore, companies must file GSTR-9 for FY 2023–24 by December 31, 2024.

The complexity of tax files might be intimidating, but Lawgical Adda makes it easier. We provide thorough assistance to ensure that submitting GSTR-9 forms is simple: You can complete your GSTR-9 form with confidence, knowing that you have a trustworthy partner in Lawgical Adaa.