GST annual return filling

In effect in India beginning on July 1st, 2017. More than 1.3 crore companies within India are registered and given GST registrations as per the newly-established GST system. Businesses that are registered under GST have to file an annual return as per the planned GST deadline for filing returns.

GST Annual return submission is required for any entity with a turnover greater than 2 crores. This is required for GST registration, regardless of their business activities or the profit or sales during the time of return filing. Therefore, even a dormant company that is granted GST registration is required to submit GST returns.

What's GSTR 9 & What is the Yearly Return File?

GSTR 9. This is a return for the year which must be submitted annually by taxpayers that are registered under GST.

GSTR 9 is required to be filed annually by taxpayers who are registered under GST. It contains information about the inward and outward supply made during the fiscal year.

Before making GSTR 9 returns, the taxpayer has to file all GSTR-1, GSTR-3B, and GSTR 4. If the tax is overdue the GSTR registered holder will not be permitted to file an annual GST annual return.

GSTR 9 contains information concerning the outward as well as the inward supplies that were received or made during the year, under CGST, SGST, and IGST. It's a compilation of all quarterly or monthly reports filed for that year.

Who should file GSTR 9?
Taxpayers/Taxable who are that are registered under GST are required to file GSTR 9. The following items are not required to file GST 9:

• Taxpayers who opt to use the composition scheme (They need to file GSTR-9A)
• Casual Taxable Person
• Input service distributors
• Non-resident taxable persons
• People who pay TDS under section 51 of the CGST Act.
• GST Annual Tax Return Due Date

The deadline when you have to submit Formula GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for the fiscal year 2019-2020 was extended to March 31, 2021, based on the current pandemic situation. The Government also has decided to simplify the forms by making the various fields on these forms unassigned.

What information is required to be included for the GSTR-9?

The GSTR-9 is generally divided into 19 sections. Each section requires information easily accessible from earlier submitted returns or books of accounting.

This form requires the disclosure of annual sales, bifurcating between cases that are taxed and those that are not subject to Tax.

The annual value of supply of inwards and ITC used thereon will be disclosed. Additionally, these purchases need to be recognized as inputs services, or capital goods. Information about ITC that has to be reversed because of ineligibility must be recorded.