GST Annual Return Filing – Applicability

The requirement to file Form GSTR-9 extends to various taxpayer categories based on registration status, annual return limits and financial activities. The following entities are obligated to file the annual return:

• Normal Taxpayers: Businesses registered as regular taxpayers under standard tax provisions.
• SEZ Units and SEZ Developers: Units and developers within Special Economic Zones must file Form GSTR-9 to comprehensively report their annual transactions.
• Transition from Composition Scheme: Taxpayers who switched from the composition scheme to regular taxpayer status during the financial year are required to file Form GSTR-9 to document this shift.

Exclusions from Form GSTR-9 Filing

• Composition Taxpayers: These taxpayers file a different annual return form, GSTR-9A, tailored to their specific needs.
• Casual Taxpayers: Entities engaged in occasional business activities are not required to file Form GSTR-9.
• Non-Resident Taxpayers: Non-resident individuals conducting taxable transactions within India are exempt from filing GSTR-9.
• Input Service Distributors (ISD) and OIDAR Service Providers: ISDs and entities providing Online Information, Database Access, or Retrieval services are also excluded from filing GSTR-9.

Types of GST Annual Returns

• GSTR-9 - This is the standard form for taxpayers with an annual turnover exceeding Rs. 2 crore, summarizing their comprehensive financial details for the year.
• GSTR-9A - This form applies to taxpayers registered under the GST Composition scheme, covering specific requirements for composition taxpayers.
• GSTR-9C - The GSTR-9C form reconciles a taxpayer’s annual return in GSTR-9 with audited financial statements, required for entities subject to an annual audit.

GST Audit Requirement

GSTR-9C is mandatory for taxpayers with an annual turnover exceeding Rs. 2 crore. This form must be prepared and certified by a Chartered Accountant or Cost Accountant, ensuring accuracy between the annual return and audited financial statements.

Filing GSTR-9A: Composition Scheme Participants

• Applicability of GSTR-9A: Taxpayers registered under the GST Composition scheme must file GSTR-9A. This return consolidates the information provided in quarterly returns throughout the fiscal year.
• Eligibility for GSTR-9A Exemption: Certain taxpayers under the composition scheme, such as Input Service Distributors, non-residents, those subject to Tax Deducted at Source (TDS) under Section 51, e-commerce operators under Tax Collected at Source (TCS) under Section 52, and casual taxpayers, are exempt from filing GSTR-9A.

Filing GSTR-9C: Reconciliation Statement

• Purpose of GSTR-9C: GSTR-9C serves to reconcile the taxpayer’s annual return in GSTR-9 with their audited financial statements for a specific financial year. Certified by a Chartered Accountant, this statement ensures compliance and accuracy in annual filings.
• Eligibility for GSTR-9C: GSTR-9C is required for taxpayers whose accounts undergo an annual audit, helping to align the GSTR-9 return with audited financial data.
• Late Filing Penalties: Missing the GSTR-9 filing deadline results in a penalty of Rs. 200 per day (Rs. 100 each for CGST and SGST), with no penalty applicable for IGST. This late fee is capped at 0.25% of the taxpayer’s quarterly turnover, underscoring the importance of filing on time.
• Comprehensive Structure of GSTR-9. The GSTR-9 format has six parts, each capturing key details of the financial year’s transactions: Part 1: Basic registration details,Part 2: Outward supplies made, inward supplies, and tax details,Part 3: Input Tax Credit availed and reversed, Part 4: Tax payable and paid for the financial year, Part 5: Adjustments for previous financial years, Part 6: Miscellaneous details like refunds, demands, and HSN-wise summary.

Why Choose OnEasy for GSTR-9 Form Filing?

Navigating annual tax filings can be complex, but OnEasy simplifies the process. Here’s how we can help:

• Our team of tax professionals is thoroughly versed in GST regulations. We’ll walk you through each section to ensure accuracy.
• We ensure your data is correct before submission, minimizing risks of penalties.
• Our timely notifications help you stay on track with deadlines and avoid late fees.
• Our support team is available to answer any questions, ensuring you’re never left in the dark.
• From data compilation to final submission, we manage every detail of your GSTR-9 filing.
• With OnEasy as your partner, filing your annual return is straightforward, timely, and compliant.
• Get started with OnEasy today and experience a reliable, streamlined approach to fulfilling your tax responsibilities.