The implementation of Goods and Services Tax (GST) on July 1, 2017, was aimed at revolutionizing the taxation system in India. Through the ‘one nation, one tax’ policy of GST, the burden of taxes has been reduced not on the citizens alone but the business owners as well. This is because now a single tax is levied on the supply of goods and services (right from the manufacturer to the consumer), which has made it is easier to understand how much tax is to be paid.
GST can be easily filed online. All the details of the business transactions of a particular year have to be mentioned while filing the return. One of the most important types of GST returns is GSTR 9. And, this article will discuss the detailed process of how to file GSTR 9.
What is GSTR 9?
GSTR 9 is a tax return document that has to be submitted by every business owner who is registered under GST. This document contains all the details about the business transactions made in the financial year.
This annual return document consists of the following details:
• Inward supplies of the business
• Outward supplies
• Amount of taxes paid
• Details of input tax credit
• Claimed tax refunds
There are different categories under GSTR 9. Based on their annual turnover and type of business, taxpayers have to file the return under GSTR 9. The different types of GSTR 9 forms are:
• GSTR 9 – This is filed by every registered taxpayer who is filing GSTR 3B and GSTR 1
• GSTR 9A – Taxpayers registered under the Composition Scheme of GST have to submit this form
• GSTR 9B – This form is filled by e-commerce business owners who have already filed GSTR 8 for that particular year. These businessmen also collect tax at source
• GSTR 9C – For taxpayers who have an annual turnover of more than Rs 2 crore, this form is necessary. These taxpayers have to get their financial reports audited. Along with this form, they have to submit a copy of the audited reports, details of payable tax and a reconciliation statement of the paid tax
Which type of taxpayers needs to file GSTR 9?
In general, all registered taxpayers need to submit the GSTR 9 return form. However, the following types of taxpayers do not have to submit it:
• Casual taxpayers
• Taxpayers who are registered under the Composition Scheme of GST (They need to submit 9A)Taxpayers who are paying TDS
• Taxpayers who are a non-resident
• Input service distributors
Points to remember before filing GSTR 9
In order to file GSTR 9 you have to keep the following points in mind:
• You need to be a registered taxpayer and have the 15-digit unique identification number that is PAN based
• Your business must have an aggregate turnover of more than Rs. 20 lakh
• The forms GSTR 1 and GSTR 3B have to be filed for the financial year before GSTR 9
• For the entire year, the details of all the financial transactions have to be recorded at an invoice level. These details will include transactions within the state and between one or more states and non-GST supplies. The B2B, B2C and other details about exempted items also have to be specified in the invoices
Keep in mind that after you have submitted the GSTR 9 form, it cannot be amended. Therefore, check carefully that all the details you have provided are correct. Tally your account books and financial reports before filing the form. You can also take the help of a professional to guide you with the process.
Also, ensure that the GSTR 9 form is filed within the due date. The new revised date for submitting the GSTR 9, GSTR 9A and GSTR 9C form is 30th November 2019. If you fail to fill the form on time, then you have to pay a penalty. The fine is Rs 100 under CGST and Rs 100 under SGST. So, a total of Rs 200 has to be paid per day.
How to file GSTR 9 online?
The steps to file GSTR 9 online are:
• Visit gst.gov.in and log in with your credentials. Click on Annual Returns in the Returns dashboard
• In the File Annual Return, select Financial Year and then click Prepare Online
• Then select whether you want to file an Annual Return or a Nil return. Click Yes or No
• If No is selected, hit Next to go to the GSTR-9 Annual Return page for normal taxpayers
• Download three files – GSTR- 9 System Computed Summary, GSTR-3B Summary and GSTR-1 Summary
• You need to fill in the details under tables, including 4N, 5M, 7I, 6(O), 8A, 9, 10, 11, 12, 13, 15, 16, 17 and 18
• The tables can be filled using the same steps. First, click on Title, the details submitted in GSTR 1 and GSTR 3B will appear in automatically. Enter the values of tax in the cells
• Click Yes to save the details
• Check the draft of the GSTR 9 form and check the details. Then click on Compute Liabilities
• If you have no late fees, a confirmation box will be displayed
• Select Authorised Signatory in the box at the lower part of the page
• Click on File GSTR 9
In case there are issues with your form, a warning message will be displayed. You can then go back to your form and make the necessary changes.
GSTR 9 is a very important document that you have to file as a registered taxpayer. As the details offered in the form cannot be revised after submission, scan the details carefully before filing it.