As per the GST Act, every registered taxpayer in India is required to file their annual GST return in the form of GSTR-9. This return is applicable for all normal taxpayers, meaning those who have registered under GST and are not eligible for composition scheme or Input Service Distributor category. In this article, we will discuss everything you need to know about GSTR-9.
GSTR-9 is an annual return that every normal taxpayer registered under GST must file. It includes details of all outward and inward supplies made during the financial year, along with the tax liability and input tax credit availed. GSTR-9 must be filed by all taxpayers, regardless of their turnover, except composition dealers and Input Service Distributors.
The due date for filing GSTR-9 for a financial year is December 31 of the subsequent financial year. For example, the due date for filing GSTR-9 for the financial year 2020-21 is December 31, 2021.
GSTR-9 comprises six parts, as follows:
1. Part I: Basic details of the taxpayer
2. Part II: Details of outward supplies made during the financial year
3. Part III: Details of inward supplies made during the financial year
4. Part IV: Details of input tax credit availed or reversed during the financial year
5. Part V: Details of tax paid during the financial year
6. Part VI: Other information, including details of demands and refunds, HSN-wise summary of outward supplies, and late fees payable and paid
The following documents are required to file GSTR-9:
1. Annual financial statements, including balance sheet, profit and loss account, and cash flow statements
2. Monthly or quarterly returns filed during the financial year
3. GST paid challans
Yes, there is a late fee for filing GSTR-9 after the due date. The late fee is INR 200 per day, subject to a maximum of 0.25% of the taxpayer's turnover in the relevant financial year. If the taxpayer has not filed GSTR-9 by the due date, a notice may be issued to them, and they could face legal consequences.
GSTR-9 is a crucial annual return that every normal taxpayer registered under GST must file. It provides details of all outward and inward supplies made during the financial year, along with the tax liability and input tax credit availed. Filing GSTR-9 on time is essential to avoid late fees and legal consequences.
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