Practical Aspects of GST Annual Return : Things to be kept in mind while filing GSTR 9

Practical Aspects of GST Annual Return : Things to be kept in mind while filing GSTR 9

Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an GST annual return on or before the thirty-first day of December following the end of such financial year. The due date of Filing GST Annual Return for FY 17-18 has been extended to 30th June 2019. Form GSTR 9 will be filled by every registered dealer and Form GSTR 9A will be filled by every Composition Dealer.

Practical Aspects of GST Annual Return : Things to be kept in mind while filing GSTR 9

When is GST Audit Required

Every registered person whose turnover during a financial year exceeds 2 Crores shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts & reconciliation statement i.e. Form GSTR 9C.

Please note that the words used here are turnover, and not taxable turnover. So even if your taxable turnover is less than 2 Cr, you still might need a GST Audit.]

Filing GST Annual Return if GST registration has been cancelled

Do I need to file GSTR 9 or GST Annual Return if my GST registration has been cancelled and I have Cancellation Certificate for same

Yes, Even if the GST Registration was cancelled during the year, you need to file GSTR 9 or GST Annual Return for the same.

Concept of Nil Annual Return

Since there is no threshold limit for annual return every registered person is required to file it, Even if he is having nil turnover during the year.

Whether annual return is to be filed GSTIN wise or entity wise

As per section 44(1) of CGST Act, every registered person is required to file annual return. Thus, each GSTIN will have to file separate annual return.

Situation where 2 Annual Returns will be filed in GST!

A Person has been registered partly under composition Scheme and then for balance period under regular scheme during GST Regime. Which GST Return he will file

The Answer for this is that the person will file 2 Annual Returns of GST.

A Registered person who has opted in or opted out of composition is required to file both GSTR 9 & GSTR 9A for the relevant periods.

Compulsory Filling of all GSTR-3B & GSTR-1 

It is mandatory to file all your FORM GSTR-1 and FORM GSTR-3B for the FY 2017-18 before filing this return. The details for the period between July 2017 to March 2018 are to be provided in this return.

Declaration of additional liability or claiming Unclaimed ITC through GST Annual Return

It may be noted that additional liability for the FY 2017-18 not declared in FORM GSTR-1 and FORM GSTR-3B may be declared in this return. [For this we need to file form GST DRC-3 separately] However, taxpayers cannot claim input tax credit unclaimed during FY 2017-18 through this return.

Late Fees for Filing GST Annual Return

For failure to furnish Annual returns by due date, late fee of Rs. One hundred for every day during which such failure continues subject to a maximum of an amount calculated at a quarter percent [0.25%] of his turnover in a state, will be levied.

GST Annual Return once filed cannot be Revised!

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