GSTR 9 meaning is a GST annual return form which shall be filed by every registered taxpayer in every financial year after the introduction of the GST regime. Here, you will learn all about GSTR 9. The GSTR 9 forms include all the consolidated summary carried out by any taxpayer monthly or quarterly. The summary includes basically all the information of the ITC declared, outward and inward supplies particularly.

Who Shall or Who Shall Not File GSTR 9?

As discussed earlier GSTR 9 must be filed by all the regular taxpayer as per the GST Act. But there are some exemptions who may not have to file GSTR 9. The list includes:

• The person who is a casual taxpayer this falls under "Casual Taxable Person" category.
• A person who is not the resident of India or "Non-Resident Taxable Person."
• The person who is responsible for tax deduction at source.
• Any person who is providing input tax credit.
• Any e-commerce website or portal collecting TCS.

Types of GST Return Forms (Excluding GSTR 9)

Apart from GSTR 9 forms, there are also other forms available which has different eligibility criteria. Let us toss some light over these types of GST Return forms:

• GSTR 9A - This form has to be filed by the taxpayers who come under the composition scheme
• GSTR 9B - Any e-commerce company who has filed GSTR 8 in the financial year needs to file GSTR 9B as their annual return under GSTR9.
• GSTR 9C - Any taxpayers whose turnover exceeds the threshold limit of 2 crore INR needs to file GSTR 9C along with their annual return GST. These company accounts shall also be audited by authorized personnel and copies of all the audited accounts with the GSTR 9C form.

Note: Due date to file GSTR-9/GSTR-9A and GSTR-9C for FY 2018-19 is extended to 31 December 2020.

Ḍue Date of GSTR 9 Form

The last date of submission the GSTR 9 form is 31st December from the subsequent financial year. For instance, if the financial year is 2017-18 then, the due date of filing the GSTR 9 form will be 31st December 2018.

Penalties for Late Filing GSTR 9 Form

Every taxpayer shall submit the GSTR 9 form within the prescribed time limit. In case if he fails to comply with that then there is a considerable GSTR 9 penalty amount that will amount to 200 INR per day. This late fee includes CGST 100 INR per day and SGST 100 INR per day, there is no late fee payment on IGST. The amount of penalty will not exceed the amount of quarter turnover of the taxpayer.

The Format of GSTR 9 Form

See below the GSTR 9 Format:

GSTR 9 Form can be divided into six major parts. Let us discuss them

1. Basic Details

Very first part of the GSTR 9 form includes the basic details about the taxpayer which will already be filled.

2. Inward and Outward Supply Details

This part of the form includes the details regarding the inward and outward supply in that particular financial year of the taxpayer. These details will be in the summarized form containing all the information of FY.

3. Details of ITC

In this column, the taxpayer needs to furnish the details ITC that was declared in the financial year by him along with the details of ineligible and reversed ITC if any. The details must be consolidated for the whole FY.

4. Details of Tax Paid

This section consists the details of the tax paid by the taxpayer under the GST Act during his applicable financial year. Further, to mention the details in this section GSTR3B form can also be used by the taxpayer.

5. Particulars of Transaction

Every taxpayer need to furnish the details about each and every transactions but there is a condition and that is

•   Transaction declared in the returns of April to September of the current financial year or

Up to the date of filing the GSTR 9 annual return of the previous financial year; whichever is earlier.

6. Other Details

In this section of the GSTR 9 form, the taxpayer needs to furnish details about different things. The details compromise of following details

• GST Refund and demand details as asked by the government.
• Late fees paid or payable
• Particulars of Inward supplies from the composition scheme taxpayer
• Consolidated details of inward and outward supplies which shall be HSN wise.
  
• Mandatory for businesses with a certain turnover for Goods and Services Tax compliance
  

  Goods and Services Tax (GST) is a comprehensive indirect tax system implemented in many countries, including India, to streamline the taxation structure. Under GST, businesses with a specified turnover are required to register for the tax to ensure compliance. This article explores the significance of GST registration, its eligibility criteria, the benefits it offers to businesses, and the process involved. By understanding the importance of GST registration, businesses can navigate the taxation landscape more effectively and contribute to the country's economic growth.

  1. Overview of Goods and Services Tax

  GST is a destination-based tax system that subsumes various indirect taxes like central excise duty, service tax, and value-added tax (VAT). Its primary objective is to simplify the tax structure, promote ease of doing business, and eliminate cascading effects. GST is levied at every stage of the supply chain, from manufacturing to the final sale of goods or services. It operates on a dual model, involving both the central and state governments, and is categorized into Central GST (CGST) and State GST (SGST) or Union Territory GST (UTGST), depending on the intra or interstate transactions.

  2. Mandatory GST Registration

  GST registration is compulsory for businesses meeting certain turnover thresholds as mandated by the government. The Goods and Services Tax Act, 2017, outlines the criteria for mandatory registration. Currently, businesses with an annual turnover exceeding INR 40 lakhs (INR 10 lakhs for special category states) are required to register for GST. Additionally, certain businesses, irrespective of their turnover, are also mandated to obtain GST registration, such as those engaged in inter-state supply of goods or services, e-commerce operators, and businesses liable to deduct tax at source (TDS/TCS).

  3. Benefits of GST Registration

  GST registration offers several benefits to businesses, enabling them to operate smoothly within the legal framework. Firstly, it provides a unique Goods and Services Tax Identification Number (GSTIN), which acts as an identification code for businesses. GSTIN facilitates seamless inter-state trade, simplifies documentation, and enhances credibility in the market. Secondly, registered businesses can avail themselves of input tax credit (ITC) on their purchases, thereby reducing the overall tax liability. This encourages businesses to maintain proper records and helps prevent tax evasion. Moreover, GST registration enables businesses to participate in online platforms and expand their customer base by catering to national and international markets.

  4. Process of GST Registration

  The process of GST registration involves several steps that businesses need to follow to comply with the tax regulations. Firstly, businesses are required to submit an online application through the GST Common Portal (www.gst.gov.in) or a facilitation center authorized by the government. The application must include various details such as the legal name of the business, PAN (Permanent Account Number), address of the principal place of business, and authorized signatory information. Once the application is submitted, a unique application reference number (ARN) is generated, which can be used to track the status of the registration.

  Upon verification of the application and the provided documents, the concerned tax officer may seek additional information or clarification if required. Once satisfied, the officer will issue the GST certificate, indicating successful registration. The certificate contains the GSTIN, effective date of registration, and other relevant information. Businesses are then required to display the GST certificate at their principal place of business.

  
  
  Created & Posted by  (Kartar)
  

  Accountant at TAXAJ

  
  

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