Annual Return under GST Law

Annual Return under GST Law

The format of the Annual Return, as outlined in the GSTR-9 form, was a comprehensive document where transactions from previous years had to be reported. The discussion revolved around the annual return under the GST Law.

What was the annual return for GSTR-9?

GSTR 9 was an annual refund that had to be submitted yearly by taxpayers registered under GST. Key points discussed were:

Who had to file GSTR-9, the annual return?

All taxpayers registered under GST had to submit their GSTR 9. However, the following were exempt from filing GSTR 9:

What details were required to complete GSTR-9?

The GSTR-9 form was divided into 6 parts and 19 sections. Each section requested information readily available on pre-installed returns and account books.

Annual Return under GST Law if filed late:

Return filing was mandatory under GST. Even if no transactions were conducted, the return had to be filed. It was noted that:

Interest and Penalties as late fees:

Interest was charged at 18% per annum, calculated by the taxpayer on the remaining tax due. Late payment penalties were Rs. 100 per day per Act under CGST and SGST, totaling Rs. 200/day, with a maximum cap of Rs. 5,000. No separate late payments were specified under the IGST Act. However, for GSTR-1 and GSTR-3B, the late payment amount was reduced to Rs. 50/day (Rs. 20/day for Nil filing).

Types of Annual Return under GST Law:

Filing the annual GST return was categorized into three types based on the form to be filed:

What was the deadline for filing GSTR9?

According to the 37th GST Council Meeting, GSTR-9 for the 2018-2019 financial year had to be filed by November 30, 2019. The deadline for submission was no later than December 31 of the following year. For instance, if filing GSTR-9 for 2019, it had to be filed by December 31, 2020.

Legal provisions for filing GST Annual Return:

Legal provisions concerning filing the annual return, known as GSTR-9, were governed by section 35 (5) and section 44 (1) of the CGST Act. It was required that:

Conclusion:

In conclusion, GSTR-9C applied to taxpayers necessitating an annual GST audit of their accounts, to be prepared and confirmed by a Chartered or Cost Accountant. Taxpayers with profits exceeding ₹ 5 crores had to submit a reconciliation statement in the form of GSTR-9C. However, a notice from the Central Board of Indirect Taxes and Customs (CBIC) amended the rules, allowing taxpayers with profits exceeding ₹ 5 crores to provide a self-certified reconciliation statement and annual return, instead of a certified statement from a CA.

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