Why do we need to file annual return GSTR-9?

It is an obvious rule that each taxpayer in India needs to outfit an annual record for his taxable exchange to the legislature. This is done as the annual tax return. We as a whole realize this is valid on account of pay tax return. Be that as it may, with the presentation of the new indirect tax regime, the legislature has additionally mandated the need to satisfy the annual GST return filing procedure. This is finished by filing the annual GST return-FORM GSTR-9.

#1. What is about GSTR 9? 

·        The FORM GSTR-9 is an annual return, which is to be documented each year by the taxpayers having the GST registration, including the individuals who have the GST registration under arrangement collect plan.

·    GSTR-9 contains the insights with respect to the provisions made and got amid the year under the 3 tax heads-CGST, SGST and IGST.

·    It joins the points of interest outfitted in the month to month and quarterly returns amid the year.

#2. Who will file the GSTR 9?

Every one of the people having GST registration is required to satisfy the annual GST return filing procedure. This implies every single traditional taxpayer who is required to file the GSTR 1 and GSTR 3 are required to record GSTR-9 also. 

Be that as it may, the accompanying people shouldn't record the FORM GSTR 9:

• Easygoing Taxable Person
• Information service merchants
• Non-inhabitant taxable people
• People paying TDS u/s 51 of the CGST Act 2017 (tax deductees).

#3. What is the Due date for filing the GSTR-9? 

The FORM GSTR-9 will be recorded at the very latest 31st of December of the ensuing budgetary year. As needs are, the due date for filing GSTR 9 for FY 2017-18 is 31st December 2018.

#4. What is the Penalty for the late filing of GSTR-9 return?

• Late charges for not filing the GSTR 9 inside the due date are ₹100/- every day.
• The most extreme punishment in the event recently GSTR 9 filing is the quarter percent (0.25%) of the taxpayer's turnover.
•  Furthermore, the late expense is charged @ ₹100/ - under CGST and ₹100/ - under SGST. In this manner, the aggregate punishment is ₹200/ - every day till such default proceeds.

There is no late expense on IGST.

#5. What are diverse kinds of annual return GSTR-9?

There are essentially 4 kinds of return under GSTR 9:

•  GSTR 9-This is to be documented by the customary taxpayers having GST registration and who record GSTR-1 and GSTR-3B.
•  GSTR 9A-This is to be documented by the people having GST registration under synthesis conspire.
• GSTR 9B: GSTR 9B is to be documented by the web-based business administrators who have recorded FORM GSTR 8. 
• GSTR 9C: GSTR 9C must be documented by the taxpayers having an annual turnover above ₹2crores amid the money related year. Every such taxpayer is appropriate for a GST tax audit.
• They have to record a duplicate of all the inspected annual accounts and GST reconciliation statement alongside GSTR 9C. 

It is highly motivated to conveniently complete the annual GST return filing procedure to evade a powerful punishment.

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Created on Nov 20th 2018 07:17. Viewed 580 times.

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