If you’re a business owner or someone involved in taxation, this blog post is just for you. In this comprehensive guide, we will walk you through the ins and outs of GSTR 9 meaning and format to who needs to file it, and when.
What is GSTR 9?
Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including Special Economic Zone units and developers. The taxpayers are expected to submit data of purchases, sales, input tax credit or refund claimed or demand created etc. in this return.
Some pre-conditions for GSTR9 filing are:
- Taxpayer must have active GSTIN during the relevant financial year as a normal/regular taxpayer even for a single day.
- Taxpayer has filed all applicable returns i.e. Form GSTR-1/IFF and Form GSTR-3B of the relevant financial year before filing the Annual Return.
The Different Parts of GSTR 9
GSTR 9 format is not just a single form; it comprises several parts that provide an in-depth overview of your annual GST transactions. Let’s delve into the different sections and understand their significance.
Part I: Basic Details
In this section, you need to fill in your financial year, GSTIN, legal name, trade name (if any), and the period for which you are filing GSTR 9.
Part II: Outward and Inward Supplies
Here, you must furnish details about all your outward supplies made during the financial year under different tax heads. Additionally, information regarding inward supplies on which reverse charge was applicable needs to be provided.
Part III: Input Tax Credit (ITC)
This part requires you to report the input tax credit availed during the financial year. You should divide it into inputs/input services/capital goods separately as per the relevant tables.
Part IV: Liability Declared and Paid
Here, you need to disclose details of GST payable on outward supplies mentioned in Part II along with any interest or late fee paid during the year.
Who Needs to File GSTR 9?
Who is required to file GSTR 9? This is a frequently asked query in relation to the annual GST return. The answer is simple: Each taxpayer who has registered for the Goods and Services Tax (GST) system is required to submit GSTR 9. Regardless of whether you are an individual, a firm, or a company, you must submit this form if you are liable to the GST.
Common taxpayers are not the only ones who must file GSTR 9. Everyone, including those who canceled their GST registration during the fiscal year, is required to submit this return. There are a number of exemptions to the eligibility requirements, though. GSTR 9 submission is not required for composition plan taxpayers and small businesses with income under Rs. 2 crore.
When is the Deadline to File GSTR 9?
Depending on the financial year for which it must be filed, the GSTR 9 filing date varies. In most cases, taxpayers must file their yearly GST return by December 31 of the succeeding fiscal year. For instance, if you need to file for the fiscal year 2020–2021, you have until December 31, 2021.
How to File GSTR 9
Although GSTR 9 filing can seem like a difficult task, with a suitable strategy, it can be a simple and straightforward process. The following steps will assist you in the process:
- Gather all the required paperwork: Before starting to file your GSTR 9, make sure you have all the appropriate paperwork ready. This comprises any documents necessary for the annual return, such as invoices, sales and purchase records, and other information.
- Carefully review and reconcile the data: Following the collection of all the papers, ensure your records are accurate and free of inconsistences.
- in the Particulars of GSTR 9: The third step is to fill out the GSTR 9 specifics in accordance with the GSTN (Goods and Services Tax Network) guidelines. In each section, be sure to include facts.
- Confirm the information and submit: After providing all necessary information, take a minute to double-check everything before submitting it online using the GST portal.
It is important for businesses to understand and submit the GSTR 9 yearly in order to comply with tax laws. This thorough return offers an analysis of every transaction completed throughout the fiscal year. Use CaptainBiz, a GST billing software that simplifies the process. It provides effective digital billing dashboards that assure no factual problems in the GSTR 9 filing process. Keep your filing always accurate and on time with CaptainBiz.