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GST Return is a document that contains details of income/sales and/or expenses which has to be filed by the taxpayer with the tax administrative authorities. The tax authorities use it to calculate net tax liability. All GSTR filings can be done online on the GST portal. In this article, we shall discuss filing GSTR 9 and also discuss some of the latest changes introduced.
It is an annual return that has to be filed by registered taxpayers under GST. It includes annual compilation of outward supplies, inward supplies, tax liability, and ITC availed in a financial year. It must be filed by December 31 of the year after the particular financial year.
The Central Board of Indirect Taxes exempts those registered taxpayers with an annual aggregate turnover of up to 2 crore rupees in a Financial Year 2020-21 from filing this return.
GSTR 9 must be mandatorily filed by those taxpayers who have an annual turnover of more than 2 crore rupees. All registered taxpayers should file GSTR 9 except the following:
Here we have provided complete checklist for filing GSTR 9 for FY 2020-21:
Taxpayers should collect all the tax invoices that were issued during the Financial Year 2020-21 for taxable as well as exempted supplies. Further, segregate the list of invoices, both B2B and B2C, for every GSTIN and ensure that the turnover specified in the audited financial statement is similar to the total number of sales specified in the tax invoice. Take note of the advances obtained during the same financial year.
All the return goods to your suppliers and received goods from your vendors that is the list of the credit debit notes issued in your book should match with the GSTR-1 and GSTR 3B.
The Reconciliation of invoices as well as e-way bill data for invoices issued and accounted and reported in GSTR 1 during the financial year 2020-21 is needed.
If you have different branches in India, then you are required to prepare a list of inter branch movements/stock transfers that took place in FY 2020-21 and reconcile it with the data in your GSTR.
Enlist the HSN wise Inward and Outward supplies, but it is optional for reporting in GSTR 9 for FY 2020-21.
Amendment entries that are related to FY 2020-21 has to be listed for reporting in table 10 and 11 of GST Annual Return.
Prepare the list of all purchases, input services bill, and ITC claimed in FY 2020-21, including up to September 2021 in FY 2020-21. Tables 6,7, and 8 should be filled duly, but tables 12 and 13 are optional.
All details of ITC claims under different heads should be prepared. The bifurcation is optional for FY 2020-21 in table 6 of GSTR 9.
The Central Board of Indirect Taxes notified changes to Section 35(5) and Section 44 of the CGST Act. Now the requirement to get GST audit and certification from CA/CMA is no longer required. Taxpayers with turnover of more than 5 crore rupees in the previous financial year should file Form GSTR 9C on a self-certification basis. Moreover, Form GSTR 9C would be modified to support self-certification by the taxpayer.
In case a registered person fails to furnish GSTR 9 by the due date, then such person would be liable to pay late fee of 200 rupees every day during which such a failure continues subject to a maximum amount calculated at a half per cent of his turnover in the state or UT. It may be noted that at the time of calculating maximum late fee, the turnover in state/ turnover in UT will be taken into consideration.
Registered taxpayers with annual aggregate turnover of up to 2 crore rupees in a Financial Year 2020-21 are exempted from filing GSTR 9, but it must be mandatorily filed by those taxpayers who have an annual turnover beyond 2 crore rupees.
Read our article:GST Reconciliation Statement Form GSTR 9C