GSTR-9 is a document introduced by the government that has to be filed annually by the tax-payers who all are registered. The total turnover of your business should be greater than 20 lakh rupees to file GSTR-9. It is an atonement statement between the annual return filed in GSTR-9 and the audited financial statements of the taxpayer. It contains the compiled details of SGST, CGST, IGST paid in the year. In this article, here, will give you a brief explanation of GSTR-9 and a step-by-step guide to filing GSTR-9. Our tax consultants in Chennai make it easy for you through the following steps.
There are four types of GST annual returns under the GST law. Let us see the four types in detail:
- GSTR 9 is a regular type that must be filed by ordinary registered taxpayers who file GSTR 1 and GSTR 3B.
- GSTR 9A is a composition scheme which must be filed by registered composite dealers.
- GSTR-9B- The third type is for the E-commerce dealers who collect tax at source and have filed GSTR 8 for the financial year.
- GSTR 9C is an audit firm for the taxpayers whose total turnover exceeds RS. 2 crores in a year.
Who falls under GSTR-9?
- A person whose combined turnover is greater than Rs. 20 lakhs. Earlier, it was mandatory for all.
- Registered taxpayers with 15 digit GSTIN with linked PAN to it.
- Those who have UIN- Unique Identification Number and Non- Resident taxpayers are excluded from filing GSTR 9.
- All the invoices of your transactions held for the entire year including inter-state and state-to-state transactions, business-to-consumer and business-to-business transactions with exempted items, non-GST supplies between your business locations located across different states.
Steps to File GSTR-9:
There are 6 different parts, in each part, you have to enter the required details in different fields.
Part 1 asks you only for four basic details such as financial year, GSTIN, legal name and trade name.
This part has two different sections to collect information about the transaction details both inward and outward supplies. The sections are named as 4 and 5, which is for taxable and non-taxable:
In section-4, it is required to fill details of advances, purchases, sales, supplies on which tax is payable.
In section 5, it is required to fill details of sales supplies for which tax is not payable, outward supplies on which tax is to be paid on a reverse charge, exempt supplies, nil rated supplies and non-GST supplies.
This part will break into 3 sections; 6A,7A,8A. This part is about all input tax credit used and reversed in the financial year.
- ITC availed as declared in the returns filed(6A to 6O): In this section, ITC availed through Form GSTR-3B will be auto-captured and you are required furnish the ITC availed on different nature of Inward supplies such as B2B, B2C, Imports, etc. with a break-up of Inputs, Input services, and capital goods. Ideally, there should not be any difference between the ITC claimed in GSTR-3B and the details declared in this section. This section will also include the transition credit availed through Tran-1 and Tran-2.
- ITC reversed and ineligible ITC (7A to 7H): Here, you need to furnish the details of ITC reversed owing to various reasons such as used in making exempt supplies, non-business use, etc. Also, the ineligible ITC is declared in the Form GSTR-3B.
- Other ITC related Information (8A to 8J): In this section, the ITC as perform GSTR-2A will be auto-populated and you have to give the details of ITC availed on B2B inward supplies, ITC reclaimed and ITC availed after March’18 for inward supplies received from July –March’18. You also need to declare the details of ITC available but not availed, ITC available but not ineligible, IGST credit on import of goods, etc.
It is the part of the annual return, the actual tax paid as returns filed during the previous year needs to be captured. Tax-wise break-up of tax payable, tax paid in form of cash and paid through ITC should be furnished.
In this part, we have to file the details of transactions related to the previous financial year but declared in the returns of April to September of the current financial year or the annual return of the previous year, the latest one is recommended.
In part 6, the following details should be furnished:
- This requires the details of refunds and demands. The details of refund claimed, refund sanctioned, refund applied, refund pending, refund rejected and the demands pending.
- Details of late fees. This include fee yet to be paid as well.
- HSN summary of both inward and outward supplies.
- Supplies received from composition dealers, goods sent on approval and deemed supplies.
Based on the following steps, the GST registration in Chennai can be easily carried out.