The Government of India introduced GST in an effort to facilitate the payment of indirect taxes and to reduce its inconvenience. GST collection in February 20121 stands Rs. 1,13,143 crores.
Given the importance of this tax system, it was convenient to register it through the GST portal. As a mandatory part of this GST compliance, individuals must have a thorough idea of the annual filing on the terms of GSTR-9. This compilation statement covers all business transactions throughout the year – aggregating all information given in a particular year’s quarterly or monthly return.
It includes details –
- Supplied.
- Supply received.
Under various types of GST in India throughout the year – IGST, CGST, and SGST. Considering that the tax form deals with all annual transactions, the complexity of it is obvious. Subsequently, two factors need special attention in this regard – the process of registration through the GST portal and its important guidelines.
Step by Step Procedure
Considering that a large number of taxpayers are required to file a GSTR9 annual return, there is a detailed step as per the step explanation –
Step 1: Make a GST Login and navigate to the GSTR-9 portal.
Step 2: Answer the questionnaire that you can choose – annual return with zero or data.
Step 3: Provide necessary details for the financial year in various tables.
Step 4: Preview the draft of GSTR-9 in PDF format or in an Excel sheet.
Step 5: Calculate liability and late fees.
Step 6: File GSTR-9.
Considering that you are familiar with the steps of filing your GST return online, you need to know a little more.
Guidelines for GSTR9 Filing
Appearance or details
Filing a GSTR-9 return is a convenient matter, but you need to know all the details and details about it. With prior information, applicants can start filing by hand with the following documents –
Part 1: Required Information.
Part 2: Inbound and Outbound Supplies
Part 3: Input Tax Credit
Part:: Details of tax paid.
Part:: Transactions of the previous financial year.
Part 6: Other information.
Due date
Due to stratified complications in GSTR-in, only 20% of traders have been able to fill up this form despite a delay of 20 months from the original date. Reflecting on the hurdles faced by the applicants, the GSTR9 due date has been postponed from 31st August 2019 to 30th November 2019.
Type
Depending on the business turnover category, there are several types of GSTR-9 –
- GSTR-9 – For registered persons classified in the regular scheme.
- GSTR-9A – For persons registered under Rachna Yojana.
- GSTR-9B – For e-commerce operators who have filed GSTR-8 for the current financial year.
- GSTR-C C – A reconciliation form that needs to be certified by CA / CMA with a registration of more than Rs. 2 crores per annum.
Eligibility
All registered persons under SGST and CGST Act are required to file GST-9 through GST portal –
- Individual deduction TDS
- TCS collectors.
- Relevant taxable person.
- Input service distributor.
Penalty for delay or omission of filing
Due to complications in GSTR-9, GSTR9 due date has been postponed; The penalty is proved –
In case of delay –
For Section 47 (2) of CGST Act 2017
- General penalty up to Rs. 25,000 / – as per Section 125 of CGST Act 2017.
- 100 per day.
- O.25% business turnover
Or, if it attracts both CGST and SGST law
- O.25% business turnover
- 200 per day.
If not filed –
General fine up to Rs 25,000 (Section 125 of CGST Act 2017.) Give instructions under Section 46 for immediate filing.
Many changes are being made to the GSTR-9 form, but individuals need to follow suit.
Entrepreneurs may also have paperwork that consolidates all their business transactions in a fiscal year, while the document is used as specific evidence to obtain financial assistance.
