GST Annual Return

GST Annual Return

Section 44 of GST Act, 2017 directs all registered taxable person except an Input Service Distributor, a person paying tax under section 51 of GST Act or section 52 of GST Act, a casual taxable person and a non-resident taxable person to file an annual return.

However, the different type of Form has been specified for the different category of taxpayers:

1. Form GSTR-9: This form is applicable for all registered taxable person subject to exclusion through online mode.
2. Form GSTR-9A: This form is applicable for the person registered under composition scheme,
3. Form GSTR-9B: This form is required to be furnished by every electronic commerce operator who collects tax at source under section 52.
4. Form GSTR-9C: This form is required to be filed by every registered person whose aggregate turnover during the financial year exceeds five crore rupees. This is an additional form filed after filing of GST-9 since most of the information captured in the GSTR-9C is taken from filed Form GSTR-9. This form shall be self-certified by the person authorised to furnish the annual return from FY 2020-21.

Information furnished in the Annual Return

Annual Return is also not a document wherein new information can be furnished. Instead, FORM GSTR-9 only captures the information already furnished through the return in FORM GSTR-1 or statement in FORM GSTR-3B and presents it respective worksheets of the applicable form. In other way, it simply put the information in order for consideration by the tax administration.

GSTR-9 is partitioned into VI parts consisting 19 worksheets. Each of the worksheet is not required to be filled unless it is applicable.

1. Particular of taxpayers
2. Details of Outward and inward supplies made during the financial year
3. Details of ITC for the financial year
4. Details of tax paid as declared in return filed during the financial year
5.  Particulars of the transactions for the financial year declared in the returns of the next financial year till the specified period
6. Other Information

Due Date, Interest, Late Fees and Penalty

The due date for filing of annual return is on or before 31^st December following the end of the financial year for which return is to be filed. However, there is no restriction on filing return belatedly but filing of belated annual return may have its own consequences.

In case any tax liability arise while filing Form GSTR-9; Interest @ 18% shall be calculated and deposited through FORM DRC-03.

The late fee prescribed for ‘Annual Return’ under section 47 applies to belated filing of FORM GSTR-9 and 9A at the rate of `100 per day subject to a maximum of a quarter percentage of turnover in respective state or UT. It is important to note that late fee under the CGST Act would be in addition to the late fee under the mirror provision under the SGST Act / UTGST Act. Therefore, the late fee would be ` 100 + ` 100 per day subject to a maximum of 0.25% + 0.25% of turnover in State.

Section 125- General penalty

There is no specific penalty provided under the law but any person, who contravenes any of the provisions of this Act or any rules made thereunder for which no penalty is separately provided in GST Act, shall be liable to a penalty which may extend to twenty-five thousand rupees.

Revision of Annual Return:

Annual return once filed cannot be revised.