October 05, 2021
GSTR 9 is a GST annual return to be filed annually by taxpayers registered under GST ‘ It is also an annual summary of outward supplies, inward supplies, tax liability, and ITC during a financial year.
GSTR 9 is a GST annual return statement that has to be filed by a taxpayer once a year. The statement contains the details regarding all supplies made received under various sections (CGST, SGST, and IGST ) in the course of a year in addition to the turnover and audit details for that.
The tax regime has introduced a GSTR9 C audit form, which is to be filed annually and of a turnover of more than 2 crores. It is literally a reconciliation statement between the annual returns filed in GSTR9 and the audited financial statements of the taxpayer.
All taxpayers registered under GST should file GSTR 9 as per GST rules.
The due date for filing GSTR 9 is before the 31st of December of the following year. Unless you file GSTR9 within the due date the late fee of 100 Rs per day has to be paid as per the GST act. It means Rs 100 under CGST and Rs 100 under SGST would be applicable in case of delay. Thus the total liability is Rs 200 per day in case of default. That is subject to a maximum of 0.25% of the taxpayer’s turnover in the state or union territory. There is no late fee on IGST now.
GSTR 9 is divided into 6 parts and 19 sections. Each part requires the details that are available from your earlier returns and account books.