1. What is GSTR-9?*
GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGSTand IGST. It consolidates the information furnished in the monthly/quarterly returns during the year.
2.Who should file GSTR-9 ?
Persons paying TDS under section 51 of GST Act.
3. What are different types of return under GSTR-9 ?
GSTR 9C – GSTR 9C should be filed by the taxpayers whose annual turnover exceeds Rs 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C.
4. When is GSTR-9 due ?
For instance for FY 2017-18, the due date for filing GSTR 9 is 31st December, 2018.
5. What is the Penalty for the late filing of GSTR-9 return ?
Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, total penalty is Rs 200 per day of default. There is no late fee on IGST.
6. Details to be provided in GSTR-9
g) Other Income (Income other than from supplies) : Any other income earned during the year other than supplies mentioned in above points should be mentioned here.
7. Return Reconciliation Statement
After furnishing all the information, the system will auto-reconcile the transactions and will determine tax liability payable against the tax actually paid. The system will also populate the amount of tax difference, interest, penalty if any.
If there is any other payable the same will be auto-populated here. It may include arrears or any liability because of the assessment.
9. Profit as per the Profit and Loss Statement