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Annual Return – GSTR-9

Every registered taxable person is required to furnish an annual return under GST law, electronically in FORM GSTR-9 through the Common GST Portal. Likewise, a taxable person registered as a composition dealer shall furnish the annual return in FORM GSTR-9A.

GST law also states that every registered taxable person whose aggregate turnover during a financial year exceeds one crore rupees shall get his accounts audited. Such businesses shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9B, electronically through the Common Portal. GSTR-9 needs to be furnished by 31st December of next financial year.

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Below we have provided various heads under which information needs to be furnished:

  • GSTIN – Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). A format of proposed GSTIN has been shown in the image below. GSTIN of the taxpayer will be auto-populated at the time of return filing.

    Format of GSTIN
    Format of GSTIN

 

  • Name of Taxable Person– Name of the taxpayer, will also be auto-populated at the time of logging into the common GST Portal.

 

  • Whether Liable to Statutory Audit – This head needs to be marked as applicable if the turnover exceeds Rs. 1 crore in the financial year for which annual return is being filed.

 

  • Auditors – In case the turnover of the registered business exceeds the threshold limit for audit, the taxpayer needs to provide the details of the appointed auditor who has audited the records furnished by the taxpayer.

 

  • Details of Expenditure
    Under the following heads, the taxpayer needs to furnish information of purchase of goods and services. Information needs to be bifurcated between goods and services along with HSN and SAC code respectively and the taxable value.
    Total value of purchases on which ITC availed (inter-State)
    Total value of purchases on which ITC availed (intra-State)
    Total value of purchases on which ITC availed (Imports)
Details of Expenditure in GSTR-9
Details of Expenditure in GSTR-9
  • Details of Income
    All the supplies made in a tax year needs to be reported under the following heads, differentiating between goods and services.
    Total value of supplies on which GST paid (inter-State Supplies)
    Total value of supplies on which GST Paid (intra-State Supplies)
    Total value of supplies on which GST Paid (Exports)
    Total value of supplies on which no GST Paid (Exports)
    Value of Other Supplies on which no GST paid
    Purchase Returns
    Other Income (Income other than from supplies)
Details of Income under GSTR-9
Details of Income under GSTR-9
  • Return Reconciliation Statement – Once all the information is furnished, 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 and/or penalty if any.

 

  • Other – Any other amount payable will get auto-populated here. This may include arrears or any liability as a result of the assessment.

 

  • Profit as per the Profit and Loss Statement – Every registered taxpayer needs to report a breakup of gross profit, profit after tax and net profit under this head for the tax year for which return is filed.

Once all the particulars are furnished correctly, the taxpayer is required to sign digitally either through a digital signature certificate (DSC) or Aadhar based signature verification to authenticate the return.
To discover more about Goods and Services Tax, Click Here.

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