How to File GST Annual Return for 2021

India began using it on July 1st, 2017. Under the new GST regime, over 1.3 crore firms in India have received registrations and GST numbers. According to the specified GST return due date, the organizations registered for GST must submit annual returns.

Regardless of the company activity, sales, or profitability during the return filing period, filing an annual GST return is compulsory for all organizations having a turnover of more than two crores that must obtain a GST registration. So, even a dormant company that registers for GST is required to file GST filings.

What is GSTR 9: Annual Return Filing?

The annual return that GST-registered taxpayers must submit each year is GSTR 9.

The taxpayers who are GST-registered must submit GSTR 9 once a year. It includes information about the outgoing and incoming supplies made throughout the relevant financial year.

All GSTR-1, GSTR-3B, or GSTR 4 returns must be submitted before GSTR 9 can be filed. The owner of a GSTR registration who has unpaid debts will not be permitted to submit a GST annual return.

GSTR 9 contains information about the outgoing and incoming supplies that were made or received during the applicable financial year under CGST, SGST, and IGST. It is a compilation of every monthly or quarterly return submitted throughout that year.

Who should file GSTR 9?

The GSTR 9 must be submitted by all GST-registered taxpayers and taxable individuals. The following, however, are NOT necessary to file GSTR 9:

• Taxpayers opting composition scheme (They must file GSTR-9A)
• Casual Taxable Person
• Input service distributors
• Non-resident taxable persons
• Persons paying TDS under section 51 of CGST Act.

GST Annual Return Due Date

Based on the current scenario, the deadline for submitting Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for the fiscal year 2019–2020 has been extended until March 31, 2021.The government has also made the decision to make some of the fields on these forms optional in order to make them simpler.

What details are required to be filled in the GSTR-9?

There are six parts and 19 sections in all in the GSTR-9. The information requested in each section can be found easily in previously filed returns and books of accounts.

This form requests disclosure of annual sales, separating cases that are subject to tax from those that are not.

It is required to disclose the annual value of the inbound supply and the ITC received thereon.

Additionally, these purchases need to be categorized as capital goods, input services, and inputs. Information on ITCs that must be reversed because of ineligibility must be entered.

GST Annual Return Types

GST annual return filing can be divided into three types based on the form to be filed as under:

GSTR 9

The entities exceeding a turnover of 2 crores are required to file GST annual return in form GSTR-9.

GSTR-9A

Registered taxpayers who have opted for the GST Composition scheme are required to file GSTR-9A.

GSTR-9C

The taxpayers' reconciliation statement for a specific fiscal year is filed using Form GSTR-9C. This document serves as a statement of reconciliation between the data in the taxpayers' audited financial statements and the annual returns in GSTR-9.

GSTR 9C is applicable to taxpayers who must have an annual audit of their financial records. A CA or Cost accountant is required to produce and certify GSTR 9C. A person with a GST registration who has an annual aggregate turnover of more than two crores in a given financial year is subject to a GST audit.

Who should file GSTR-9A?

GSTR-9A must be filed by any GST-registered taxpayer who has chosen the composition scheme under the GST Act. The GSTR-9A document contains all the data that the taxpayer has provided in their quarterly returns for a given fiscal year.

Eligibility

Every registered GST taxpayer who is subject to the composition levy scheme is required to submit GSTR-9A. However, the following people are exempt from filing GSTR-9A:

1. Input Service Distributor
2. Non-resident taxable individuals
3. Individuals who pay Tax deducted at sources (TDS) under Section 51 of the Income Tax Act.
4. Casual Taxable Individuals
5. E-commerce operators who pay Tax collected at source (TCS) under Section 52 of the Income Tax Act.

Who should file GSTR-9C?

The reconciliation statement of taxpayers about a specific financial year is filed using Form GSTR 9C. The document is a declaration of reconciliation between the numbers in the taxpayer's audited financial statements and the annual returns in GSTR-9. Due to this, this CA-certified form needs to be submitted alongside the GSTR-9 Annual Returns and the Audited Financial Statements. Either a Facilitation Center or the GST site can be used to fulfill the obligation. The use and necessity of the form are discussed in this article.

Eligibility

Taxpayers who must have their accounts subjected to an annual GST audit must use GSTR 9C. A cost accountant or chartered accountant must prepare it and certify it.