GSTR-9 is the annual return under the Goods and Services Tax (GST) system in various countries. It’s a comprehensive return that provides a summary of the taxpayer’s outward and inward supplies for the entire financial year. Here’s an overview of GSTR-9:
Purpose: GSTR-9 is aimed at consolidating the details of all outward and inward supplies made by the taxpayer during the entire financial year. It provides a comprehensive view of the taxpayer’s transactions for the year, helping tax authorities in reconciliation, assessment, and audit purposes.
Frequency: GSTR-9 needs to be filed annually by all regular taxpayers registered under GST. It’s mandatory for all taxpayers, except those who have opted for the composition scheme (if applicable) or are Non-Resident Taxable Persons.
Information Required: The GSTR-9 return requires taxpayers to provide summarized details of the following for the entire financial year:
- Outward Supplies: Total taxable value and tax amount for outward supplies (sales) made during the year, categorized as inter-state and intra-state supplies.
- Inward Supplies: Total eligible input tax credit claimed for inward supplies (purchases) during the year, categorized as inter-state and intra-state supplies.
- Tax Liability: Calculation of the total tax liability for the year after adjusting the input tax credit claimed from the outward tax liability.
- HSN/SAC Summary: Summary of HSN (Harmonized System of Nomenclature) or SAC (Service Accounting Code) wise summary of outward and inward supplies.
- Late Fees: If there are any late fees due to delayed filing of previous returns, it should be declared in GSTR-9.
Due Date: The due date for filing GSTR-9 is usually December 31st of the following financial year. For example, the GSTR-9 for the financial year ending on March 31, 2024, is typically due on December 31, 2024.
Consequences of Non-compliance: Failure to file GSTR-9 or filing it late can attract penalties and interest under the GST law. It’s essential for taxpayers to ensure timely and accurate filing to avoid any adverse consequences.
Overall, GSTR-9 serves as an important mechanism for taxpayers to provide a comprehensive summary of their GST transactions for the entire financial year, facilitating compliance with GST regulations and enabling tax authorities to assess tax liabilities accurately.