All type of businesses registered under regular GST or composition scheme GSTmust pay GST for the financial year. This is also regarded as annual return filling. This one is comprised for periodic and annual returns. The periodic returns can be done monthly or quarterly for reporting transaction details. Annual returns can be performed by using quarterly returns filed in the financial return. In this article, people can read about annual return filing, format and eligibility,and rules for GSTR 9.
It is an annual return that to be filed every year by the tax payer. You must understand important rules and format for filing such return. The tax payers who have GST registration must file the return. On the other hand, it is suitable for registered tax payers under the composition levy scheme. It contains information about supplies in different tax.
Initial Due Date for filing the GSTR 9 return is by December 31 following the close of financial year. So, for current finical year 2018-19 the GSTR 9/GSTR 9A due date as of now is 31 December 2019.
You can read the important details asked in the form for filing the return.
Details present in the format:
It is an important consideration for tax payers when making the decision to file the annual return. The form contains basic information needed for return. You can look at the details like
• The form contains essentials details of tax payers like name, address, and other
• Details about the supplies
• Details of tax paid as confirmed in annual returns file during the year
• The tax payers must know information regarding tax amendment and omission entries in the previous year as well as a present year in the form
• The tax payers important information about GST demands and refunds, late fees and so on that mandatory for filing return.
The format of GSTR 9 / GSTR 9A:
The format of the annual return form is very simple and easy for those file returns in an easy manner. According to the GST rules, different kinds of forms can be prescribed for different returns which beneficial for tax payers. It is comprised of two different parts. The first part contains essential details of tax payer and needs to fill a financial year, identification number, legal name, and business name. In the second part, you must have to fill supplies made and received in the financial year. In other parts, you have to mention tax paid detailsas per tax slabs and transaction done in the financial year.
You can easily generate GSTR 9 report for your business with DigiBill App free for small businesses.
Rules and eligibility:
Every business must pay the GST return and also liable for annual return filing. The tax payer who manages GST registration should file the return. GSTR 9 / GSTR 9A is not required for persons like,
• Non-resident taxable persons
• A person pays TDS under GST act
• Casual taxable person
• Input service distributor
So, the annual return can be filed within the due date of the subsequent year.