GST Annual Filling

Who should file GST Returns?

Under the GST regime, regular businesses having more than Rs.5 crore as annual aggregate turnover (and taxpayers who have not opted for the QRMP scheme) have to file two monthly returns and one annual return. This amounts to 25 returns each year.

Taxpayers with a turnover of up to Rs.5 crore have the option to file returns under the QRMP scheme. The number of GSTR filings for QRMP filers is 9 each year, which include 4 GSTR-1 and GSTR-3B returns each and an annual return. Note that QRMP filers have to pay tax on a monthly basis even though they are filing returns quarterly.

There are also separate statements/returns required to be filed in special cases such as composition dealers where the number of GSTR filings is 5 each year (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4).

Who should file GSTR-9, the annual return?

The taxpayers/taxable persons registered under GST must file their GSTR 9. However, the following are NOT required 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.

GSTR-9 filing for businesses with turnover up to Rs 2 crore made optional for FY 17-18 onwards.

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

Broadly, this form asks for disclosure of annual sales, bifurcating it between the cases that are subject to tax and not subject to tax.
On the purchase side, the annual value of inward supplies and ITC availed thereon is to be revealed.
Furthermore, these purchases have to be classified as inputs, input services, and capital goods. Details of ITC that needs to be reversed due to ineligibility are to be entered.

FAQ's

1. What returns will be filed?

GSTR-3B and GSTR-1 for regular taxpayers registered under GST. For composition dealers we will help in filing CMP-08.GSTR-4.

2. What is expected form the client’s side?

Client will only be responsible for providing the information or documents required preparing your GST return.

3. What are the eligibility criteria to file a “NIL” GSTR-9 return?

• No outward supply.
• No receipt of goods/services.
• No other liability to report.
• Not claimed any credit.
• No refund claimed.
• No demand order received.
• No late fees to be paid.