12 Key Points about GST Annual Return

Key Point -1

The GST Annual return is not required to be filed by following person

• Input Service Distributor,
• person paying TDS under section 51
• e-commerce operator paying TCS under section 52,
• casual taxable person and
• Non-resident taxable person.

Note : Every e-commerce operator required to collect tax at source under section 52 of CGST Act shall furnish annual statement in form GSTR-9B – Rule 80(2) of CGST and SGST Rules, 2017. Provisions relating to TCS are notified and made effective from 1-10-2018. Hence, there will be no return in form GSTR-9B for 2017-18. 

Key Point -2

If a taxpayer  is registered under GST then he shall be required to file GSTR-9 even though he was having Nil Turnover during the year .

Key Point -3

If a taxable person having same PAN (Permanent Account Number ) has multiple GSTIN, separate annual return in GSTR-9 and separate annual audit report in form GSTR-9C is required for each GSTIN.

Thus, the Annual Financial Statement of a taxable has to be first split into separate statement for each GSTIN.

Key Point -4

If a taxable entity having multiple GSTIN has aggregate turnover exceeds Rs. two crores, as per its Annual Financial Statement, separate reconciliation statement and Audit Report is required from each branch/division/factory even if aggregate turnover of such branch/division/factory is less than Rs. two crores per annum.

Key Point -5

If a taxable person has failed to disclose turnover or claim Input Tax Credit in GST monthly returns (GSTR3B/GSTR 4) of previous year, then it he can not make correction of these mistakes while filing GST Annual return.

Such disclosure/rectification  is required to be made in GSTR-3B and GSTR-1 returns filed during the period April to September of next Financial year. 

Key Point -6

There is no provision in GSTR-9 or GSTR-9A Annual Return forms to add any comment, explanation, declaration or clarification

Key Point -7

Late fee will be payable if annual return is filed after the due date.

As per section 47(2) of CGST Act, Late fee for belated filing of GSTR-9 is Rs.100 per day subject to maximum of 0.25% of turnover in a state/UT. Similar provision is there in SGST Act also. Hence, in total there will be late fee of Rs.200 per day subject to 0.50% of turnover in a state on late filing of GSTR-9.

Key Point -8

Even if GST registration is cancelled during the year, Taxpayer is required to file Annual return for the period he was registered under GST Act .

Key Point -9

GST Annual Return in GSTR 9 require ITC to be bifurcated into Input, Input service and capital goods 

Note : GSTR 3B filed monthly has  not required such bifurcation.

Key Point -10

GSTR-9 requires  to report details of HSN wise summary of inward supplies

Key Point -11

A Registered person who has opted in or opted out of composition is required to file  both GSTR 9 & GSTR 9A for the relevant periods.

Key Point -12

GSTR-9 can not be revised

Refer ” Detailed Video on GST Annual Return “

In this Video you will get answer of following Questions :-

Who is required to file GST Annual return ?

What is the format and procedure for filing GST Annual return ?

What is the due date to file Annual return under GST ?