GSTR-9: Applicability, Due Date, Turnover Limit, and Compliance Details

What is GSTR-9?

GSTR-9 is an annual return that taxpayers registered under GST must file. It consolidates the details furnished in monthly/quarterly GST returns throughout the financial year. Essentially, GSTR-9 provides a comprehensive overview of the taxpayer's financial transactions, tax liability, and input tax credit (ITC) availed and utilized.

GSTR-9 Due Date

The due date for filing GSTR-9 is January 31st of the year following the financial year for which the return is being filed. For instance, the due date for filing GSTR-9 for the financial year 2022-23 is January 31st, 2024.

GSTR-9 Turnover Limit

The turnover limit for filing GSTR-9 is ₹2 crore. Taxpayers with an aggregate turnover of up to ₹2 crore are not required to file GSTR-9. However, they can file GSTR-9A, which is a simplified annual return.

Also Read: GSTR-1 – Return Filing, Format, Eligibility & Rules

GSTR-9 Applicability

GSTR-9 is applicable to all registered taxpayers under the GST regime, except those with an aggregate turnover of up to ₹2 crore. This includes:

Normal taxpayers

Casual taxpayers

Composition taxpayers

Non-resident taxpayers

GSTR-9c Due Date

GSTR-9c is a reconciliation statement that must be filed along with GSTR-9. It reconciles the details of transactions reported in GSTR-1, GSTR-3B, and GSTR-2A with the details of transactions reported in GSTR-9. The due date for filing GSTR-9c is the same as the due date for filing GSTR-9, which is January 31st of the year following the financial year for which the return is being filed.

GSTR-9 Instructions

Detailed instructions for filing GSTR-9 can be found on the GST portal. The instructions provide a step-by-step guide on how to fill out the various sections of the return and submit it online.

The official website for GST-9 instructions is the Goods and Services Tax (GST) Portal: https://www.gst.gov.in/

GSTR-9 and 9c

GSTR-9 and GSTR-9c are complementary forms. GSTR-9 provides a detailed overview of the taxpayer's GST transactions, while GSTR-9c reconciles these transactions with the details reported in other GST returns.

GSTR-9 Format

GSTR-9 is a complex form and consists of various sections, including:

Summary of sales and purchases
Details of purchases from unregistered persons
Details of exports
Details of imports
Input tax credit reconciliation
Tax payment details

Also Read: GSTR-2B Guide: Features, Benefits and How to Use

GSTR-9 Late Fee Maximum

The late fee for filing GSTR-9 after the due date is ₹100 per day, subject to a maximum of ₹20,000. This means that even if you are late for several days, the maximum late fee you will be charged is ₹20,000.

Here's a breakdown of the late fee calculation:

Late fee per day: ₹100

Maximum late fee: ₹20,000

For example, if you are 60 days late in filing GSTR-9, the total late fee you will be charged is ₹6,000 (₹100/day * 60 days). However, since the maximum late fee is ₹20,000, you will only be charged ₹20,000.

It's important to note that the late fee for filing GSTR-9 is separate from any interest that may be charged on any outstanding tax liability. Interest is calculated at the rate of 18% per annum on the outstanding tax liability from the due date of the return until the date of payment.

To avoid penalties and interest charges, it's essential to file GSTR-9 on time. The due date for filing GSTR-9 is January 31st of the year following the financial year for which the return is being filed.

Certificate of Incorporation

A Certificate of Incorporation is like a company's official ID card. It shows that the government recognizes the company as real and legal to do business. This certificate includes important details like the company's name, where it's based, and when it started. Having this certificate makes people trust the company more. To get it, you need to fill out forms and give certain documents to the government. If you need to change something on the certificate, like the company's name, there's a process for that too. But changing the address doesn't change the certificate. Overall, it's crucial for a company to operate legally and gain trust.

Pharmaceutical Exports from India

India is a big deal in the world of medicine and vaccines. It makes a lot of generic medicines and vaccines that are used everywhere. India is even called the "Pharmacy of the World" because its medicines are good quality and not too expensive. Despite some problems, like supply chain issues, India's medicine exports are doing well. The USA, Belgium, and South Africa are some of the top places buying Indian medicines. The government helps by running programs to make the medicine industry stronger. Groups like Pharmexcil and the Department of Pharmaceuticals also lend a hand. Their job is to make sure everyone can get good medicines without paying too much.

GST VS OLD TAX STRUCTURE

Goods and Service Tax, commonly known as GST, is a consumption tax applied to the supply of goods and services. It replaces multiple indirect taxes, simplifying the tax system. Previously, India had a complex tax system with different types of taxes, causing inconvenience to individuals. This paper compares the current GST framework with the old tax system and discusses its impact on the Indian economy. The idea of GST was first proposed by the Vajpayee government in 2000 and was implemented in India on July 1, 2017, after passing through various stages of discussion and approval.