Annual Return filing has been the topic of discussion with the date of filing approaching fast. GSTR 9 – Annual return is technically a summary return that needs to be filed after the year end and summarises the entire year’s returns filed. An elaborate return that it is, it’s divided into several sections that need to be filled with the summary information for the year.
GSTR 9 Forms applicable to different taxpayers
GSTR 9 is the annual return form for GST to be filed by all regular taxpayers and should contain all the consolidated details of SGST, CGST and IGST.
Types of GSTR 9
GSTR 9 – for regular taxpayers
GSTR 9A – for composition scheme dealers
GSTR 9B – for e-commerce operators who filed GSTR 8 (not yet released)
GSTR 9C – for taxpayers with turnover exceeding Rs 2 crore in the FY List here the different GSTR 9 forms.
Who needs to file Form GSTR 9?
Must be filed by all registered and regular taxable persons under GST including Composition scheme dealers
Note: even those who might have cancelled their registration during FY need to file annual return for that year.
Exceptions who do NOT need to file GSTR 9 are
· Input service distributors
· Persons paying TDS
· Casual taxable persons
· Non-resident taxable persons
Various sections of Form GSTR 9
GSTR 9 is a very detailed form with various sections that need to be filled. It is divided into six parts and 19 tables.
Part I: contains basic details and has three sections – financial year, GSTIN, Financial name and trade name.
Part II: Consists of details of inward and outward supplies for the FY for which return is filed. This section contains details of the entire year’s supplies made by the taxpayer. This form contains details like nature of supplies i.e. B2B, B2C, zero rated supplies, supplies to SEZs, deemed exports, advances and reverse charge supplies. It also contains credit, debit notes, tax adjustments on account of amendments and supplies on which tax was not payable during the year.
Part III: Consists of details of ITC as declared in returns filed during the financial year. Details that need to be provided include ITC claimed via GSTR 3B, Inward supplies, Inward supplies from registered as well as unregistered persons, ITC on imports of goods and services, ITC from ISD, transition credits and more.
Part IV: Details of tax paid as declared in returns filed during the financial year. This contains details of integrated tax, central tax, state/UT tax, cess, interest, late fee and penalty if applicable and any other charges.
Part V: Particulars of the transactions for the previous FY declared in returns of April to September of current FY or up to date of filing of annual return of previous FY whichever is earlier.
Part VI: Other Information. This contains details like refund due, refund sanctioned, rejected and pending along with demands of taxes, tax demands pending etc. Supplies received from composition taxpayers, deemed supplies from job workers, goods sent on approval basis but not returned and HSN wise summary of both inward and outward supplies.
Filling up so many details calls for a robust preparation on part of taxpayers. If you observe a lot of details from the above are consolidated figures for the entire year and can be easily fetched from the individual returns filed during the year. As such auto population of details is possible in case of many fields. An automated solution can be of immense value in such a scenario.
GSTR 9 Solution by Cygnet GSP
Cygnet GSP has a comprehensive solution that not only auto-populates many fields for you but is also loaded with features that make GSTR 9 filing way easier and hassle free.
Here are the many features that make GSTR 9 solution by Cygnet GSP the best choice to file your Annual Returns.
1. Auto-population of GSTR 9 fields – GSTR 9 auto-populated based on System Summary and GSTN Summary.
2. GSTR forms used in auto-populating GSTR 9 – GSTR-9 auto-populates the data using GSTR-1, GSTR-2 GSTR-2A, GSTR-3B
3. Editable values – Allowing users to edit the values even after these are auto filled
4. Single click NIL return Filing – NIL return that needs to be filed by those who do not have any business during the year can be Filed using a single button
5. Facility to compare values – Showing values in a format that enables comparison of System summary values with GSTN summary values
6. Facility to view GSTR 9 Summary – User can view GSTR-9 Summary before filing his returns to make sure every detail is correct
7. Facility to compare different system summaries – Comparison of GST Summary, System Summary and Modified Summary. Modified summary will show the changes done in the auto-populated data.
8. Feature to show difference in values – “Show Difference” feature will show the exact amount difference in each section of the GSTR 9 form
9. Download GSTR 9 PDF – User can download GSTR -9 from Portal in PDF format
Loaded with these features Cygnet GSP has made sure that filing Annual Returns is made easy and that the details that need to be filled in the form are error free and accurate.
Cygnet GSP is committed to providing cutting edge technologically driven solutions to file your GST returns easily with speed and accuracy. We strive to make your business a priority by simplifying GST return filing through our IT solutions. We live by our belief of ‘IT is about you’.
Schedule a demo here.