Under the Goods and Services Tax (GST) regime in India, regular taxpayers are required to file GSTR-9 return annually. It is also known as the GST Annual Return. This return includes details of all the transactions made during the financial year.
The GSTR-9 return is to be filed by all registered taxpayers, except for those registered under the composition scheme, casual taxpayers, non-resident taxpayers, and input service distributors. The due date for filing the GSTR-9 return is December 31st of the following financial year.
The GSTR-9 return comprises various details such as:
Basic details such as GSTIN, legal name, and trade name of the taxpayer.
Details of outward and inward supplies made during the financial year, including supplies made under reverse charge mechanism.
Details of Input Tax Credit (ITC) availed and reversed during the financial year.
Details of taxes paid under GST, including taxes paid through cash, ITC, and TDS/TCS.
Details of any demands and refunds during the financial year.
Other additional information such as HSN-wise summary of outward and inward supplies, late fees payable, etc.
It is important for taxpayers to ensure that they file the GSTR-9 return correctly and on time to avoid any late fees and penalties. It is advisable to reconcile all the details reported in the GSTR-9 return with the financial statements and other records to ensure accuracy.