How to File GSTR 9 Annual Return 2023-24 | GSTR 9 Annual Return 2023-24 | GST Annual Return Filing

Summary

This video provides a comprehensive guide to filing GSTR-9 and GSTR-9C for the financial year 2023-24, explaining the eligibility, filing process, and penalties. It covers the steps to submit the annual GST return, the new features introduced, and details about the auto-populated data from GSTR-1 and GSTR-3B. The video also emphasizes the importance of reconciling financial data, highlighting the necessary documents and adjustments. It’s an essential resource for taxpayers looking to understand their GST filing obligations and avoid penalties.

Takeaways

• 😀 **What is GSTR-9?** It is an annual return that consolidates the data from GSTR-1 and GSTR-3B, used to verify the accuracy of tax filings against the books of accounts.
• 😀 **Who Needs to File?** Businesses with a turnover over ₹2 crore must file GSTR-9. Those with turnover under ₹2 crore can file voluntarily.
• 😀 **Filing Deadline**: The due date for filing GSTR-9 for FY 2023-24 is **December 31, 2024**. Filing after this date may attract penalties.
• 😀 **Penalties for Late Filing**: Late submission of GSTR-9 can lead to penalties of up to ₹200,000, depending on turnover.
• 😀 **Required Documents**: Ensure you have data from both FY 2022-23 and 2023-24, including GSTR-1, GSTR-3B, sales, purchases, ITC, and taxes paid.
• 😀 **Auto-Populated Data**: GSTR-9 auto-populates data from previously filed GSTR-1 and GSTR-3B. Make sure to verify that all details match your books of accounts.
• 😀 **Correction Options**: If discrepancies exist between your books and the auto-populated data, you can make corrections in GSTR-9.
• 😀 **Filing Method**: GSTR-9 can be filed either online or offline, with online being the preferred method. The process is straightforward once all data is confirmed.
• 😀 **ITC Details**: The auto-population of Input Tax Credit (ITC) details will save time and reduce errors, but ensure that all claims are accurate.
• 😀 **New Changes for FY 2023-24**: A new column for e-commerce operators has been introduced, applicable to certain businesses in the sector.
• 😀 **Final Steps**: After reviewing the data, click 'Submit' and verify via OTP to finalize the filing process.

Q & A

What is GSTR 9, and who is required to file it?

GSTR 9 is an annual return that businesses must file under GST regulations. It is mandatory for businesses with a turnover of ₹2 crore or more in a financial year. Businesses with turnover less than ₹2 crore can file GSTR 9 voluntarily.

What is the deadline for filing GSTR 9 for the financial year 2023-24?

The due date for filing GSTR 9 for the financial year 2023-24 is 31st December.

What are the main differences between GSTR 9 and GSTR 9C?

GSTR 9 is the annual return form that businesses file, while GSTR 9C is a reconciliation statement for taxpayers whose turnover exceeds ₹2 crore. GSTR 9C requires detailed information to reconcile financial statements and GST returns.

What data is automatically populated in GSTR 9 from other GST returns?

GSTR 9 is auto-populated with data from GSTR 1 and GSTR 3B. This includes sales data, Input Tax Credit (ITC) details, and tax payments made.

Can businesses file GSTR 9 if their turnover is below ₹2 crore?

Yes, businesses with a turnover below ₹2 crore can file GSTR 9 voluntarily, even though it is not mandatory for them.

What are the penalties for late filing of GSTR 9?

Late filing of GSTR 9 attracts a penalty of ₹200 per day, subject to a maximum penalty of ₹2,00,000.

What documents and information are required to file GSTR 9?

You need data from your financial year 2022-23 and 2023-24, including B2B and B2C sales data, ITC details, tax payments, and any corrections made between financial years.

Can corrections be made in GSTR 9 after submission?

No, once GSTR 9 is filed, no corrections can be made. You must ensure the data is accurate before submission.

What new changes were introduced for e-commerce operators in GSTR 9 for FY 2023-24?

For FY 2023-24, a new column has been introduced in GSTR 9 specifically for e-commerce operators. This column is optional and applies only to a small number of taxpayers in the e-commerce sector.

How can discrepancies between the data in GSTR 9 and books of accounts be corrected?

If discrepancies exist between the data auto-populated in GSTR 9 and your books of accounts, you can edit the fields to make necessary corrections before final submission.