What is GSTR 9 Annual Return | What is Gstr-9 in Hindi

Summary

In this video, the speaker explains the importance of filing GST Annual Return (GSTR-9) for businesses, providing a detailed walkthrough of the return’s structure and requirements. It highlights the process of reporting various types of supplies, input tax credits (ITC), reversals, and the reconciliation of data from previous returns like GST 3B and Form 2A. The speaker also addresses mandatory filing criteria, especially for businesses with turnover over ₹2 crore, and provides insights into common mistakes and how to correct them. Viewers are encouraged to stay updated with annual changes in the return format and to file timely to avoid penalties.

Takeaways

• 😀 GST Annual Return (Form 9) is mandatory for businesses with a turnover above ₹2 crore.
• 😀 This return reports the entire financial year's GST details, including sales, purchases, taxes paid, and input credits.
• 😀 Businesses must file the return through the GST portal, where it can be accessed and filled out under the 'Annual Return' section.
• 😀 Annual return allows businesses to correct errors made in GST returns (e.g., GST 3B).
• 😀 Input credit claims cannot be processed via the annual return, but reporting of input credits is required.
• 😀 Businesses can rectify any additional liabilities and pay them during the annual return filing process.
• 😀 There are 19 tables in the GST Annual Return form, each dealing with different aspects of the return such as sales, purchases, and ITC details.
• 😀 Table 4 deals with the reporting of inward supplies, including reverse charge transactions.
• 😀 Table 5 reports non-taxable supplies, exports, and supplies made without payment of tax.
• 😀 Table 6 is for reporting the input tax credit (ITC) availed, categorized into goods, services, and capital goods.
• 😀 The deadline for claiming input credits is November 30th, and claims must be made before this date.
• 😀 Tables 10-13 deal with transactions carried forward from the previous year or the adjustment of previous period transactions.
• 😀 Table 8 reconciles input tax credits with the data in Form 2A to identify discrepancies between claimed and eligible credits.
• 😀 Table 9 calculates the total taxable turnover and taxes paid based on the entire year's transactions.
• 😀 Late fees and interest are calculated in Table 19 once all the data is entered and final figures are submitted.

Q & A

What is the GST 9 Annual Return?

The GST 9 Annual Return is a detailed report that businesses must file to summarize their transactions, sales, purchases, input tax credits, and tax liabilities for a particular financial year. It helps reconcile the data submitted in monthly/quarterly returns (GSTR-3B and GSTR-1).

When is filing the GST 9 Annual Return mandatory?

Filing the GST 9 return is mandatory for businesses with an annual turnover exceeding ₹2 crore. For businesses with a turnover exceeding ₹5 crore, filing the return is required without exception.

Can mistakes made in monthly returns be corrected in the GST 9 return?

Yes, mistakes in monthly returns can be corrected in the GST 9 return. However, input tax credits cannot be claimed through this return. Any adjustments to the input credit must be done through GST DRC-03.

What is the significance of Table 4 in the GST 9 return?

Table 4 in the GST 9 return is used to report all sales and supplies. It includes details of outward supplies (sales) and inward supplies (purchases), specifically highlighting reverse charge supplies (RCM).

What type of information is reported in Table 5 of the GST 9 return?

Table 5 is used to report export supplies and non-taxable supplies. It also covers supplies made without tax payment, such as exports or other non-taxable transactions.

What should businesses report in Table 6 regarding input tax credit (ITC)?

In Table 6, businesses must report the details of input tax credit (ITC) claimed during the year. This includes both capital goods and input services, with a separate reporting structure for each.

What is the purpose of Table 7 in the GST 9 return?

Table 7 reports adjustments and reversals of ITC during the financial year. Businesses must provide details of any reversal of credits in accordance with sections like 37, 42, and 43 of the GST law.

How does Table 8 relate to input tax credit (ITC) reconciliation?

Table 8 helps reconcile the ITC claimed by the business with the data from GST 2A (auto-generated from the GST system). Any discrepancies between the claimed ITC and the ITC shown in 2A must be explained and adjusted here.

What is the deadline for filing the GST 9 Annual Return for a financial year?

The final date for filing the GST 9 return for a financial year is generally November 30th of the subsequent year.

What happens if there are late filings or discrepancies in the GST 9 return?

If there are delays in filing or discrepancies in the GST 9 return, late fees and interest may be levied. Table 19 in the return calculates these penalties based on the filing dates and any outstanding taxes.