Home > Blog > Business and Law

Know These Easy Steps to File GSTR 9 Returns for your Business

Every taxpayer registered under GST is required to file an annual return via GSTR–9. This form is submitted by taxpayers to declare details regarding outward supply, inward supply, ITC, and GST payable for the previous financial year.

There are different types of GSTR-9 forms based on the annual turnover and registration type. The GSTR-9 due date is on or before 31st December.

The different types of GSTR–9 forms

The various GSTR-9 forms that taxpayers need to fill are –

GSTR–9 – Taxpayers who have to file forms GSTR-1 and GSTR–3B must also submit this form.

GSTR-9 application process

Follow the steps mentioned below to file annual returns via GSTR-9 online –

  • Log in to the GST portal and click on “Annual Return”.
  • Download the summaries of GSTR-9, GSTR-1 and GSTR-3B. These summaries will tell you about the details you need to provide under various sections of GSTR-9.
  • Fill in the various sections of the form with required details. It should be done meticulously.
  • Preview the GSTR-9 form in either PDF or excel format to check for any errors before final submission.
  • After calculating liabilities, late fees and making payment for the same, you can proceed to file GSTR–9.

Who should file GSTR-9?

GSTR-9 needs to be filed by the following taxpayers –

  1. A regular taxpayer who is registered under GST. It also includes SEZ (special economic zone) units and developers.
  2. Taxpayers registered under composition scheme are not required to file GSTR-9. Nonetheless, a taxpayer who opted out of this scheme in the middle of the financial year and is registered under GST has to file GSTR-9.
  3. If a taxpayer has transitioned from VAT to GST in the first year of GST implementation, then he or she should file under GSTR-9.

GST was introduced in India to simplify the taxation process. This step has primarily benefited the MSME or micro, small and medium enterprises. It is because they are required to go through less paperwork. The introduction of the online GST portal has also simplified the taxation process since all tax-related payment can be made online in a hassle-free manner.

GSTR–9A – Taxpayers registered under composition scheme are required to submit this form. This scheme can be availed by any small business owners whose annual turnover is or up to Rs.1.5 crore.

Moreover, taxpayers follow relaxed compliance in case of maintaining books of records, returns etc. Under this scheme, small and medium enterprises pay tax at a reduced rate. For instance, manufacturers and traders of goods pay GST at a flat rate of 1.0%.

A business wishing to pay tax under composition scheme should file a GST CMP-02 with the government by logging into the online GST portal.

GSTR-9C – Registered taxpayers whose annual turnover exceeds Rs.2 crore during the financial year must submit this form. They should also have their GSTR-9C prepared and certified by a chartered accountant or cost accountant.

This form is a reconciliation statement that reports any difference in –

  1. Information submitted in the annual returns forms GSTR-9 for a financial year.
  2. Information provided in the audited annual financial statements by the taxpayer.

Filing GST returns are essential as non-compliance will attract penalties. Additionally, businesses GST returns diligently will be able to avail financing quickly.

NBFCs like Bajaj Finserv offer Business Loans of up to Rs.30 lakh to small firms to expand their operations, increase working capital, etc.

Bajaj Finserv also brings forth pre-approved offers that make the process of availing finance hassle-free and quick.

Learning the steps to file your GST return online helps taxpayers pay their liabilities more comfortably. Knowing about all the steps will ensure that you commit no errors during the application process. It is crucial since mistakes cannot be rectified after completing the filing process.