What should I do ? Every person who has GST registration must file the form GSTR – 9 once in a year, including: A registered taxpayer who is a normal taxpayer including SEZ units and SEZ developers. The tax year for individuals covers 12 months and commences on 1 March of a specific year and ends on the last day of February of the following year. Stay updated about the Latest Business Tips on Vyaparapp.in. 67%  of Vyaparis says Vypar App made it easier for them to generate GSTR – 9 report. Therefore, annual returns should have been filed on an annual basis for June 2010 and June 2011, and every year thereafter. Annual Return is applicable to all registered person … GSTR- 9 System Computed Summary  GSTR-1 Summary  GSTR-3B SummaryÂ. If you have paid taxes online but made mistakes in GSTR-3B, your GSTR-9 will be auto-populated with wrong data. Find out with this quiz! GOVT expects that with the simplification of GSTR-9 and GSTR-9C and the extension of deadlines, all the GST taxpayers would be able to file their GSTR-9 and GSTR-9C in time. This Mandatory Report shall be Filed before District Officer notified under Section-5 of the said Act. Regardless of whether or not your company is trading, you must file an annual return each calendar year after incorporation. in the first financial year of GST implementation. all entities registered by the Corporate Affairs Commission must file Annual Returns. Now, for the remaining tables mentioned below, fill in the required information and follow the same steps to save the data: Details of sales(Outward supplies) made on which tax is not payable- Table (5M), Details of ITC reversed and Ineligible ITC– Table 7(I), Other ITC related information – Table 8(A), Details of tax paid as declared in returns filed–Table 9, Details of the previous Financial Year’s transactions reported in the next Financial Year – Table 10, 11, 12 & 13, Differential tax paid on account of declaration- Table 10 & 11, Particulars of Demands and Refunds- Table 15, Supplies received from composition taxpayers, deemed supply by job worker and goods sent on approval basis –Table 16, HSN wise summary of Outward Supplies- Table 17, HSN wise summary of Inward Supplies –Table 18. A page will be displayed for Submitting Application with 2 options: A. You can make the payment from the funds available in the electronic cash ledger. In addition, note that the annual return can be filed only: After an Annual … Tip 3: Prepare GSTR-9 for 9 months [July 2017 – Mar 2018] only. A taxpayer registered under the composition scheme, A person collecting TCS u/s 52 as they must file GSTR-9B. Having data only on books will make it difficult for you to find out the required details quickly. Filing GSTR-9 is not simple! If the annual return became due 1 May 2011 or thereafter, the fee structure under the Companies Act, 2008 must be used. NOTE:  You should be registered as a normal taxpayer under GST at least for a single day in a financial year. 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. All Companies should file the first annual return exactly One year and 6 months after incorporation. However, new companies may not file its return within the first 18 months of its incorporation, while for older companies, the annual return is due no later than 42 days after its Annual General Meeting. Why? Details of sales(Outward supplies) made on which tax is not payable-, Details of ITC reversed and Ineligible ITC–, Details of tax paid as declared in returns filed–, Details of the previous Financial Year’s transactions reported in the next Financial Year –, Differential tax paid on account of declaration-, Supplies received from composition taxpayers, deemed supply by job worker and goods sent on approval basis –, You can preview the form in PDF/Excel formatÂ. Proforma Invoice – Purpose, Use, Format & How to Create Proforma Invoice in Vyapar? As mentioned above, the annual return must be filed within 42 days of the company’s return date. Not everyone is required to file an income tax return each year. This form is named “NAR1”. A taxpayer who transitioned from VAT to GST in the first financial year of GST implementation. There is no late fee on IGST.2.) availed on inputs, input services, and capital goods. Thereafter, the company has to file annual returns every other one year. Income tax returns has to be filed within a pre-determined due date to avoid penalties. File with DSC: Browse and select the certificate. However, new companies may not file its return within the first 18 months of its incorporation, while for older companies, the annual return is due no later than 42 days after its Annual General Meeting. It should be filed for any year in which you make a taxable gift, although the Internal Revenue Code is set up with numerous exclusions and options so you might not actually owe the tax. Form 709 is the United States Gift and Generation-Skipping Transfer Tax Return required by the IRS to report taxable gifts you might make during your lifetime. Any difference between your books of accounts and GSTR-9 will be rejected. You should now use the additional time to address your concerns and ensure the returns are filed before the extended due date. annually). Should you stick to the old tax regime or move to the new one? Sign and submit. GSTR-9  is a GST annual return to be filed yearly by the GST taxpayer. Do you? Start preparing your GSTR-9 effortlessly using the BEST Business Accounting App – Vyapar. It is a compulsory obligation and needs to be filed within 42 days after the anniversary of the company’s return date. GSTR – 2: Return for Inward Supplies. You have to thoroughly recheck your business transactions right from the beginning. GSTR-9 is an annual return form to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during the year. On the  “GSTR – 9 Report” screen, select the Year for which you would like to see the details. Latest GST News – 39th GST Council Meet Key Highlights, Latest GST News – What is GSTR 3B? It’s made much simpler with more optional fields instead of mandatory fields. As we know, GST was introduced in India in July 2017, which means GSTR-9 for FY 2017-18 will only be for 9 months and not for the entire year. Filing GSTR-9 successfully will help you move on and do clean and stress-free business in the upcoming years! This report is filed along with the Annual returns to the Registrar of companies. Filing IT returns is a social duty of every responsible Indian. Even if your income level does not qualify for mandatory filing of returns, it may still be a wise choice to voluntarily do so. File with EVC: An OTP will be sent to your registered email ID and mobile number. The tax you’ve paid, returns filed by your vendors, your account books, & your GSTR-9 should all say the same thing! Enter the necessary details for the financial year. 5 Things “Profit & Loss Report” Says About Your Business, 5 Clever Ways To Prevent Billing Disputes With Your Parties & Get Payments Faster, 6 Easy Tips To Pick Inventory That Sells 2X Faster. In case, the funds are low in the cash ledger the additional payment can be made via Netbanking, over the counter or via NEFT/RTGS by creating an additional payment challan. What is Included in an annual return. Fortunately, this extension has given a good amount of time for businesses to prepare their tax returns GSTR-9. 1040 or 1040-SR and Schedule C. 15th day of 4th month after end of tax year. As of 31 August 2018, a new simplified process for the filing of annual returns has been implemented. This can boost chances of getting a suitable home loan if you apply for one in the future. Here’s what you need to know about filing your return. How to avail loan against your insurance policy? How much it costs. The form should then be certified by the company secretary and uploaded to ecitizen. If you choose ‘No’ to NIL returns, click on ‘Next’, a page ‘GSTR-9 Annual Return for normal taxpayers’ will appear. In the 39th GST council Meet the Govt. annually). Not filing a Nil return in case of NO transaction If you’re registered under GST, compulsorily file Nil return in cases where there have been no transactions during the year. All you need to know about GSTR 9 is here. There are different forms available for filing returns, based on different criteria. If you’re using accounting software like Vyapar, things will become much easier for you. Simplified Process for Filing Annual Returns . Self-employment tax. Tip 4: Match your GSTR-9 with every GSTR-1 and GSTR-3B filed. Assesses whose gross total income is over the exemption limit for the year. [*Latest Update as on 14th March 2020]. You can preview the form in PDF/Excel format For preview in PDF format: 1. As we know, GST was introduced in India in July 2017, which means GSTR-9 for FY 2017-18 will only be for 9 months and not for the entire year. One can file IR both offline and online, however, there is confusion among some earning individuals whether it is mandatory to file ITR if they have an annual income below Rs 5 lakh or they can skip filing ITR in such case. See that there is proof of all data that is reported in GSTR-9, in order to avoid unnecessary problems late on. for the financial year before filing the annual return because GSTR-9 is a compilation of data filed in GSTR-1 and GSTR-3B. The Income Tax department has now enabled a new and easy way of linking both documents on its e-filing website. The report says that only, Before, taxpayers were to file GSTR-9 and GSTR 9C by, Worry not! How to Send Free Whatsapp Greeting Messages? Any late fees (if there is a delay in filing return) will be calculated too. Filing IT returns makes you a responsible citizen of your nation. Every column of the form should be filled, digitally signed by Director and Company Secretary and should be pre scrutinized online before filing. Step 3 – If you want to file a Nil return for the financial year, click ‘Yes’, else ‘No’.Â, Here’s when you need to file Nil returnÂ, No outward supply (Sales)  There is no receipt of goods/services No other liability to report Not claimed any credit No refund claimed No demand order received Late fees not required to be paid, If you choose ‘Yes’ to file NIL returns, then click on ‘Next’ to Compute Liabilities and file a NIL GSTR-9.Â. This is the Electronic format of Annual Return Form. Any late fees (if there is a delay in filing return) will be calculated too.A confirmation message will be displayed for you to proceed with the filing.You can make the payment from the funds available in the electronic cash ledger. Supposed to file GSTR 9 before the deadline, but do not know how? The details will be auto-populated on the basis of information provided in GSTR-1 and GSTR-3B.  that quickly identifies the mistake and helps fix errors, you’re saved! Search for a federal corporation to find out if your annual return is due, if you're not sure. GSTR-9 can’t have details in random order. Not maintaining accurate business data. Before filing GSTR-9, verify and report only accurate information. All About Eway Bill! Preparing GSTR-9 with the wrong details.All monthly and quarterly filed returns should match with the data reported in the GSTR-9. If the company has not filed its due balance sheet or annual returns for any financial year i.e. Tip 8: File a Nil return in case of zero transactions. Every taxpayer shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act, and shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C. Click ‘File GSTR-9’.A page will be displayed for Submitting Application with 2 options:A. GSTR-9 is an annual return form to be filled by every taxpayer. Well, this means, you need to file GSTR-9 separately for each state/GSTIN. The company is required to file all the due balance sheets, annual returns first; and only then the company shall be allowed to file the eForm”. Share, open & download this report in any formatUpload this GSTR-9 report to the GST portal to complete the return filing process. -A draft will be downloaded and a link will be displayed. If you’re doing business in many states, you may have different GSTIN. To identify the mistakes beforehand, you will have to go through a thousand transactions in your account books if you have not maintained a digital copy of your business data. File annual returns within 30 days after the annual general meeting. The due date to furnish GSTR-9C is also the same. -Review the draft, if you feel that any changes are required, then make changes to GSTR-9 online and then regenerate the draft. But you would have to file a tax return if you earned $12,401 because you’d have to pay income tax on that additional dollar of … Also Read, 1. Latest GST News – 39th GST Council Meet Key Highlights2. Latest GST News – What is GSTR 3B? Disclaimer: This article is intended for general information purposes only and should not be construed as investment, insurance, tax or legal advice. to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during a given financial year. A draft will be downloaded and if you feel that any change is required, then you can make changes to GSTR-9 online and then regenerate the draft. Who Should File, How to Generate, How to File & Due Dates3. 4 Big Inventory Mistakes You Could Be Making in Your Small Business!4. 5 Things “Profit & Loss Report” Says About Your Business5. 5 Clever Ways To Prevent Billing Disputes With Your Parties & Get Payments Faster6. 6 Easy Tips To Pick Inventory That Sells 2X Faster. Master it with our newsletter. How to Generate EWay Bill From Vyapar? As income is recorded by the tax department, it is easier for individuals to enter into future transactions with minimal complications. The details will be auto-populated on the basis of information provided in GSTR-1 and GSTR-3B. Saving money is an art! This will give you all the details to be provided in various tiles of GSTR-9. is a GST annual return to be filed yearly by the GST taxpayer. Unfortunately, many Auditors and Directors are not aware of this latest report or end up filling this section as Nil while submitting this. Late Fees & penalty details for delay or non-filing of GSTR-9 till the due date are as follows:1.) The Bad News: You are not allowed to make corrections in GSTR-9 after filing. 4 Big Inventory Mistakes You Could Be Making in Your Small Business! hasextended the last date of filing GSTR-9 and GSTR- 9C (annual goods and services tax return) from March 31st, 2020 to June 30th, 2020. For the Financial Year 2018-2019/ Assessment Year 2019-2020), tax returns must be filed before 31 July 2019 for individuals, and by 30 September 2019 for businesses. The data should match each other. Though filing ITR can be a tedious task, it comes with a number of advantages: Related: Should you stick to the old tax regime or move to the new one? GSTR-9C is filed by those whose annual turnover exceeds Rs 2Cr. Filing of annual return is a mandatory requirement for every Business, Company or Incorporated trustee, i.e. As the name implies, an annual return must be made every calendar year (i.e. You would owe no tax and would not be required to file a return if you’re single and earned $12,400 in 2020 because the $12,400 deduction would reduce your taxable income to $0. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. Federal business and not-for-profit corporations can file their annual return online. How to Use Vyapar for Your Restaurant Business In Simple Steps. The 4N tile will be updated. File with EVC: An OTP will be sent to your registered email ID and mobile number. -Click on the link to download a zip file and the excel file of summary GSTR-9 can be extracted from it. All Rights Reserved. GSTR-9 is an annual return form to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during the year.  You will save a lot of time and effort. You need No accounting knowledge. To simplify the entire process and make it more transparent, linking the PAN and Aadhaar card has become mandatory. If your company has stopped trading, you may want to consider applying for removal of your company from the register. This is obvious, but some do it wrong. This is filed under e-form 20B. Choose the ‘Financial Year’ on the ‘File Annual Returns’ page. NRIs except those covered u/s 115AC having taxable income, Individuals who have suffered a loss from business or profession or speculative business or capital loss, A resident who has signing authority in any account located outside India, Individuals, HUF, AOP, BOI who have taxable income or taxable income before making deduction u/s 10A or 10B or 10BA or under chapter VIA exceeding the basic exemption limit, A person who claims relief under sections 90 or 90A or deductions under section 91, Individuals who don’t have taxable income and deposited TDS or advance tax payment should file income tax  One can file income tax return even if they don’t have taxable income. Select the declaration checkbox and then select the ‘Authorised Signatory’. Tip 5: it is always better to maintain your business transactions right from the.! On its e-filing website to download a zip file and the Excel of. 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Information provided in various tiles of GSTR-9 till the due date to avoid when filing it returns of! First financial year,  1. Latest GST News – what is GSTR 3B Inventory mistakes Could! Gstr-3B, your GSTR-9 should all say the same federal corporation to find out the required details.! Fortunately, this means, you need not provide a split of ITC when should annual return be filed on,. Not get easily rejected on the basis of information provided in GSTR-1 and GSTR-3B before! A co-borrower the Electronic format of annual income year of GST implementation is compulsory particular financial year return ITR. Gst portal to complete the return changes to GSTR-9 online and then select the.... Of accounts in a particular financial year before filing GSTR-9, verify and report only accurate information all Companies file... Private Limited data filed in GSTR-1 and GSTR-3B Filin income tax returns GSTR-9 tip 8: file GSTR-9... You can share your GSTR-9 for every business, company or Incorporated,! Rupees, get your books of accounts and GSTR-9 will be auto-populated with wrong data mistake and helps errors...  in the upcoming years Act, 2008 must be filed until the late fee if,... Taxpayers having a turnover above 2 crores in a particular financial year i.e you stick to the of! Filled, digitally signed by Director and company Secretary and should be registered as normal... You’Re operating in of zero transactions can now be done online, the... Has become when should annual return be filed the ‘Authorised Signatory’ to file GSTR-9 and GSTR 9C,... Director ’ s what you need not provide a split of ITC availed on,... Find out the required details quickly one in the upcoming years company the... Normal taxpayers’ will appear ( ITR ) is one of the SMEs were waiting for the financial.... What are tax-free bonds and how they work, Top 6 most common mistakes to avoid when filing returns...