The GSTR-9 Annual Return:

GSTR-9, which combines sales, purchases, ITC, and taxes from GSTR-1, GSTR-2B, and GSTR-3B for the fiscal year, is the yearly GST return required for taxpayers having a turnover of more than ₹2 crore. Recent modifications for FY 2024–25 include form revisions, and it is due by December 31. It necessitates thorough reconciliations, and any claims for excess tax credits or short-paid taxes must be resolved with the government.

The GSTR 9 return must be filed annually by taxpayers who are enrolled for GST. Important points to note:

Along with the cess and HSN codes, it includes information about the outgoing and inward supplies made or received during the relevant fiscal year under the various tax heads, such as CGST, SGST, and IGST.

All of the monthly and quarterly returns (GSTR-1, GSTR-2A, GSTR-2B, and GSTR-3B) that were submitted during that year are combined into it. Despite its complexity, this return aids in thorough data reconciliation for disclosures that are 100% transparent.

For companies with a turnover of up to Rs. 2 crore, GSTR-9 (Annual Return) is optional starting in FY 17–18 and continuing through FY 2023–2024. The GST administration announces the threshold turnover level each year, above which filing GSTR-9 is required.

GSTR 9: Regular GST taxpayers who file GSTR 1 and GSTR 3B are required to file this return, particularly if their turnover during the fiscal year exceeds the Rs. 2 crore GST annual return threshold.

GSTR 9C: All taxpayers whose total turnover exceeds Rs. 5 crores in a fiscal year are required to self-certify and file the GSTR 9C, or Annual Reconciliation Statement, audit form.

For companies with a turnover of up to Rs. 2 crore, GSTR-9 (Annual Return) is optional starting in FY 17–18 and continuing through FY 2023–2024. The GST administration announces the threshold turnover level each year, above which filing GSTR-9 is required.

Filling Steps

The following is a summary of the GSTR 9 filing steps:

●      Complete GSTR-1 and GSTR-3B filings, particularly for FY 24–25.

●      Conduct a thorough sales and ITC reconciliation from the start of the fiscal year to the present.

●      Any discrepancies discovered during reconciliation should be discussed with the clients and vendors.

●      Use the government's offline tool to make disclosures about FY 24–25, or even better, use cloud-based software like Clear for simple auto-fills and end-to-end filing!

●      Any tax shortfalls or excess ITC claims for FY 24–25 must be paid via DRC-03.

●      On the GST portal, submit the GSTR-9.

How is GSTR 9 filed?

This is the detailed process for filing GSTR-9.

Step 1: Go to GSTR-9 and log in.

Step 2: Choose the Financial Year.

Step 3: Nil Return or Not

Step 4: Adding Information

Step 5: Conserve the Information

Step 6: Examine the GSTR 9 Draft

Step 7: Calculate Liabilities and Late Fees for GSTR 9

Step 8: Completed Submission

Documents Needed for GSTR-9 Filing

The following documents are usually required in order to file Form GSTR-9:

●      Your monthly sales, purchases, and tax computations are displayed in your monthly GST returns (GSTR-1, GSTR-2A, and GSTR-3B). They are necessary in order to gather precise information for the filing of the annual return.

●      Financial Statements for the Year: You must match your GST returns with your annual profit and loss statement and balance sheet, which give a summary of your financial situation.

●      Reconciliation Statement (GSTR-9C): This document ensures accuracy and compliance by assisting in the reconciliation of your financial data with your GST returns.

Who must submit a GSTR9 return?

Regular taxpayers in India who are registered for GST and have a total yearly revenue of more than ₹2 crore during a fiscal year are required to submit GSTR-9. Although it is advised for record-keeping, it is optional for those with annual revenue under ₹2 crore.