What is GSTR-9?
- GSTR-9 is an annual return that must be filed by taxpayers registered under the Goods and Services Tax (GST) in India.
- This form is crucial because it consolidates all the details about inward and outward supplies throughout the financial year.
- It includes details from GSTR-1, GSTR-2, and GSTR-3B, making it an essential document for taxpayers for various compliance and reconciliation purposes.
Importance of GSTR-9 Filing
- Filing GSTR-9 is vital for maintaining accurate records and ensuring compliance with GST laws.
- It allows the taxpayer to capture all transactions over the financial year and facilitates the smooth assessment and verification processes by tax authorities.
- This return also reflects the tax payable and the input tax credits for which the taxpayer may claim benefit, impacting their financial liability.
- Due Date of GSTR-9 is 31st December (For FY 2024-25 – Due by 31st December 2025)
Key Components of GSTR-9
- The GSTR-9 form comprises several sections, including details about supplies, purchases, and tax payments.
- Taxpayers need to provide information such as total turnover, GST rates applicable to their business, and details of unreported transactions, if any.
- Proper completion of GSTR-9 not only supports the legal requirements but also aids businesses in identifying discrepancies that could impact future filings.
| Criteria | Requirement |
|---|---|
| Turnover ≤ ₹5 crore | GSTR-9 only (Optional GSTR-9C) |
| Turnover > ₹5 crore | GSTR-9 + GSTR-9C (Mandatory) |