GSTR 9A Annual Return Filing
GSTR-9A is an annual return that certain taxpayers under the Goods and Services Tax (GST) regime in India need to file. GSTR-9A is specifically designed for those taxpayers who have opted for the Composition Scheme.
Here are key points related to GSTR-9A:
Frequency of Filing:
GSTR-9A is an annual return, and taxpayers under the Composition Scheme are required to file it once a year.
Due Date for Filing GSTR-9A:
The due date for filing GSTR-9A is on or before the 31st day of December following the end of the financial year.
Contents of GSTR-9A:
GSTR-9A includes details of the taxpayer’s annual aggregate turnover, outward and inward supplies, tax liability, and Input Tax Credit (ITC) availed.
Details Required in GSTR-9A:
The return requires taxpayers to provide details of supplies made, tax paid, and ITC availed for each quarter of the financial year.
Invoices and Vouchers:
Similar to other GST returns, taxpayers are not required to upload invoices in GSTR-9A. Instead, they need to provide consolidated details.
Late Fees for Delayed Filing:
Late fees may be applicable for delayed filing of GSTR-9A. The late fee is Rs. 200 per day of delay (Rs. 100 for CGST and Rs. 100 for SGST) up to a maximum of 0.25% of the taxpayer’s turnover.
Opting Out of Composition Scheme:
If a taxpayer wishes to opt out of the Composition Scheme, they need to file Form GST CMP-04.
Reconciliation with Books of Accounts:
Taxpayers need to reconcile the turnover declared in GSTR-9A with the turnover reported in their audited annual financial statements.
Businesses are advised to refer to the latest notifications and guidelines issued by the GST authorities or consult with a tax professional like Legato Business Solution llp for the most current and accurate information.