GST Audit & Annual Return

GST Audit & Annual Return

GSTR-9 is an annual return to be filed by all registered taxpayers under GST except a handful. It is an annual compilation of outward supplies, inward supplies, tax liability and input tax credit availed during a financial year. It is due to be filed by 31 December of the year following the particular financial year.

There are three types of GSTR-9:

♦ GSTR-9A

♦ GSTR-9B

♦ GSTR-9C

Who is liable to file GSTR-9

It is an annual return to be filed by all registered taxpayers under GST irrespective of the turnover of an entity. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer. All registered taxpayers are required except:

► Casual Taxpayers

► Input Service Distributors

► Non-Resident Taxpayers

► Taxpayers deducting / Collecting Tax at source under section 51 or 52

Details Required for filing GSTR-9:

► Total value of supplies on which GST paid (inter-State, intra-state, Export)

► Total value of purchases on which ITC availed (Inter-State, Intra-State & Import)

► Value of Other Supplies on which no GST paid

► Total value of supplies on which no GST Paid (Exports)

► Other Purchases on which no ITC availed

► Sales Returns & Purchase Returns

► Other Expenditure (Expenditure other than purchases)

► Other Income (Income other than from supplies)

► Return Reconciliation Statement

► Arrears (Audit/Assessment etc.)

► Refunds

► Turnover Details

► Profit as Per the Profit and Loss Statemen

► Gross Profit, Profit after Tax & Net Profit

► Details of Statutory Audit

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