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Filing GSTR-9 has become mandatory for businesses and, institutions registered under the GST Act by the government of India. Meanwhile, GSTR-9 consists of extensive details of all the transactions conducted or received, outward and inward supplies during that fiscal year. This article contains a comprehensive guide to file GSTR-9. The GSTR-9 comprises every detail of inward and outward supplies. The government portal of GST facilitates taxpayers to file GSTR-9. If the taxpayer’s turnover exceeds 2CR in a financial year it becomes mandatory to file GSTR-9.
Form GSTR-9, which contains the details of GST paid in local, and interstate import/export, has to be filed on 31st December of the next fiscal year. There are tools available to prepare GSTR-9 but the filing needs to be online as per government rules.
Mainly there are three reasons for a taxpayer to file GSTR-9 or annual return for a fiscal year.
However casual taxpayers, Input service distributors, Non-resident taxpayers, etc. are not required to file GSTR-9. The regulations on GSTR-9 are supervised by section 44 of the Central Goods and Services Tax Rules in addition to Rule 80 of the Central Goods and Services Tax Rules 2017.
You have to file the GSTR-9 on time to avoid related penalties. The due date to file GSTR-9 for a specific financial year is generally December 31st. However, the government grants date extensions through official statements if there is any reason to do so.
Prior to 2021-22 financial year, 200 rupees per day was charged (100 rupees for CGST and 100 rupees for SGST)
After the reform of the financial year 2022-23, 50 rupees per day (25 rupees CGST and 25 rupees SGST) is charged if the turnover is up to 5cr, and if the turnover exceeds 5cr the charges will be 100 rupees (50 rupees CGST and 50 rupees SGST)
Eligible taxpayers have to provide all the information across 6 parts and 19 sections to fill GSTR-9. With the following instructions, you can file GSTR-9.
Each business entity has to fill up some basic details while filing GSTR-9, to identify themselves, and the timing of return.
Trading is something that occurs between the supplier and the receiver. Every business sells its goods and services to the recipient while the price of the goods and services (Tax) is transacted from the recipient to the suppliers. Every business, the goods and services they provide are outward supply and that same thing is called inward supply for the recipient.
Input Tax Credit or ITC helps every taxpayer to reduce their tax liability if they fulfill some conditions. The Goods and Services Tax is paid by taxpayers while any purchase for their business is ITC. It secures only the additional profit is taxed, to block any issue.
Eligible taxpayers must provide each detail accurately of that fiscal year.
GSTR-9 filling is an important annual custom for registered businesses and individuals in India with an annual turnover of 2 Cr or more. Involving summary details of outward and inward supplies completed on that particular fiscal year. Every business needed to match their GSTR-3C, GSTR-1 with GSTR-2A, and GSTR-2B to ensure accuracy while maintaining proper records. It helps businesses to ease the filing process and improve financial management.
Make sure you have completed all the necessary steps with complete accuracy to file GSTR-9 return. File GSTR-9 return within the specified deadlines to avoid any kind of late fee and compliance issues with this Guide to file GSTR-9.To file your GSTR return affordably, headache free and, for more details about GST filing, Contact Online Legal India. It is an ISO 9001:2015 certified company. Contact them today.