1. What is GSTR 9?
GSTR-9 is an Annual Return to be filed by the persons registered under the GST including those registered under composition scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. It consolidates the information furnished in the monthly/quarterly returns during the year.
2. Who should file GSTR 9 annual return?
All the registered taxable persons under GST must file GSTR 9 form. However, the following persons are not required to file GSTR-9: Casual Taxable Person Input service distributors Non-resident taxable persons Persons paying TDS
3. What are different types of return under GSTR-9 form?
There are 4 types of return under GSTR 9 :
GSTR-9: should be filed by the regular taxpayers who are filing GSTR-1, GSTR-2 and GSTR-3.
GSTR-9A: should be filed by the persons registered under composition scheme under GST.
GSTR-9B: should be filed by the e-commerce operators who have filed GSTR-8 during the financial year.
GSTR-9C: should be filed by the taxpayers whose annual turnover exceeds INR 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts, reconciliation statement of tax already paid and details of tax payable as per audited accounts, along with this return.
4. What is the due date of GSTR-9?
GSTR-9 due date is on or before 31st December of the subsequent financial year. Thus for the financial year 2017-18, filing GSTR-9 will happen on or before the 31st of December, 2018.
5. What is the Penalty for the late filing of GSTR-9 form?
If the GSTR-9 return is not filed on time, then a penalty of INR 100 per day under CGST & INR 100 per day under SGST shall be levied i.e. a total of INR 200 per day. However, the maximum of such a penalty will be an amount calculated at a quarter percent of the total taxpayer turnover in the respective State or Union Territory. There are no late fees however on IGST. Along with late fees, an interest has to be paid at the rate of 18% per annum and will be calculated by the taxpayer on amount of outstanding tax to be paid.
6. How to revise GSTR-9?
Form GSTR-9 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return when the error or omission is identified.
7. What are the details required in the GSTR-9 form?
Serial No. Parts of the GSTR-9 Details required to fill
1 Part-I Basic details of the taxpayer. This detail will be auto-populated.
2 Part-II Details of Outward and Inward supplies declared during the financial year(FY). This detail must be picked up by consolidating summary from all GST returns filed in previous FY.
3 Part-III Details of ITC declared in returns filed during the FY. This will be summarised values picked up from all the GST returns filed in previous FY.
4 Part-IV Details of tax paid as declared in returns filed during the FY.
5 Part-V Particulars of the transactions for the previous FY declared in returns of April to September of current FY or up to the date of filing of annual returns of previous FY whichever is earlier. Usually, the summary of amendment or omission entries belonging to previous FY but reported in Current FY would be segregated and declared here.
6 Part-VI Other Information comprising details of: -GST Demands and refunds, -HSN wise summary information of the quantity of goods supplied and received with its corresponding Tax details against each HSN code, -Late fees payable and paid details and -Segregation of inward supplies received from different categories of taxpayers like Composition dealers, deemed supply and goods supplied on approval basis.
The author is a member of the CPA Institute, Australia and an Associate member of the Institute of Chartered Accountants of India.
- Published in Goods and Service tax- GST
Made an error in GSTR-3B Yesterday was the last date to file your GSTR-3B for September 2018.
This was also the last opportunity to claim any leftover ITC, or report sales missed earlier or make sure those who sell to you have reported it properly. In case you’ve committed a mistake in filing this GSTR-3B, the only thing that you can do right now is make sure the errors are taken care of while filing your GSTR-1. You must also deposit any additional tax dues with 18% interest. Still facing issues with understanding how to go about this?
Situation 1 – How to revise the GSTR-3B return for error/mistakes done while furnishing in GSTR-3B?
As stated above, GSTR-3B can not be revised. Simply there is no option for revision. Although now user can reset GSTR-3B which is submitted but not filed. This option is recently started. But there is nothing you can do in GSTR-3B once filed.
So therefore the only solution is to file the GSTR-1 and GSTR-2 correctly. If you had reported less sales or more purchases and thus paid less GST then you has to pay difference GST along with interest at the rate of 18% while filing GSTR-3. And if you had paid more GST due to reporting of more sales or less purchases then the difference amount of GST is credited to your electronic credit ledger. (Off course without interest)
Situation 2 – What if the payment of IGST is made instead of CGST and SGST?
Cash balances of IGST, CGST and SGST cannot be adjusted between themselves. In other words, cash payment made for one type of GST can be used only for liability of that type.
This problem arises mainly in cases where a person is purchasing goods from outside state and selling within state, In such cases sometimes person calculates its tax liability and divide it by two to calculate liability for CGST and SGST. Person forgets that IGST is first set off from CGST and then from SGST.
If a person has made such excess payment of CGST and unable to use that due to IGST input tax credit then such person needs to take refund of CGST. Same for SGST and IGST in any other case.
Situation 3 – If inward details is wrongly entered in reverse charge column
There is no need to pay any additional tax amount. You should correct the details in GSTR-1 and GSTR-2 only. Once the details are corrected in GSTR1 and GSTR2 the additional tax liability shall be automatically updated.
Situation 4 – What to do if output tax becomes less than what has already been paid?
If the total GST liability of the registered person is less than the output tax liability mentioned in GSTR-3B then the additional tax paid shall be adjusted with the liability of the next month.
Situation 5 – What if a person has not filed the GSTR-3B for any reason?
Late fees for GSTR-3B for month of July, August, September has been waived off and also there is no limit on such waive. Therefore is a person has not filed GSTR-3B but filed GSTR-1, GSTR-2 and GSTR-3 then it is sufficient.
But GSTR-3B of next month can not be filed till filing of such return for all previous months. And GSTR-1 date has been extended for July and GSTR-2 date is in February. So you can not file GSTR-3B for the month of October at least till March. And late fees amounts to Rs. 50 per day from month of October.
GST Registration- Business consulting for LLP Registration Patna- mistakes in gstr 3b- how to revise gstr 3b after filed
- Published in Goods and Service tax- GST
TDS must be deducted where total value of supply exceeds Rs 2.5L. This only applies where the payer is a government entity (central and state govts, local authority, govt agency) or those notified by the govt as GST Council may suggest from time to time.
Is TDS on GST 1% or 2%?
1% TDS is required to be deducted under both the CGST and the SGST Act and therefore the total TDS to be deducted is 2%. In case of an interstate transaction, IGST would be levied and 2% TDS would be levied in this case as well.
For example: Suppose a supplier makes an intra-supply i.e. supply within the same state worth Rs. 10,00,000 to a recipient and CGST @ 9% and SGST @9% is required to be paid. The recipient while making the payment of Rs. 10,00,000 to the supplier shall deduct 1% TDS i.e. Rs. 10,000 under the CGST Act and 1% TDS i.e. Rs. 10,000 under the SGST Act and therefore the total TDS Deducted would be Rs. 20,000.
In case the above supplier makes an inter-state supply, TDS @2% i.e Rs. 20,000 would be required to be deducted under the GST Act and deposited with the Govt.
The value for the purpose of computing the amount of TDS shall not include 18% GST.
Purpose of Introduction of TDS on GST
The concept of TDS on GST was initially introduced in the Income Tax Act and has now been introduced in GST as well. The purpose of introduction of TDS on GST is only to enable the govt to have a trail of transactions and to monitor and verify the compliance.
It acts as a powerful instrument to prevent tax evasion and expands the tax net, as it provides for the creation of an audit trail.
Just like in the Income Tax Act, the person deducting the TDS is required to deposit the TDS with the Govt and issue Form 16 and Form 16A, similarly under GST Act as well, the person deducting the TDS would be required to deposit the same with the Govt by the 10th of the next month and issue Form GSTR 7A to the person whose TDS has been deducted.
Who is required to deduct TDS on GST
The following class of persons are required to deduct TDS on GST from the payment made or credited to the supplier if the Contract Value is more than Rs. 2.5 Lakhs:-
- A Department or Establishment of the Central Govt or State Govt
- Local Authority
- Govt Agencies
- Such persons or category of persons notified by the Govt.
The following category of persons have been notified by the Govt on which the provisions of TDS on GST would be applicable:-
- An authority or board or any other body with 51% or more participation by way of equity or control
- Set up by an Act of Parliament or a State Legislature; or
- Established by any Govt.,
- Society established by the Central Govt. or State Govt. or a Local Authority under the Society Regulations Act, 1860
- Public Sector Undertakings
No TDS to be deducted if the payment is made by a person who is not mentioned in the above-mentioned list.
Cases where TDS on GST is not required to be deducted
TDS on GST is only required to be deducted where the payment made or credited to the supplier is done by the above-mentioned category of persons.
There are certain exceptions to this and in the following cases, TDS would not be deducted even if the payment is made by the above-mentioned persons:-
1. Contract Value does not exceed Rs. 2.5 Lakhs
If the Contract Value does not exceed Rs. 2.5 Lakhs, No TDS is required to be deducted.
Eg 1: Mr Karan Batra enters into a contract of Rs. 2 Lakhs with a Public Sector Undertaking to provide Income Tax Advisory. He also enters into a contract worth Rs. 1.5 Lakhs to provide GST Advisory.
In the above-mentioned example – the total value of services provided is Rs. 3.5 Lakhs which is more than Rs. 2.5 Lakhs. However, in this case – the provisions of TDS on GST would not be applicable as the value of each contract is less than Rs. 2.5 Lakhs.
- Published in Goods and Service tax- GST