GST ANNUAL RETURN (GSTR 9)

The basic definition of GST

The goods and services tax or popularly called GST is the tax which eliminates all the indirectly levied taxes earlier. It is applicable to all the Indian goods, products and services. This tax is something which makes India fall under one unified market tax. Taxpayers no longer have to pay multiple taxes such as VAT, service tax, customs duty, etc. Since this tax came into effect from 1st July 2017, the GST day is celebrated on the 1st of July every year.  

Who should file GSTR-9?

All the taxpayers or taxable people who have registered under GST have to file GSTR 9. But there are some exceptions to this as well, so these people do not have to file GSTR 9 required to file GSTR 9:

Those taxpayers who opt for the composition scheme. They rather have to file GSTR-9A

The Casual Taxable Person

Those people who are the Input service distributors

Non-resident taxable persons

The people who are paying TDS under section 51 of the CGST Act.

Consequences of Non-Filing of GSTR 9

The GST annual return has to be filed on or before the due date which has been prescribed. If an individual fails to file an annual return then he has to pay a late fee of Rs. 200 per day.