If you’re registered under GST, compulsorily file Nil return in cases where there have been no transactions during the year.  that quickly identifies the mistake and helps fix errors, you’re saved! Any late fees (if there is a delay in filing return) will be calculated too.A confirmation message will be displayed for you to proceed with the filing.You can make the payment from the funds available in the electronic cash ledger. for all the taxpayers having a turnover above 2 crores in a particular financial year. Tax returns should be filed annually regardless of the type of business entity (i.e. Simplified Process for Filing Annual Returns . A draft will be downloaded and if you feel that any change is required, then you can make changes to GSTR-9 online and then regenerate the draft. A taxpayer registered under the composition scheme, A person collecting TCS u/s 52 as they must file GSTR-9B. Saving money is an art! File your GSTR-9 along with GSTR-9C. If you’re using accounting software like Vyapar, things will become much easier for you. annually). Income Tax Returns: Who should file them and when? What is Included in an annual return. A confirmation will pop up displaying ‘Save request is accepted successfully’. Annual return by local company (FYE before 31 August 2018) Annual return by local company (FYE on or after 31 August 2018; Extension of time for AGM/annual return Tap ‘Prepare Online’. Haven’t you filed your GSTR-9 yet? Seek professional advice before taking this step. Ans: Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers.  You will save a lot of time and effort. You need No accounting knowledge. If you have to pay any pending tax to the Government before filing GSTR-9, it should be done without fail. Tip 6: Fill in your ITC, HSN codes, refunds, etc separately. 5 lesser known facts about tax benefits of health insurance, Why December is the most important month for Tax Payers, 11 Financial mistakes that Indians commonly make, Worried about your financial goals due to the pandemic? Director’s report as part of the Annual Report /Annual returns Filing is filed to the Registrar of Companies. Not maintaining accurate business data. Before filing GSTR-9, verify and report only accurate information. On clicking compute liabilities, all your details will be processed. Related: How tax-savvy are you? A confirmation message will be displayed for you to proceed with the filing. 20B. Any difference between your books of accounts and GSTR-9 will be rejected. In the 39th GST council Meet the Govt. If you choose ‘No’ to NIL returns, click on ‘Next’, a page ‘GSTR-9 Annual Return for normal taxpayers’ will appear. 20B. Date of Statutory Audit. If you want to file a Nil return for the financial year, click ‘Yes’, else ‘No’.Â, GSTR-9 Annual Return for normal taxpayers’. Here’s what you should know about when to file tax returns and who has to file income tax return. Find out with this quiz! Fortunately, this extension has given a good amount of time for businesses to prepare their tax returns GSTR-9. In case, the funds are low in the cash ledger the additional payment can be made via Netbanking, over the counter or via NEFT/RTGS by creating an additional payment challan. GSTR – 2: Return for Inward Supplies. As we know, GST was introduced in India in July 2017, which means GSTR-9 for FY 2017-18 will only be for 9 months and not for the entire year. What are tax-free bonds and how they work, Top 6 most common mistakes to avoid when filing IT Returns. Should you stick to the old tax regime or move to the new one? You can make the payment from the funds available in the electronic cash ledger. Latest GST News – 39th GST Council Meet Key Highlights, Latest GST News – What is GSTR 3B? hasextended the last date of filing GSTR-9 and GSTR- 9C (annual goods and services tax return) from March 31st, 2020 to June 30th, 2020. If you’re using accounting software like Vyapar, things will become much easier for you. Filter them down with, You can view this in both PDF & Excel formats. The returns must be filed within 60 days of the AGM date. How To Start An Online Store For Your Business In Vyapar? Every taxpayer shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act, and shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.GSTR 9A is an annual return form to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during a given financial year. Validate the OTP. How much it costs. Even the smallest mismatch in data will make your GSTR-9 get rejected. As income is recorded by the tax department, it is easier for individuals to enter into future transactions with minimal complications. It is mandatory to maintain the books of accounts in a systematic manner. The details will be auto-populated on the basis of information provided in GSTR-1 and GSTR-3B. Federal business and not-for-profit corporations can file their annual return online. Choose the ‘Financial Year’ on the ‘File Annual Returns’ page. Other ways to file The Internal Committee shall prepare and File their Annual Report for the Calendar Year 2019 as prescribed under Section-21 of the "Sexual Harassment of Woman at Workplace (Prevention, Prohibition & Redressal) Act 2013. Also Read, 1. Latest GST News – 39th GST Council Meet Key Highlights2. Latest GST News – What is GSTR 3B? How to avail loan against your insurance policy? NOTE:  The MSMEs have now relaxed with the furnishing of the reconciliation statement in the form GSTR 9C for FY 2018-19 ad is applicable for all the taxpayers having an average turnover of INR 5 crore. All Rights Reserved. Step 4 – Enter the necessary details for the financial year, A. Tile: Details of advances, inward and outward supplies made during the financial year on which tax is payable- Table 4NÂ. All you need to know about GSTR 9 is here. Any late fees (if there is a delay in filing return) will be calculated too. Delayed or non-filing The penalty for the Delayed or non-filing of GSTR-9 return is Rs 100 under CGST & 100 under SGST, the total penalty is Rs. Related: What are tax-free bonds and how they work, Related: Top 6 most common mistakes to avoid when filing IT Returns. To identify the mistakes beforehand, you will have to go through a thousand transactions in your account books if you have not maintained a digital copy of your business data. How a small business owner Virupakshaiya files GSTR easily with Vyapar, for which you would like to see the details. However, most of the SMEs were waiting for the date extension according to a survey. Time to download Accounting software, if you don’t have one – Download for FREE. The due date to furnish GSTR-9C is also the same. Filter them down with Firm Name. That being said, they typically provide a 2 year grace period for filings which should be ample time to submit it – particularly as the whole process can take less than 5 minutes. You don’t want to lose money this way. The filing of the audited financial statements in the format prescribed by the Ministry of Corporate Affairs is called the filing of the annual returns of a company. Struggling with GST reports? 4 Big Inventory Mistakes You Could Be Making in Your Small Business! 67%  of Vyaparis says Vypar App made it easier for them to generate GSTR – 9 report. Master it with our newsletter. Late Fees & penalty details for delay or non-filing of GSTR-9 till the due date are as follows:1.) An annual return costs: $12 (online) $40 (email or mail) File my annual return. File your GSTR-9 along with GSTR-9C. Here’s what you need to know about filing your return. Soft copy of Annual Return in Form V also should be attached with Form No. Details of sales(Outward supplies) made on which tax is not payable-, Details of ITC reversed and Ineligible ITC–, Details of tax paid as declared in returns filed–, Details of the previous Financial Year’s transactions reported in the next Financial Year –, Differential tax paid on account of declaration-, Supplies received from composition taxpayers, deemed supply by job worker and goods sent on approval basis –, You can preview the form in PDF/Excel formatÂ. Sign and submit.B. CAC FORMS AND DOCUMENTS REQUIRED FOR FILING ANNUAL RETURN If the annual return became due 1 May 2011 or thereafter, the fee structure under the Companies Act, 2008 must be used. The App will provide the necessary detailed data in any desired format. If you’re doing business in many states, you may have different GSTIN. Even the smallest mismatch in data will make your GSTR-9 get rejected. GSTR-9C is filed by those whose annual turnover exceeds Rs 2Cr. What is GSTR – 9? Please comment below. Ensuring individuals and businesses have only one Aadhaar and PAN card will limit the possibility to apply for multiple PAN cards, thus reducing tax evasion. Another major advantage of the PAN-Aadhaar card link is that people will be able to file their e-returns, or online Income Tax Returns seamlessly and quickly. Income tax returns has to be filed within a pre-determined due date to avoid penalties. Though filing ITR can be a tedious task, it comes with a number of advantages: Related: Should you stick to the old tax regime or move to the new one? The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status. It’s made much simpler with more optional fields instead of mandatory fields. Every person who has GST registration must file the form GSTR – 9 once in a year, including: A registered taxpayer who is a normal taxpayer including SEZ units and SEZ developers. If your business turnover exceeds 2 crore rupees, get your books of accounts audited by a Chartered Accountant. Find out with this quiz! Do you? Start preparing your GSTR-9 effortlessly using the BEST Business Accounting App – Vyapar. When it comes to filing income tax, the most essential document for both, individuals and businesses that pay tax, is the PAN card. This is the Electronic format of Annual Return Form. in the first financial year of GST implementation. Search for a federal corporation to find out if your annual return is due, if you're not sure. 200 per day. Step 3 – If you want to file a Nil return for the financial year, click ‘Yes’, else ‘No’.Â, Here’s when you need to file Nil returnÂ, No outward supply (Sales)  There is no receipt of goods/services No other liability to report Not claimed any credit No refund claimed No demand order received Late fees not required to be paid, If you choose ‘Yes’ to file NIL returns, then click on ‘Next’ to Compute Liabilities and file a NIL GSTR-9.Â. NOTE: Begin preparing GSTR-9 without any further delay! A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Who Should File, How to Generate, How to File & Due Dates. Therefore, annual returns should have been filed on an annual basis for June 2010 and June 2011, and every year thereafter. # Worry not! [*Latest Update as on 14th March 2020] In the 39th GST council Meet the Govt. Late filing penalty has been waived for the Annual return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 for the taxpayers having the turnover less than INR 2 crore. -A draft will be downloaded and a link will be displayed. has extended the last date of filing GSTR-9 and GSTR- 9C (annual goods and services tax return) from March 31st, 2020 to June 30th, 2020. Having data only on books will make it difficult for you to find out the required details quickly. File with EVC: An OTP will be sent to your registered email ID and mobile number. Confused about how to generate it? 5 Things “Profit & Loss Report” Says About Your Business, 5 Clever Ways To Prevent Billing Disputes With Your Parties & Get Payments Faster, 6 Easy Tips To Pick Inventory That Sells 2X Faster. You can preview the form in PDF/Excel format For preview in PDF format: 1. Tip 4: Match your GSTR-9 with every GSTR-1 and GSTR-3B filed. The report says that only, Before, taxpayers were to file GSTR-9 and GSTR 9C by, Worry not! Why? Fortunately, this extension has given a good amount of time for businesses to prepare their tax returns GSTR-9. What should I do ? You will have to fill data based on the categories.  Hence, a lot of digging into the books of accounts will be necessary to find and report this data accurately in the GSTR-9 return. The App will provide the necessary detailed data in any desired format. Companies have 30 business days from the date that the entity become due to file annual returns before it is in non-compliance with the Companies Act. is filed by those whose annual turnover exceeds Rs 2Cr. How to Generate EWay Bill From Vyapar? Therefore, annual returns should have been filed on an annual basis for June 2010 and June 2011, and every year thereafter. In addition, note that the annual return can be filed only: After an Annual … As the annual return is a legal document, many times the company’s legal team will file it as part of preparing the annual … Advantages of generating your GSTR-9 report using Vyapar:-. Disclaimer: This article is intended for general information purposes only and should not be construed as investment, insurance, tax or legal advice. Well, this means, you need to file GSTR-9 separately for each state/GSTIN. In the 39th GST council Meet the Govt. It has to be filed by every GST taxpayer.GSTR 9C is an annual audit form for all the taxpayers having a turnover above 2 crores in a particular financial year. The tax you’ve paid, returns filed by your vendors, your account books, & your GSTR-9 should all say the same thing! GSTR-9 can’t have details in random order. So the answer to the question who should file tax returns is anyone and everyone who earns income from their job, business, consultancy services, etc. It will contain various tabs for which details must be filled. who opted out of the scheme in the middle of the year and continues to be registered under GST. Not filing separate GSTR-9 for every GSTIN If you’re doing business in many states, you may have different GSTIN. As of 31 August 2018, a new simplified process for the filing of annual returns has been implemented. As per the Annual filling with the Ministry of Corporate Affairs, a Company shall prepare an annual return at the end of every financial year in Form MGT 9 and file the same with ROC along with the financial statement, audit report, and directors report of the company in … Assesses whose gross total income is over the exemption limit for the year. 2006-07 onwards then such company shall be treated as a defaulting company. A taxpayer who transitioned from VAT to GST in the first financial year of GST implementation. The limit is 2.5 lakhs for those below 60 years, 3 lakhs for those between 60 and 80 years, and 5 lakhs for those over 80 years. How tax-savvy are you? As the name implies, an annual return must be made every calendar year (i.e. Late filing penalty has been waived for the Annual return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 for the taxpayers having the turnover less than INR 2 crore. The report says that only 15% of the taxpayers have filed their annual return GSTR-9 and less than 1% have filed GSTR-9C.Before, taxpayers were to file GSTR-9 and GSTR 9C by March 31st, 2020. -Click Preview GSTR-9 (Excel) on the GSTR-9 dashboard.-A draft will be downloaded and a link will be displayed.-Click on the link to download a zip file and the excel file of summary GSTR-9 can be extracted from it.-Review the draft, if you feel that any changes are required, then make changes to GSTR-9 online and then regenerate the draft. Filing income tax returns can now be done online, making the process easier and less time consuming than it was before. Estimated tax. Every column of the form should be filled, digitally signed by Director and Company Secretary and should be pre scrutinized online before filing. If successful, the status of the return changes to ‘Filed’. For the Financial Year 2018-2019/ Assessment Year 2019-2020), tax returns must be filed before 31 July 2019 for individuals, and by 30 September 2019 for businesses. GSTR-9 is an annual return form to be filled once in a year with all the consolidated details of SGST, CGST and IGST paid during the year. It is a compulsory obligation and needs to be filed within 42 days after the anniversary of the company’s return date. This Mandatory Report shall be Filed before District Officer notified under Section-5 of the said Act. 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To Use Vyapar for your Restaurant business in Simple steps Statutory Audit DSC: Browse and the! Be sent to your registered email ID and mobile number a new simplified process for the date extension to! Or mail ) file my annual return Form Director ’ s what you should registered. Year with all the consolidated details of purchases, sales, input tax credit or refund or! Due date to furnish GSTR-9C is a statement of reconciliation between: the annual is... You’Re operating in a suitable home loan if you apply for one in the middle of the company stopped. You’Ll have to pay any pending tax to the new one GSTR-9 and GSTR 9C by, Worry not after...: you are not allowed to make corrections in GSTR-9, verify and report only accurate information business not-for-profit... Or refund claimed or demand created etc at least for a loan as a co-borrower each state/GSTIN then cells. Advancing as proof of all data that is reported in the middle of the in. 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