Indore: Foreign nationals doing business exempted from filing of GSTR-9

Experts express views on significance of GST return filing

Staff ReporterUpdated: Sunday, November 20, 2022, 03:45 AM IST
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Indore (Madhya Pradesh): CA Palkesh Asawa has said that all general businessmen registered under GST whose turnover is above Rs 2 crore are required to file GSTR-9 and all general businessmen registered with turnover above Rs 5 crore are required to file GSTR-9C. Temporary business owners, input service distributors, as well as businessmen who pay TDS under Section 51 of GST and foreign nationals who do business in India and pay tax are exempted by the government from filing GSTR-9.

Asawa was addressing a seminar on GST Annual Audit Form 9 and 9C organised by the Tax Practitioners’ Association, Indore, and Indore CA Branch. The moderator of the seminar was Sunil P Jain.

Asawa said one of the most important forms of GST return is GSTR-9. Business people registered in the GST system file a return form known as GSTR-9 at the end of every year. In this form, there is information on whatever returns they have filled in for the whole year. The monthly or quarterly returns of the year which is in the form of GSTR-1, GSTR-3B has its details. He said this document contains all the details about business transactions done in the financial year—inward supplies of business, payment of taxes on outward supplies, details of input tax credit, claims of tax refund and so forth.

He spoke of some important things have to be kept in mind while filing GSTR-9 for the financial year 2021-’22. The input credit has to be matched with the 2B return in this financial year. The adjustments made between the supplier and the customer in the trade is settled by debit and credit notes and the same will also be shown in the return. From this year, it is mandatory to show tax-free supplies in GSTR-9.

Asawa analysed the form and each table was discussed in details. He also explained how the financial year 2021-’22 was different from the previous years.

It is mandatory to file GSTR-9 by December 31 immediately following the completion of the financial year related to the business. For instance, it is mandatory for businesses for the financial year 2021-’22 to file annual returns GSTR-9 by December 31, 2022. He said that if a dealer fails to file GSTR-9, he will have to pay a fine of Rs 100 per day. There is a separate penalty of Rs 100 per day for both central GST (CGST) and state GST (SGST), that is Rs 200 per day. He said that, to file the form, one must visit the GST portal and log in with their details: Click on Annual Returns on the Returns Dashboard. In File Annual Returns, select the financial year and then click on Prepare Online.

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