GSTR-9A: Requirements, Deadline, Filing Procedure, and Penalties

Goods and Services Tax (GST) has transformed the way indirect taxes are levied in India. With the introduction of GST, several compliances and filing requirements have been imposed on taxpayers to ensure transparency and smooth implementation of the tax regime. One such compliance is the filing of the GSTR-9A form. In this blog post, we will delve into the details of GSTR-9A, including its requirements, filing procedure, deadlines, and the penalties associated with non-compliance.

1.     Understanding GSTR-9A:

GSTR-9A is an annual return form that needs to be filed by composition scheme taxpayers under the GST regime. A composition scheme under GST is a scheme that allows small businesses to pay taxes at a fixed rate based on their turnover, providing them with simplified compliance procedures. GSTR-9A serves as a summary of all the quarterly returns filed during the financial year. 

The purpose of GSTR-9A is to provide a comprehensive summary of all the quarterly returns filed by composition scheme taxpayers during the financial year. It includes information on outward and inward supplies, tax liability, input tax credit, demands and refunds, HSN summary, and late fees/interest, if applicable.

Filing GSTR-9A is a mandatory compliance requirement, and it helps the tax authorities assess the taxpayer's tax liability, reconcile the data, and ensure compliance with GST regulations. It provides a consolidated view of the taxpayer's activities and enables the authorities to verify the accuracy and completeness of tax-related information.

To file GSTR-9A, businesses need to log in to the GST portal and fill in the required details accurately. It is essential to review the information carefully before submission to avoid any errors or discrepancies. The form can be signed using a digital signature certificate (DSC) or verified through an electronic verification code (EVC). Upon successful submission, an acknowledgement receipt number (ARN) is generated. Non-compliance with the filing of GSTR-9A can result in penalties, such as late filing fees and increased scrutiny from tax authorities.

2.  Eligibility Criteria for Filing GSTR-9A:

To file GSTR-9A, businesses need to meet certain requirements. Here are the key prerequisites for filing GSTR-9A:

a)   The taxpayer must be registered under the composition scheme.

b)    The return needs to be filed for a specific financial year, which runs from April 1st to March 31st.

c)    The business should have an aggregate turnover that is below Rs. 1 crore, except for businesses located in the North Eastern states where the threshold is set at Rs. 75 lakh. It is important to note that the GST Council has raised the annual turnover limit for composition scheme taxpayers to Rs. 1.5 crores, effective from April 1, 2019. This revision allows composition scheme taxpayers to file GST returns annually and pay taxes on a quarterly basis.

3.     Components of GSTR-9A:

GSTR-9A consists of several sections that require specific details to be furnished. Here are the main components of GSTR-9A:

a.      Basic Details: Taxpayer information such as GSTIN, legal name, and trade name.

b.     Summary of Outward and Inward Supplies: Details of supplies made, including supplies subject to reverse charge.

c.      Details of Tax Liability: Information on tax liability, tax paid, and any demands or refunds.

d.     Input Tax Credit (ITC): Summary of ITC availed, reversed, and ineligible ITC.

e.      Particulars of Demands and Refunds: Details of demands raised, refunds claimed, and refunds received.

f.       HSN Summary: Summary of the Harmonized System of Nomenclature (HSN) codes of goods supplied.

g.     Late Fees and Interest: Details of late fees and interest, if any.

4.     Filing Procedure for GSTR-9A:

To file GSTR-9A, taxpayers can follow these steps:

Step 1: Log in to the GST portal using valid credentials. 

Step 2: Find the GSTR-9A form under the Annual Return section.

Step 3: Fill in the required information accurately in the respective sections.

Step 4: Carefully review the information provided and make any necessary corrections. Once verified, submit the form.

Step 5: Sign the form using a digital signature certificate (DSC) or verify it through an electronic verification code (EVC).

Step 6: Upon successful submission, an acknowledgement receipt number (ARN) will be generated.

5.   Deadline for GSTR-9A Filing:

The deadline for filing GSTR-9A is generally set to be December 31st of the subsequent financial year. However, it is essential to stay updated with notifications and announcements from the GST authorities, as deadline extensions may be granted in certain situations.

6.  Penalties for Non-Compliance:

Failure to file GSTR-9A within the prescribed due date can attract penalties. The penalties include:

a) Late fees:

·      For businesses with a turnover of up to Rs. 5 crores, filing GSTR-9 after the due date will result in a late fee of Rs. 50 per day, with Rs. 25 under the CGST Act and Rs. 25 under the SGST Act. However, this late fee is subject to a maximum cap of 0.04% of the turnover in the respective state or union territory, with 0.02% each under the CGST and SGST Acts.

·       If the turnover exceeds Rs. 5 crores but is below Rs. 20 crore, filing GSTR-9 after the due date attracts a late fee of Rs. 100 per day, with Rs. 50 under the CGST Act and Rs. 50 under the SGST Act. Again, the late fee is subject to a maximum cap of 0.04% of the turnover in the state or union territory, with 0.02% each under the CGST and SGST Acts.

·      For taxpayers with a turnover exceeding Rs. 20 crores, the late fee remains constant at Rs. 200 per day, with Rs. 100 each under the CGST and SGST Acts. The maximum cap for the late fee is 0.50% of the turnover in the state or union territory, with 0.25% each under the CGST and SGST Acts.

b)    Other Consequences:

Non-filing or incorrect filing GSTR-9A can lead to increased scrutiny from tax authorities, potential audits, and the loss of input tax credit.

Conclusion:

GSTR-9A plays a crucial role in the compliance framework for businesses registered under the composition scheme. Understanding the requirements, filing procedure, and penalties associated with GSTR-9A is vital for every composition scheme for taxpayer to ensure adherence to the GST regulations. By complying with the filing obligations, businesses can maintain transparency, avoid penalties, and contribute to the overall efficiency of the GST system.

For more information, Visit us at: https://academy.tax4wealth.com/

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