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GSTR-9 Mandatory for Business: File Returns Properly on Time

GSTR-9 is a form that needs to be filed annually by taxpayers registered under GST. The filing process needs to be done online by logging into the GST portal.

This form is a record of all the details regarding outward supply, inward supply, GST payable etc. The due date to submit GSTR-9 is on or within 31st December of the coming financial year.

The various forms under GSTR-9 differ based on annual turnover and registration type. The two crucial forms are GSTR-9A and GSTR-9C.

GSTR-9A forms are filed by registered taxpayers who have opted for the composition scheme whereas GSTR-9C is a reconciliation statement that should be submitted by a business whose annual turnover exceeds Rs.2 crore.

GSTR-9 can be filed by following a few easy steps, but it should be done meticulously. It is because, once the form has been submitted, there is no way to correct the mistakes, if any.

Aside from some instances, not all taxpayers are required to file the GSTR- 9 annual returns form.

The introduction of GST has been largely beneficial to small and medium scale business entrepreneurs.

The uniform taxation system has simplified the tax filing process and opened up several scopes for investment in the business.

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