3 min
17 July 2024
GSTR-9 is an annual return form that registered taxpayers must file under the Goods and Services Tax (GST) regime. GSTR-9 consolidates all the monthly and quarterly returns filed during the financial year. This comprehensive return provides details of all outward and inward supplies made or received under various tax heads.
Regular taxpayers registered under GST.
Taxpayers who have transitioned from the previous tax regime to GST.
Composite taxpayers if their turnover exceeds the prescribed limit.
Casual taxable persons and non-resident taxable persons are generally exempt from GSTR-9 filing.
E-commerce operators and Input Service Distributors (ISDs) if turnover conditions are met.
Turnover includes taxable, exempt, and export supplies.
Considers inter-state and intra-state sales.
Accounts for advances received for future supplies.
Includes supplies made on behalf of the principal by the agent or job worker.
Considers supplies subject to reverse charge mechanism.
Input Service Distributors (ISDs) irrespective of turnover.
Casual taxable persons.
Non-resident taxable persons.
Persons paying TDS under GST.
Taxpayers registered under the composition scheme.
E-commerce operators collecting TCS.
Maximum penalty capped at 0.25% of turnover in the respective state or union territory.
Interest on delayed payment of tax liabilities.
Additional penalties for discrepancies identified during audits.
Possible suspension of GST registration for continuous non-compliance.
Increased scrutiny and audits by GST authorities.
Reconcile invoices with books of accounts.
Verify tax paid during the year matches the tax liability.
Check for any missed or amended invoices.
Ensure proper reporting of advances and reverse charge supplies.
Cross-verify input tax credit claimed and utilised.
Accounting software with GST compliance features.
GST practitioners and consultants for expert advice.
Online forums and help centres for peer support.
Government-issued guides and manuals.
Tax compliance and reconciliation tools.
Automated GST return filing services.
Include all taxable and exempt supplies.
Account for inter-state and intra-state sales.
Consider advances and reverse charge supplies.
Calculate the total GST liability.
Use the calculator to plan tax payments and avoid penalties.
Regularly update the calculator with real-time data for accurate planning.
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High loan amount: Businesses can borrow funds up to Rs. 80 lakh, depending on their needs and qualification.
No collateral required: You do not have to pledge any collateral to get our business loan, which is beneficial for small businesses without substantial assets.
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Flexible repayment schedules: Repayment terms can be tailored to align with the business's cash flow, helping manage finances without strain. You can choose a tenure ranging from 12 months to 96 months.
These features and benefits of business loans make them a highly accessible and practical financial tool for businesses.
What is the GSTR 9 turnover limit?
The GSTR-9 turnover limit refers to the threshold that determines which taxpayers must file the GSTR-9 annual return. As per the current guidelines, all taxpayers registered under GST and having an aggregate annual turnover exceeding Rs. 2 crores in a financial year are required to file GSTR-9. This threshold ensures that small taxpayers with a turnover below this limit are exempt from filing the detailed annual return, thereby simplifying compliance requirements for them.Who needs to file GSTR 9 based on turnover?
Taxpayers with an annual turnover exceeding Rs. 2 crores.Regular taxpayers registered under GST.
Taxpayers who have transitioned from the previous tax regime to GST.
Composite taxpayers if their turnover exceeds the prescribed limit.
Casual taxable persons and non-resident taxable persons are generally exempt from GSTR-9 filing.
E-commerce operators and Input Service Distributors (ISDs) if turnover conditions are met.
Criteria for GSTR 9 filing based on turnover limit
Aggregate turnover exceeding Rs. 2 crores.Turnover includes taxable, exempt, and export supplies.
Considers inter-state and intra-state sales.
Accounts for advances received for future supplies.
Includes supplies made on behalf of the principal by the agent or job worker.
Considers supplies subject to reverse charge mechanism.
Exceptions and exemptions from GSTR 9 turnover limit
Taxpayers with turnover below Rs. 2 crores.Input Service Distributors (ISDs) irrespective of turnover.
Casual taxable persons.
Non-resident taxable persons.
Persons paying TDS under GST.
Taxpayers registered under the composition scheme.
E-commerce operators collecting TCS.
Penalties for non-compliance with GSTR 9 turnover limit
Late fee of Rs. 200 per day of delay (Rs. 100 CGST + Rs. 100 SGST).Maximum penalty capped at 0.25% of turnover in the respective state or union territory.
Interest on delayed payment of tax liabilities.
Additional penalties for discrepancies identified during audits.
Possible suspension of GST registration for continuous non-compliance.
Increased scrutiny and audits by GST authorities.
Preparation for GSTR 9 filing based on turnover limit
Compile all GSTR-1, GSTR-3B, and GSTR-2A returns.Reconcile invoices with books of accounts.
Verify tax paid during the year matches the tax liability.
Check for any missed or amended invoices.
Ensure proper reporting of advances and reverse charge supplies.
Cross-verify input tax credit claimed and utilised.
Tools and resources for GSTR 9 turnover limit
GSTN portal for filing and resources.Accounting software with GST compliance features.
GST practitioners and consultants for expert advice.
Online forums and help centres for peer support.
Government-issued guides and manuals.
Tax compliance and reconciliation tools.
Automated GST return filing services.
How to use a GST calculator for GSTR 9 turnover limit planning?
Enter annual turnover details in the GST calculator.Include all taxable and exempt supplies.
Account for inter-state and intra-state sales.
Consider advances and reverse charge supplies.
Calculate the total GST liability.
Use the calculator to plan tax payments and avoid penalties.
Regularly update the calculator with real-time data for accurate planning.
Conclusion
Filing GSTR-9 is crucial for maintaining compliance under GST for businesses with a turnover exceeding Rs. 2 crores. Understanding the turnover limit, exemptions, penalties, and preparation steps is essential. Utilising tools like GST calculators can aid in efficient planning.Exploring Bajaj Finserv Business Loans
Here are some of the key advantages of our business loan that make it an ideal choice for your business expenses:Rapid disbursement: Funds can be received in as little as 48 hours of approval, allowing businesses to respond promptly to opportunities and needs.
Simplified application process: Online applications streamline the process, reducing paperwork and saving time.
High loan amount: Businesses can borrow funds up to Rs. 80 lakh, depending on their needs and qualification.
No collateral required: You do not have to pledge any collateral to get our business loan, which is beneficial for small businesses without substantial assets.
Competitive interest rates: The interest rates for our business loans range from 14 to 26 per annum.
Flexible repayment schedules: Repayment terms can be tailored to align with the business's cash flow, helping manage finances without strain. You can choose a tenure ranging from 12 months to 96 months.
These features and benefits of business loans make them a highly accessible and practical financial tool for businesses.
