GSTR-9: Applicability and Turnover Limit For FY 2023-24

GSTR-9 is an annual return which has to be file by regular taxpayers to maintain accurate records of GST transactions.

It provides a comprehensive summary of all outward and inward supplies made during the financial year.

It summarizes information from the monthly or quarterly GSTR-1, GSTR-2A, GSTR-3B, and other relevant returns.

Important Update

Taxpayers with an aggregate turnover of up to Rs 2 crore for the FY 2023-24 are exempt from filing GSTR-9.

As per Notification No. 14/2024-Central Tax, government notifies the exemption from filing GSTR-9 for small businesses with a turnover of up to Rs 2 crore in FY 2023-24 to provide support to numerous small business owners.

Basics of GSTR 9 Return

• The system auto-populates data based on GSTR-3B to the extent possible which the assessee can edit.

• The system also auto-populates ITC based on GSTR-2B as generated by the system based on GSTR-1 filed by your corresponding suppliers.

1. GSTR-2B is a static auto populate invoices.
2. GSTR-2B shall contain invoices of FY 2023-24 and also of 2022-23 which is uploaded till 30th Nov 2023.

• Invoice wise ITC details of Table 8A of GSTR-9 is available in GST Portal.

• In case of any additional liability, the taxpayer can pay the same through Form GST DRC-03.

Due Date to File GSTR-9

The due date to file GSTR-9 for FY 23-24 is 31st December 2024.

Who requires to File GSTR-9?

• Normal Taxpayers including SEZ units and developers.

• Composition Scheme Dealer [can file Annual Return in Form GSTR-9A].

Who are not required to file GSTR 9?

• Non-Resident Taxable Persons.

• Casual Taxable Persons who do not have a fixed place of business.

• Input Service Distributors (ISD).

• Persons who require deducting or collecting Tax at Source.

What are the details to be report?

Annual return summarizes sales, purchases, ITC, and other transactions which include:

• Details of sales which subject to tax and not subject to tax.
• Total value of purchases and ITC availed.
• Details of imports of goods and services, and GST paid/payable on these imports
• Details of ITC reversals due to ineligibility.
• Details of advances received and any adjustments made.
• Summary of GST paid/payable on all inward and outward supplies during the financial year.

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