The Institute of Chartered Accountants of India (ICAI) has released a technical guide for the Form GSTR 9 or Annual Returns. The annual return holds great significance as it provides registered individuals with the ultimate opportunity to correct any inaccuracies or omissions that may have occurred in their previously submitted Form GSTR-1 or Form GSTR-3B. This document serves as a consolidation of periodic returns and cannot be modified once it has been submitted.
All registered individuals are required to file the Annual Return in Form GSTR-9 on an annual basis. However, in an effort to reduce the compliance burden on small taxpayers, the government has granted an exemption from filing the annual return to registered individuals with an aggregate turnover of up to Rs. 2 crore.
Recognizing the importance of adhering to GST compliance by filing the annual return, the GST & Indirect Taxes Committee has created a document titled ‘Technical Guide on GST Annual Return (Form GSTR 9).’ This publication offers valuable insights and instructions for the process of submitting the annual return in Form GSTR-9. The publication has been meticulously updated, encompassing all amendments made up to September 30, 2023. This update makes it an invaluable resource for individuals filing the annual return for the fiscal year 2022-23.
Additionally, the Chairman and Vice-Chairman of the GST & Indirect Taxes Committee mentioned that they are in the process of developing another Technical Guide to provide guidance on filing the GST Reconciliation Statement (Form GSTR 9C).
The guide covers contents of primary source for Annual returns, Outward register, Export Register, Advance Register, Import Register, Reverse Charge Register, Inward Register, Stock Register, Introduction to Annual Return, Analysis of Form GSTR-9, List of Optional Entries in Form GSTR-9 for FY 2022-23 and Annual Return for Composition Taxpayers [GSTR-9A]. It also accompanied with appendices which lists out relevant notifications related.
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