Do you hold a GSTIN? If yes, do you file GSTR 1? GSTR 3?
If yes, you must report your annual income in form GSTR 9 to the government.
GSTR 9 is an annual return to be filed by all taxpayers (including regular & SEZ)registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant financial year. It consolidates all the monthly/quarterly returns (GSTR-1, GSTR-2A/2B, GSTR-3B) filed that year. You cannot revise the Form GSTR-9 return after filing.
But, as you know, there are exceptions that exist almost everywhere! So, the following persons are not required to file GSTR 9:
- CTP
- ISD
- Non-resident taxable person
- Taxpayers under the composition scheme
- Persons paying TDS (u/s 51) &TCS (u/s 52)
- e-commerce operator
Note: GSTR-9 filing for businesses with turnover up to Rs 2 crore made optional for FY 17-18 onwards.
Is your turnover exceeding ₹5 crore?
If yes, you must get their annual reports audited by a CA.
GSTR 9C is essentially a reconciliation statement between GSTR annual returns of a year and figures based on taxpayers’ audited annual financial report.
GSTR 9C is required to be filed by every taxpayer who is liable for a tax audit.
Most importantly, due date adherence is a must to avoid any late penalty. We are already paying taxes, and paying the penalty due to a delay is dreadful.
We are already paying taxes, so why fritter away our income with a penalty due to a delay?
So, remember, generally the due date for filing GSTR-9 & 9-C is 31st December of the relevant financial year. Also, know about the penalty for delay in filing form GSTR 9 FY 2022-23 onwards penalty:
| Particulars | Penalty |
|---|---|
| Turnover upto 5 crores | ₹25 per day subject to a maximum of 0.02% of turnover |
| Turnover above 5 crores | ₹50 per day subject to a maximum of 0.02% of turnover |
The government has also announced a waiver of late fees in excess of Rs.20,000 (i.e., 10,000 each under CGST and SGST Act) for delayed filing of GSTR-9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.
Want help with GSTR 9? Book a MEET and connect with our tax experts to comply with the law.