Top Stories GST Annual Returns GSTR-9: Due Date, Applicability, Late Fees and All You Need to Know It consolidates the details provided in the monthly or quarterly returns filed throughout the financial year By Manu Sharma – On November 13, 2024 5:40 pm – 3 mins read The Goods and Services Tax Return ( GSTR-9 ) is an annual return that must be filed by taxpayers registered under the Goods and Services Tax ( GST ) regime in India.

This article aims to inform readers about GST Annual Return ( GSTR-9 ), including its applicability, due date, turnover limit, eligibility, rules, and frequently asked questions. Is Filing GSTR-9 Mandatory? Yes, filing GSTR-9 is mandatory for every GST-registered taxpayer whose annual turnover exceeds ₹2 crore. For taxpayers with a turnover less than ₹2 crore, filing GSTR-9 is optional. This provision aims to ease the compliance burden on small businesses. Who Is Required to File GSTR-9? All GST-registered taxpayers must file GSTR-9 if their annual turnover exceeds ₹2 crore.

This includes taxpayers who were registered under GST for even a single day during the financial year. Taxpayers with multiple GST registrations under the same PAN, whether in the same state or different states, are required to file separate GSTR-9 returns for each GSTIN. Understanding GSTR-9 What Is the GSTR-9 Annual Return? GSTR-9 is an annual return consolidating all the monthly or quarterly returns filed during the financial year. It includes details of outward and inward supplies under various tax heads (CGST, SGST, and IGST) and HSN codes. Important Elements of GSTR-9 Master GST Notice Replies – Drafting 20 Notices, Including Appeals – Register Now – Outward Supplies: Details of all sales transactions made during the financial year. – Inward Supplies: Details of all purchase transactions where ITC has been claimed. – Tax Details: Information on taxes paid under different heads. – HSN Summary: Summary of supplies categorised according to HSN codes. – ITC Reversal: Details of ITC that need to be reversed due to ineligibility.

Due Date and Applicability What Is the Due Date for Filing GSTR-9? The due date for filing GSTR-9 is the 31st of December following the end of the relevant financial year. For example, for the financial year 2022-23, the due date would be 31st December 2023. Applicability Based on Turnover Limit – Mandatory Filing: Businesses with an annual turnover exceeding ₹2 crore. – Optional Filing: Businesses with an annual turnover up to ₹2 crore. Late Fees and Penalties Failure to file GSTR-9 by the due date will cause a late fee to be attracted, which varies based on the turnover of the taxpayer: – Up to ₹5 Crore Turnover:   – Late Fee: ₹50 per day (₹25 under CGST and ₹25 under SGST)   – Maximum Late Fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST) Master GST Notice Replies – Drafting 20 Notices, Including Appeals – Register Now – ₹5 Crore to ₹20 Crore Turnover:   – Late Fee: ₹100 per day (₹50 under CGST and ₹50 under SGST)   – Maximum Late Fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST) – Above ₹20 Crore Turnover:   – Late Fee: ₹200 per day (₹100 under CGST and ₹100 under SGST)   – Maximum Late Fee: 0.50% of turnover in the state/UT (0.25% each under CGST and SGST) Points to keep in mind while filing GSTR-9 Data Verification – Cross-check all details with your books of accounts. Master GST Notice Replies – Drafting 20 Notices, Including Appeals – Register Now ITC Reconciliation – Match your ITC claims with GSTR-2A data. Review Returns – Ensure that all monthly/quarterly returns are correctly filed before filing GSTR-9. Seek advice from tax professionals if unsure about any details. It is always better to seek the help of a qualified professional like a Chartered Accountant (CA) for tax filings to avoid future complications and notices. Filing GSTR-9 is an annual compliance requirement under GST. A solid knowledge of applicability, due dates, and late fees can help businesses avoid penalties and ensure smooth operations. Frequently Asked Questions (FAQs) Is GSTR-9 Mandatory for Turnover Less Than ₹2 Crore?

No, for businesses with an annual turnover of less than ₹2 crore, filing GSTR-9 is optional. The GST department has provided this relaxation to reduce the compliance burden on small taxpayers. Can GSTR-9 Be Revised Once Filed? No, once GSTR-9 has been filed, it cannot be revised. Hence, it is vital to ensure accuracy of details before submission. Should I File GSTR-9 if My GST Registration Was Cancelled During the Financial Year? Yes, you are required to file GSTR-9 if you were registered under GST for any period during the financial year.

This is applicable even if your registration was cancelled later on during the Financial Year. Master GST Notice Replies – Drafting 20 Notices, Including Appeals – Register Now Should GSTR-9 Be Filed at the Entity Level or GSTIN Level? GSTR-9 must be filed at the GSTIN level. Taxpayers with multiple GST registrations under the same PAN must file separate GSTR-9 returns for each GSTIN, regardless of whether the GSTIN was active for the entire financial year or a part of it. Should I Reconcile My Input GST with GSTR-2A Before Filing GSTR-9? Yes, it is essential to reconcile your input tax credit (ITC) with the data available in GSTR-2A before filing GSTR-9. This ensures accuracy and helps avoid discrepancies.