GST Annual Return Filing mandatory for GST Registration businesses

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The world of GST Annual Return Filing is complex for many people. As a business, Having GST Registration, it is mandatory for you to file your annual return. However, if you are lost and don’t know about it, do not worry. In this blog, we will guide you through the basics of Annual GST Return Filing, and highlight the importance of timely compliance.

What is the GST Annual Return Filing?

GSTR-9 is a form for GST Annual Return Filing that almost every business having GST Registration needs to fill out every year.

It includes information about the supplies sold, supplies bought, taxes owed, and credits received during a financial year.

The form needs to be submitted by December 31st of the year following the particular financial year.

Who needs to submit GSTR-9?

Every business having GST Registration needs to file or submit GSTR-9 before the deadline and with the correct details.

However, the only entities exempt from filing GSTR-9 are casual taxpayers, input service distributors, non-resident taxpayers, and taxpayers who deduct or collect tax at source under Section 51 or 52.

However, the composition taxpayers have to file GSTR-9A, while e-commerce operators need to file GSTR-9B.

Learn about GST Returns in detail at: Types of GST Return

Penalties for Missing Annual GST Return Filing mandatory for businesses in India

  • As per the penalty provisions outlined in the GSTR-9 annual return form, taxpayers are required to pay a penalty of Rs. 200 per day, with Rs. 100 each allocated for SGST and CGST.
  • It’s important to note that the total penalty cannot exceed 0.25% of the total turnover on which the penalty is being imposed.
  • Starting from the financial year 2022-23, taxpayers with a turnover up to Rs. 5 crores are required to pay a penalty of Rs. 50 per day, with Rs. 25 each allocated for SGST and CGST.
  • If the turnover exceeds Rs. 5 crores, the late fee will be Rs. 100, with Rs. 50 each allocated for SGST and CGST.

For understanding the process of filing Good service tax Annual Return, you should visit our post at: GST Annual Return Filing- How to File GSTR- 9, Types & Eligibility.

Or you can also talk to a professional CA from our team.

How to revise GSTR-9?

Form GSTR-9 once filed cannot be revised.

It’s recommended to carefully check the values auto-populated in the annual returns, match with books of accounts and accordingly make suitable corrections before doing GST Return filing of Annual GST Return in form GSTR-9.

If you are unsure or have confusion while filing Annual GST Returns, you can take the assistance of our experts.

All you have to do is fill the form below:

Take a call from Expert

Also Read:

GST Annual Return Filing Liberalised

Furthermore, If you want any other guidance related to GST Registration in India or GST Return Filing, please feel free to talk to our business advisors at 8881-069-069.

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