As the new year is coming, you must also know an important due date for filing GSTR-9 Annual Return is also fast approaching. GSTR-9 due date is 31st December. Let’s know everything about it in an easy and quick manner.
Who needs to file GSTR-9?
Filing GSTR-9 is mandatory for businesses having annual turnover more than Rs. 2 Crore in a financial year. If you don’t file GSTR-9 on time or miss to file it, it will lead to hefty penalties. Therefore, businesses must get it done without any more delay.
Which businesses are exempted from filing GSTR-9?
Taxpayers with a turnover of ₹2 crore or less are exempt from filing GSTR-9. However, it is still recommended to voluntarily file annual GST Return for these businesses in order to maintain a complete GST Compliance record and gain advantages of GST Return Filing.
Do composition taxpayers need to file GSTR-9?
Businesses having GST Registration under composition scheme were mandatorily required to file GSTR-9A. However, this requirement was waived off from FY 2019-20 onwards, and thus offering relief to small businesses.
Why is the GSTR-9 Return Filing on time important?
Missing the 31st December deadline for GSTR-9 Return Filing can lead to unnecessary penalties and interest. In addition to filing GST Annual Return on time, accurate filing is essential to avoid scrutiny or audits later. Lastly, Businesses must also ensure their records are reconciled and any errors in past filings are rectified through GSTR-9.
Can businesses file nil Form GSTR-9?
Nil Form GSTR-9 can be filed for the Financial year, if you have: –
- NOT made any outward supply (commonly known as sale); AND
- NOT received any goods/services (commonly known as purchase); AND
- NO other liability to report; AND
- NOT claimed any credit; AND
- NOT claimed any refund; AND
- NOT received any order creating demand; AND
GST Rule Change 2025: Why Timely E-Invoice Uploading Is Essential
Moreover, If you want any other guidance relating to GST Registration, GST Return Filing or GST Updates, please feel free to talk to our business advisors at 8881-069-069.
Download the E-Startup Mobile App and Never miss the latest updates narrating to your business.