The deadline for Goods and Services Tax (GST) annual return filing will end tomorrow, i.e. December 31, 2022. As per Rule 80 of the Central Goods and Services Tax (CGST) Rules, 2017, every registered person liable to file an annual return for every financial year must file the same on or before December 31 of the next financial year. Accordingly, the last date for filing an annual return for FY 2021-22 is December 31, 2022.
Late filing attracts a late fee.
Here's an FAQ on GST annual return filing:
Who needs to file an annual return?
All entities having GST registration are required to file GST annual returns, irrespective of business activity or sales or profitability, during the return filing period.
The GST annual return forms, GSTR-9 and GSTR-9C, are available on the portal for filing.
The following are NOT required to file GSTR 9:
Taxpayers opting for composition scheme (They must file GSTR-9A)
Casual Taxable Person
Input service distributors
Non-resident taxable persons
Persons paying TDS under section 51 of the CGST Act.What is Form GSTR-9?
Form GSTR-9 is an annual return to be filed once for each financial year by the registered taxpayers who were regular taxpayers, including Special Economic Zone (SEZ) units and SEZ developers.
The taxpayers must furnish details of purchases, sales, input tax credit or refund claimed or demand created etc., in this return.
What is the difference between Form GSTR-9 and Form GSTR-9C?
Form GSTR-9 must be filed by every person registered as a normal taxpayer. Form GSTR-9C must be filed by every registered person whose aggregate turnover is above a certain threshold during the financial year, as notified by way of Notifications issued by the Government of India from time to time.
Such taxpayers are required to get their accounts audited by a Chartered Accountant or Cost Accountant and need to submit a copy of audited annual accounts and reconciliation statements.
Is it mandatory to file Form GSTR-9?
Yes, it’s mandatory to file Form GSTR-9 for normal taxpayers.
What are the details required to be filled in the GSTR-9?
GSTR-9 is divided into 6 parts and 19 sections. Each part asks for details that are available from previously filed returns and books of accounts.
Broadly, this form asks for disclosure of annual sales, bifurcating it between the cases that are subject to tax and not subject to tax. On the purchase side, the annual value of inward supplies and ITC availed thereon is to be revealed.
Furthermore, these purchases must be classified as inputs, input services, and capital goods. Details of ITC that need to be reversed due to ineligibility are to be entered, according to Clear.
What is the penalty for not filing GST annual return?
The late fee for not filing GSTR 9 within the due date is Rs 100 per day per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default.
This is subject to a maximum of 0.25 percent of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.
