The deadline of December 31, 2024, is fast approaching for eligible GST-registered taxpayers to file their returns using the GSTR-9 or GSTR-9A forms. It’s important to note that you can only file the annual GST return if your GSTIN remains active for the full financial year. According to a key FAQ on the GST portal, “Taxpayers must file all applicable returns, including Form GSTR-1/IFF and Form GSTR-3B, for the relevant financial year before submitting the Annual Return.”
Anyone who held GST registration at any time during the financial year is required to file an annual GST return.
Taxpayers registered under the GST composition scheme should file their annual returns using the GSTR-9A form.
The following taxpayers are exempt from filing the GST annual return:
- Input Service Distributors
- TDS deductors (under Section 51)
- TCS collectors (under Section 52)
- Casual taxable persons
Non-resident taxable persons are also exempt from filing the annual GST return.
Additionally, taxpayers with an aggregate annual turnover below Rs 2 crore are not required to file the annual return for financial years from 2017-18 to 2023-24, as filing has been made optional for them.
GST annual returns become time-barred if not filed within three years from the due date.
Filing a Nil GST Annual Return
What if you have no transactions to report? The GST portal offers clear guidelines for filing a nil GSTR-9, which you can submit if you meet the following conditions:
- No outward supplies (sales)
- No goods/services received (purchases)
- No other liabilities to report
- No input tax credit claims
- No refunds claimed
- No orders creating demand
- No late fees to be paid
Late Filing Penalty for GST Annual Return
Here’s the penalty for late filing of the GST annual return after the deadline:
For turnover up to Rs 5 crore:
- Late fee: Rs 50 per day (Rs 25 each under CGST and SGST)
- Maximum late fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST)
For turnover between Rs 5 crore and Rs 20 crore:
- Late fee: Rs 100 per day (Rs 50 each under CGST and SGST)
- Maximum late fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST)
For turnover exceeding Rs 20 crore:
- Late fee: Rs 200 per day (Rs 100 each under CGST and SGST)
- Maximum late fee: 0.50% of turnover in the state/UT (0.25% each under CGST and SGST)
As the deadline approaches, timely filing is crucial to avoid unnecessary penalties and ensure smooth GST compliance.
Source: News18
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