GSTR-9 filing is mandatory for all regular registered taxpayers under GST, consolidating annual sales, purchases, and input tax credit (ITC). While mandatory for most, it is optional for taxpayers with an aggregate annual turnover (AATO) below specific thresholds, typically ₹2 crore, as notified by the government.
Yes, it's mandatory to file Form GSTR-9 for normal taxpayers. It may, however, be made optional for taxpayers having AATO up to a certain threshold, from time to time.
Failing to file GSTR-9 on time results in financial penalties of ₹200 per day, capped at 0.25% of annual turnover, disrupting cash flow for businesses. Non-compliance with GSTR-9 can lead to denial of input tax credits, audits, legal risks, and even suspension or cancellation of GST registration.
GSTR-9 annual return filling is mandatory for every taxpayer registered under GST. Certain categories are exempted from this filing, including casual taxpayers, non-resident taxpayers, Input Service Distributors, and those who deduct or collect tax under Section 51 or Section 52.
Mandatory Tables in GSTR-9
Captures details of taxable supplies, exports, and exempt/nil-rated supplies. This table is critical for summarising all outward supplies during the financial year and is auto-populated from the GSTR-1 filings.
From FY 2020-21 onwards, taxpayers can self-certify GSTR-9C, and it is no longer necessary to get it certified by a Chartered Accountant (CA) or Cost Accountant.
Professional Fees: Rs. 1000 to Rs. 3,000 per GSTR-9 filing, depending on the complexity and service provider. Paid Software Charges: Rs.
Businesses with annual sales of Rs. 40 lakhs or more for goods, and Rs. 20 lakhs or more for services, must register for GST. If the turnover exceeds the allowed threshold, there is a penalty for failing to register under GST.
Filing is mandatory for all GST taxpayers. Returns must be filed on the GST portal monthly, quarterly, or annually, depending on the taxpayer's classification. GST Return is mandatory for all GST-registered businesses. Regular taxpayers file GSTR-1, GSTR-3B monthly or quarterly, plus annual returns (GSTR-9/9C).
Businesses dealing in goods are exempt from GST if their annual aggregate turnover is below INR 40 lakhs. For businesses in hilly and northeastern states, this threshold is reduced to INR 20 lakhs to address regional challenges. Service providers are exempt from GST if their turnover is under INR 20 lakhs annually.
GST amnesty scheme for GSTR-9 in 2023
The CBIC notified vide 07/2023 dated 31st March 2023, a waiver of late fees in excess of Rs.20,000 (i.e., Rs.10,000 each under CGST and SGST Act) for delayed filing of GSTR-9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.
Therefore, upon non –filing of GST returns or missing out the GST due dates, the GST law prescribes a general penalty. The maximum penalty that may be imposed is Rs. 5,000. The taxpayer will be required to pay interest on late payment of GST at a rate of 18% annually in addition to the late payment penalty.
An offender not paying tax or making short-payments has to pay a penalty of 10% of the tax amount due, subject to a minimum of Rs. 10,000. Therefore, the penalty will be high at 100% of the tax amount when the offender has evaded i.e., where there is a deliberate fraud.
Late Fees and Penalties for GSTR-9
Filing GSTR-9 after the due date attracts penalties of: Rs. 200 per day up to a maximum of 0.25% of the turnover (Rs.
If your GST turnover is below the $75,000 threshold, you may choose to register. But if you do, regardless of your turnover, you must: include GST in the price of most goods and services you sell. claim GST credits for most business purchases you make.
GST is leviable only if aggregate turnover is more than 20 lacs. (Rs. 10 lacs in 11 special category States). For computing aggregate supplies turnover of all supplies made by you would be added.
The penalty amount you will be charged for not filing electronically if you are required to is: $100 for the first time. $250 for each subsequent return you do not file electronically.
In conclusion, having a GST number is mandatory while filing ITR. It not only helps the government to track the financial transactions of businesses but also ensures transparency and accountability in the taxation system.
What is the Minimum Turnover Limit for GST Registration? Businesses are required to register for GST and pay tax on their annual turnover if their annual revenue exceeds Rs. 40 lakhs in the case of goods supplied and Rs. 20 lakhs for the supply of services.
As recently as January 2022, the limit is Rs. 1 crore for businesses and Rs. 50 lakhs for professionals.
The GST limit for composition schemes in India is Rs. 1.5 crore turnover per annum. Composition schemes are voluntary schemes available for small businesses with annual turnovers up to Rs. 1.5 crore who can opt for fixed tax rates instead of regular GST rates.
On average, CAs may charge anywhere between Rs. 2,000 to Rs. 15,000 per year for filing GST returns. The cost can go up to Rs.
Late filing penalties for goods and services tax (GST)
There is a late filing penalty of $50 if you're on the payments basis. There is a $250 penalty for late filing on the hybrid or invoice basis. These penalties are usually due on the 28th day of the month after the return was due.
Do you need a Chartered Accountant (CA) for GST filing? No, a Chartered Accountant (CA) is not required to submit a monthly Goods and Services Tax (GST) return in India. The GST return filing procedure is made to be simple to use and enables taxpayers to submit their returns on their own.