Yes, several exemptions and options exist for filing GSTR-9. For FY 2024-25, taxpayers with an aggregate annual turnover of up to ₹2 crore are exempt from filing GSTR-9. Additionally, specific entities like casual taxable persons, non-resident taxpayers, input service distributors, and TDS/TCS deductors are exempted from filing GSTR-9.
As per the notification, registered persons whose aggregate turnover in any financial year does not exceed ₹2 crore will be eligible for this exemption.
Yes, every GST-registered taxpayer having annual turnover of more than Rs.2 Crore must file GSTR-9 annually. Who is required to file GSTR 9? Yes, every GST-registered taxpayer whose annual turnover is more than Rs.2 crore must file GSTR-9 annually. It is optional for the rest of the taxpayers.
“GST amnesty scheme for GSTR-9 delayed filing- Late fee in excess of Rs. 20,000 (Rs. 10,000 each CGST and SGST) is waived of for delayed filing of GSTR9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.
The GST/HST break includes certain qualifying goods, such as:
Specific individuals and businesses are exempt from GST registration, including: Agriculturists (Also read - GST Exemption for Farmers) Individuals and businesses with an annual turnover below INR 40 lakhs for goods and INR 20 lakhs for services (INR 20 lakhs and INR 10 lakhs for specified categories)
The GSTT exemption may be used for both outright transfers as well as transfers in trust. The allocation of the GSTT exemption is generally reported on a gift or estate tax return (IRS Form 709 or IRS Form 706), though this is not required by law.
All taxpayers need to file GSTR-9 so that the government to keep track of the GST compliance of taxpayers. Filing GSTR-9 also allows taxpayers to keep accurate records of their GST transactions and remain compliant with the GST laws.
The following category of tax persons are exempted from payment of 1% of GST in Cash 1. Registered taxpayers who have paid income tax above Rs 1.00 in Income Tax during the last two years continuously 2. Taxpayers who have zero-rated supplies without payment of duty and claimed refund of more than Rs 1.00 lac 3.
- For the purposes of this clause, - (a)no income shall be deemed to accrue or arise to a non-resident from transfer, outside India, of any share of, or interest in, a company or an entity, registered or incorporated outside India, referred to in the Explanation 5, - (i)if such company or entity directly owns the ...
Is it mandatory to file Form GSTR-9? 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.
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.
Common Reasons for Wrong Data in GSTR-9
All regular GST-registered taxpayers with an annual turnover exceeding Rs. 2 crores are required to file GSTR-9C, which includes a reconciliation statement and certification by a Chartered Accountant (CA) or Cost Management Accountant (CMA).
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.
Example: Healthcare services, educational services, and public utility services (e.g., water supply) are exempt from GST. This exemption is unconditional, meaning the supply is fully exempt from GST without any terms or conditions attached.
Cereals, edible fruits and vegetables (not frozen or processed), edible roots and tubers, fish and meat (not packaged or processed), tender coconut, jaggery, tea leaves (not processed), coffee beans (not roasted), seeds, ginger, turmeric, betel leaves, papad, flour, curd, lassi, buttermilk, milk, and aquatic feeds, and ...
Section 269ST limits cash receipts to Rs. 2 lakh or more in a single day from a single person. Any cash payment or receipt exceeding this limit is prohibited.
Key items exempted from GST:
Prepared foods and snacks: Vegetable trays, pre-made meals, salads, sandwiches, chips, candy, granola bars, etc. Dining: Restaurant meals (dine-in, takeout, or delivery). Beverages: Beer, wine, cider, and sake.
How much does a CA charge to file ITR for a salaried person? A Chartered Accountant (CA) usually charges between ₹1,000 to ₹3,000 for salaried individuals, depending on how complex your income or deductions are. If you have multiple income sources or want detailed help, the cost may go up.
Scope of the Scheme: The waiver scheme applies to only those taxpayers who have failed to file GSTR-9 earlier. To avail benefits of this scheme, taxpayers have to file the return before March 31, 2025. Already Paid Late Fees: No refunds will be issued if the taxpayer has already filed the return with late payment fees.
If taxes are erroneously paid in excess in GSTR-3B, the same can be claimed as a refund (as per Section 54 of CGST Act) or be adjusted against tax payments of subsequent periods. But, the same cannot be claimed though GSTR-9. The refund needs to be claimed by making an application for the same on GST portal.
Who Qualifies for GST Exemptions?
To qualify for exemption from federal withholding, you must have owed no federal income tax in the prior tax year and expect to owe none in the current tax year. Filing as exempt on a W-4 means no federal income tax is withheld from your paycheck, but Social Security and Medicare taxes will still be deducted.
Exemption categories vary widely by field, but common types include legal/employment (like executive, administrative, professional roles exempt from overtime), tax (for individuals like dependents, or organizations like charities), and research ethics (for studies like educational practices or benign behavioral interventions that require less oversight). Other examples are property tax exemptions for unoccupied or repair-focused properties, and personal tax exemptions, now mostly handled via standard deductions.