GST Annual Return
4 Points you must know about GST Annual Return
1. Last Opportunity for any Correction in GST Annual Return:
There is no option to revise the monthly or quarterly GST returns. However, the only opportunity to do so is the annual return. Therefore , it is necessary to make sure that all the errors and omissions of a particular year have been taken care of in the annual return.
2. Ask About Reconciliation Statement :
You must be aware of the unreconciled items found out in the reconciliation statement. In other words , without preparing the reconciliation statement, you cannot file the return correctly.
3. Take Expert Help:
The annual return is the last opportunity to correct any errors committed during the whole financial year. So, it is better to take the help of a professional expert in filing the same.
4. Non -Compliance Penalty:
The penalty for non-filing of GSTR-9 within the due date is Rs.200 per day. However, the maximum penalty is subject to 0.25% of the aggregate turnover of that financial year. Further , the penalty for GSTR-9C is flat Rs.25000. Therefore , you must be careful that the annual return is filed within the due date to avoid the penalty.
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FAQ`s About GST Annual Return
1. What is GSTR-9 and 9c?
Every taxpayer has to file an annual return in form GSTR-9 irrespective of their turnover. However, for the financial year 20-21, the government has exempted taxpayers’ aggregate turnover up to 2 crores from the compliance of annual return. Further , GSR-9C is the annual audit report form required to be filed by the taxpayers whose turnover exceeds two crores.
2. How much is the penalty for late filing of GSTR-9?
The penalty for late filing of GSTR-9 after the due date is Rs. 200 per day(Rs100 under the CGST and Rs.100 under the SGST), subject to a maximum of 0.25% of the aggregate turnover for the relevant financial year.
3. What is DRC-03 payment?
DRC-03 is a form prescribed under GST law for voluntary tax payment after the time limit for filing the returns of that particular financial year expires.
4. What is the difference between GSTR-9 and 9c?
The difference between the GSTR-9 and 9C is as follows:
| Points of difference | GSTR-9 | GSTR-9c |
| Nature | It is the consolidated Summary of all GST Returns for a particular financial year. | The annual audit report form is applicable in case the aggregate turnover is more than the specified limit. |
| Applicability | It applies to everyone who is registered under the GST. | Every registered taxpayer with aggregate turnover is more than the specified limit. |
| Late Fees & Penalty | The late fee is Rs. 200 per day, subject to 0.25% of aggregate turnover | Rs. 25000 as fixed penalty |
| Certification | Not Required | Certification Required |
5. What is the gst annual return turnover limit?
There is no GST annual return turnover limit. However, for the financial year 20-21, the taxpayers whose aggregate turnover is up to 2 crores are exempted from filing GST annual returns.
6. Who has to file GSTR-9?
Every taxpayer registered under GST law has to file GST-9. However, for the financial year 20-21, the taxpayer whose turnover is up to 2 crores are exempted from filing of GSTR-9.
