GST Annual Return

4 Points you must know about GST Annual Return

1. Last Opportunity for Correction:

There is no option to revise the monthly or quarterly GST returns. The only opportunity to do so is the annual return. So, 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. 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. The maximum penalty is subject to 0.25% of the aggregate turnover of that financial year. The penalty for GSTR-9C is flat Rs.25000. So, you must be careful that the annual return is filed within the due date to avoid the penalty.

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FAQ`s Regarding GST Annual Return

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.
GSR-9C is the annual audit report form required to be filed by the taxpayers whose turnover exceeds two crores.

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.

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.

The difference between the GSTR-9 and 9C is as follows:

Points of difference



1. 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.

2. Applicability

It applies to everyone who is registered under the GST.

Every registered taxpayer with aggregate turnover is more than the specified limit.

3. Late Fees & Penalty

The late fee is Rs. 200 per day, subject to 0.25% of aggregate turnover

Rs. 25000 as fixed penalty

4. Certification

Not Required

Certification Required

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.

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.