Is filing Gstr 9C mandatory?

Is filing Gstr 9C mandatory?

All those taxpayers having a turnover above 2 crores in a financial year are required to file GSTR 9C form along with the reconciliation statement and certification of an audit.30-Jun-2022

Who is eligible for Gstr 9 and 9C?

The GSTR-9 form is an annual return that has to be filed by all registered taxable persons under GST. The GSTR-9C is the GST reconciliation Statement for a particular FY on or before 31st December. The reconciliation must also be certified by a CA for the companies having a turnover of more than 5 crores.16-Mar-2022

Is Gstr 9 and 9C mandatory?

Form GSTR-9C is required to be filed by every registered person whose aggregate turnover is above a certain threshold during the financial year, as notified by way of Notifications issued by Government of India from time to time.

What if Gstr 9C is not filed?

If a taxpayer fails to file both Annual Return and Form GSTR-9C, then he is liable to a fee of Rs. 200/- per day during which the default continues (Rs. 100 under CGST law + Rs.12-Jan-2022

What is the turnover limit for GST audit?

Rs.2 crore^

Is Gstr 9C removed?

It required the audit of books and records of that year by a chartered accountant or a certified management accountant and their certification. These requirements are removed from the financial year 2020-21 onwards. Instead, Form GSTR-9C requires it to be self-certified by the businesses themselves.14-Jul-2022

What is difference between Gstr 9 9a and 9C?

GSTR 9 is an Annual Return all Tax Payers must file and GSTR 9C is a an Annual Reconciliation Statement that Tax payers with over Rupees 2 crore annual aggregate turnover should file. Many Tax Payers are often confused about who should file the returns.

Is GST annual return mandatory for all?

It is an annual return to be filed by all registered taxpayers under GST irrespective of the turnover of an entity. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer.12-Jan-2022

Who is required to get GST audit?

Every GST registered taxable person whose turnover during a financial year exceeds the prescribed limit is subject to audit. As per the current notified GST Rules, the turnover limit is above Rs 2 crore^. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant.12-Jan-2022

What is the turnover limit for Gstr-9?

Goods and Services Tax (GST) taxpayers whose Aggregate Annual Turnover for FY 2020-21 is more than Rs 5 crore must file their annual return in form GSTR-9 along with self-certified reconciliation statement in GSTR-9C before February 28, 2022.24-Feb-2022

Who are exempted from filing Gstr-9?

The Central Board of Indirect Taxes and Customs ( CBIC ), on the recommendations of the GST Council, has exempted taxpayers having turnover up to 2 crores from the filing of annual returns in forms GSTR-9 and 9A.06-Jul-2022

What is the penalty for late filing of Gstr-9 and 9C?

GSTR 9C Late Fees and Penalty However, any delay in filing the GSTR 9C within the prescribed deadline attracts the penalty clause of the GSTR 9C audit return form, and the taxpayer is liable to pay a late fee of ₹200 per day (₹100 each under CGST and SGST) as penalty.

What is the time limit for Gstr 9 & 9C for the FY 2019-20?

28th February 2021 The due date to file GSTR-9 & GSTR-9C for the FY 2019-20 has been further extended up to 31st March 2021.12-Jan-2022

Is GST annual return mandatory for turnover less than 2 crore?

GST Council Recommendations Accepted: The government has exempted registered persons whose aggregate turnover in the financial year 2021-22 was up to Rs 2 crore from filing the annual return for the financial year.06-Jul-2022

How do I reconcile my Gstr 9C?

Step 1: Login to the GST portal and go to returns dashboard and click on 'Annual Return'. Select the financial year from the drop-down menu. Step 2: Select 'Initiate e-filing' to file GSTR-9C. A pop-up will appear on the screen asking to file GSTR-9 before filing GSTR-9C.12-Jan-2022

What is the minimum turnover for audit?

​​​As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.

How do you calculate GST audit turnover?

The value of exported goods/services, exempted goods/ services, inter-state supplies between distinct persons having same PAN would be added to 'aggregate turnover'. Last but not the least, such turnover is to be calculated by taking together the value in respect of the activities carried out on all-India basis.

What is annual turnover under GST?

Aggregate turnover in GST can be described as the taxable value of supplies of goods and services, exempt supplies of goods and services, the export of goods and services and inter-state supplies. Hence, accumulated turnover for GST includes supplies of goods or services, supplies exempt from GST and exports.

Can we file Gstr 9C after due date?

Penalty Norms When you Miss the Due Date of GSTR-9 Filing As per the penalty provisions of the GSTR-9 annual return form, the taxpayer has to pay Rs. 200 per day as a penalty in which Rs. 100 consists of SGST and Rs. 100 for CGST.06-Jul-2022

Is Gstr 9C due date extended?

The taxpayers are required to file the GSTR-9 form and GSTR-9C for Financial Year 2020-21, by 31st December 2021 anyhow.43rd GST Council Meeting Updates for Annual Return Form.

What is the turnover limit for GST annual return FY 2021 22?

Rs. 2 crores

Is filing Gstr 9C mandatory?