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.
The Form GSTR-9C was earlier applicable to businesses with more than Rs. 2 crore as annual turnover in a particular financial year.Applicability of Form GSTR-9C from FY 2020-21 onwards.
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
Taxpayers whose aggregate turnover in a financial year exceeds Rs 2 Crores need to file GSTR-9C. The GSTR-9C must be digitally signed by the GST Auditor and must report all discrepancies or liabilities in filing any of the GST returns during the financial year.30-Jun-2022
What is turnover limit for Gstr 9 and 9C?
Taxpayers with a turnover exceeding Rs. 5 crore in the previous financial year are required to file Form GSTR-9C on a self-certification basis.05-May-2022
December 31, 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.
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
Is Gstr 9 compulsory for all?
All taxpayers/taxable persons registered under GST must file their GSTR 9. However, the following are NOT required to file GSTR 9: Taxpayers opting composition scheme (They must file GSTR-9A) Casual Taxable Person.
According to Section 35 (5) of the Central Goods and Services Tax (CGST) Act, any taxpayer with an aggregate turnover of ₹ 2 crores or more than ₹ 2 crores in any financial year (FY) must get their account books audited on an annual basis. The GST Audit should be done by a cost accountant or a chartered accountant.31-May-2022
What is the turnover limit for GST annual return FY 2021 22?
Rs. 2 crores
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.
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
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.
What is the due date for Gstr 9C?
“The council extends the due date of GSTR 9 and GSTR 9C till 30th June 2020 from 31st March 2020 for the FY 2018-19.GSTR 9C Due Date for FY 2021-22.
all registered taxpayers under GST
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.
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 is exempt 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
Filing ITR Due Date for Assessment Year 2022-23 (Audit Cases) For audit cases, the general due date for filing the Income Tax Return is Sept 30, 2022. The CBDT has extended the deadline until Oct 7th, 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
Is Gstr 9 and 9C mandatory?