Is Gstr 9 mandatory for all?
You are required to file both Form GSTR-9 and Form GSTR-9A, for the respective periods. The period during which the taxpayer remained as composition taxpayer, Form GSTR-9A is required to be filed. And, for period for which the taxpayer is registered as normal taxpayer, Form GSTR-9 is required to be filed.
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?
As per the 43rd GST Council meeting outcome, GSTR-9 shall continue to be optional for taxpayers with turnover up to Rs. 2 crore, whereas GSTR-9C can be self-certified by taxpayers with turnover less than or equal to Rs.12-Jan-2022
Due Date, late fee and penalty The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default.
Who are eligible for Gstr 9?
All the regular taxpayer registered under GST and having an annual turnover of more than Rs. 2 crore should file GSTR-9 or GST Annual Return. The only category of GST registered entities not required to file GSTR-9 filing are input service distributors, casual taxable persons and non-resident taxable persons.
all registered taxpayers under GST
Is Gstr 9C compulsory for everyone?
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
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
What is the turnover limit for GST audit?
Rs.2 crore^
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 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.
Rs. 2 crores
Is annual return mandatory in GST?
Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.30-Dec-2021
Section 16 of the CGST Act read with rule 36 allows a recipient to claim ITC provided he satisfies some conditions. He should have received the goods or services and also have a GST compliant tax invoice/other prescribed documents for the supply in hand.12-Jan-2022
What is Gstr 9 and its due date?
As per the 37th GST Council Meeting, the last date for filing GSTR 9 for a given financial year is 31st December of the following year. If you miss the due date, you will be liable to pay the applicable late fee.
How to file GSTR-9
What is aggregate turnover in 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.
Who should file GST Returns? Under the GST regime, regular businesses having more than Rs. 5 crore as annual aggregate turnover (and taxpayers who have not opted for the QRMP scheme) have to file two monthly returns and one annual return. This amounts to 25 returns each year.07-Sept-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
Reply— As per instruction available for filing GSTR-9, towards the end of the return, taxpayers shall be given an option to pay any additional liability declared in this form, through FORM DRC-03. Taxpayers shall select “Annual Return” in the drop down provided in FORM DRC-03.
Is Gstr 9C removed?
The CBIC has notified changes to Sections 35(5) and 44 of the CGST Act. The requirement to get a GST audit and certification done by a CA/CMA now stands removed. 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.14-Jul-2022
Is Gstr 9 mandatory for all?