What is Gstr 9 and gstr9c?
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 with a turnover exceeding Rs. 5 crore in the previous financial year are required to file Form GSTR-9C on a self-certification basis. This change is applicable from FY 20-21 onwards. Further, Form GSTR-9C will be modified to support self-certification by the taxpayer.12-Jan-2022
What is Gstr 9 and 9C due date?
It had to be prepared for every GSTIN registered under a particular PAN. Once the certification was complete, the business had to file both Form GSTR-9 and Form GSTR-9C on the GST portal on or before the due date of 31st December of the year following that financial year.14-Jul-2022
As per 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. 5 crore from FY 2020-21 onwards.05-May-2022
Why Gstr-9 is filed?
Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return.
Regular taxpayers having an aggregate turnover of over Rs. 5 crore during a financial year and registered with GST must file GSTR-9 returns. To audit GSTR-9 return, the taxpayer can approach a practising Chartered Accountant or Cost Accountant.
What is limit for Gstr 9C?
As per 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. 5 crore from FY 2020-21 onwards.14-Jul-2022
Penalty Norms When you Miss the Due Date of GSTR-9 Filing 200 per day as a penalty in which Rs. 100 consists of SGST and Rs. 100 for CGST. Also, it is to be noted that the total penalty cannot exceed 0.25% of the total turnover on which the said penalty is being levied.06-Jul-2022
Is annual GST return mandatory?
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
GST Audit Based on Turnover: This type of audit is performed by the Cost Accountant or the Chartered Accountant appointed/hired by the taxpayer. According to the CGST Act, this audit is conducted when the turnover exceeds the limit of ₹ 2 crores, and the taxpayer needs to get audits for their records and accounts.31-May-2022
What is turnover criteria for filing form Gstr 9?
GSTR 9C is an audit form that must be filed by all taxpayers whose aggregate turnover exceeds Rs. 2 crores in a financial year and is liable to get their annual reports audited.11-Nov-2021
GST annual return filing is mandatory for all entities with a turnover of more than two crores required to obtain GST registration, irrespective of the business activity or sales or profitability during the return filing period. Hence, even a dormant business that gets GST registration must file GST returns.13-Jun-2022
Who is eligible for 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
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
Who are exempted from filing Gstr-9?
The CBIC has exempted GST-registered taxpayers with annual aggregate turnover up to Rs. 2 crore in FY 20-21 from filing Form GSTR-9. 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.12-Jan-2022
The GST Council in its 37th meeting announced that GST annual return is not required for small businesses with a turnover of less than Rs. 2 crores. The relaxation is applicable for financial years 2017-18 and 2018-19.
Can we claim ITC in Gstr-9?
Note that the ITC for FY 2017-18 can no longer be claimed freshly in GSTR-9. The department has exempted taxpayers with a yearly turnover of more than Rs. 2 crore during the FY 2021-22 from filing GSTR-9 or annual returns.12-Jan-2022
The GSTR9C is an audit form that was introduced on September 13, 2018. It must be filed annually by taxpayers with a turnover above 2 crores, and it must be certified by a CA. It is basically a reconciliation statement between the annual returns filed in GSTR-9 and the taxpayer's audited annual financial statements.26-Aug-2021
What is the turnover limit for GST annual return?
GSTR-9C Turnover Limit Under GSTR 9 annual return, the government as also introduced GSTR9C audit form. GSTR 9C filing has been made mandatory for all the taxpayers whose annual aggregate turnover exceeds Rs. 2 Crore.
However, for FY 2020-21, the due date stands extended up to 28th February 2022 through Central Tax notification 40/2021 dated 29th December 2021. The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act.
Is there any penalty for non filing of gstr9c?
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. 100/- under State / Union Territory GST law) *Capped to a maximum amount of .12-Jan-2022
What is Gstr 9 and gstr9c?