What is penalty for late filing of Gstr 9C?
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.
The 31st December 2021 is the last date of annual return filing form GSTR 9 and GSTR 9C for the financial year 2020-21.17-Feb-2022
What is the turnover limit for Gstr 9C for FY 2020-21?
Rs.5 crore
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
When Gstr 9C is mandatory?
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
Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act. They shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in form GSTR-9C.14-Jul-2022
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
December 31, 2022
Who is responsible for Gstr 9 and 9C?
Hence, GSTR-9 is the annual return to be filed by every GST registered taxpayer irrespective of their turnover. Whereas GSTR-9C is the reconciliation statement to be submitted by those GST registered taxpayers to whom GST audit applies. GST Audit applies to those taxpayers whose turnover exceeds Rs. 2 crore.12-Jan-2022
5th July 2022 The CBIC has exempted GST-registered taxpayers with annual aggregate turnover up to Rs. 2 crore in FY 21-22 from filing Form GSTR-9.05-May-2022
Is GST audit mandatory?
While Section 110 omits section 35(5) of CGST Act, 2017 means GST Audit (GSTR-9C) by CA/CMA is no longer required and Section 111 substitutes section 44 (Annual return) of CGST Act, 2017. “Section 35(5).02-Sept-2021
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
Is there late fee for Gstr 9?
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.
The Central Board of Indirect Taxes and Customs (CBIC) in a notification said that late fee shall be waived from May 1 to June 30, 2022, for delay in filing GSTR-4 for 2021-22 fiscal. GSTR-4 is filed annually by the taxpayers registered under the composition scheme.27-May-2022
Is GST audit date extended?
Latest News on GST Returns Due Date Extensions. As per the 47th GST Council meeting, the following two decisions were taken and notified on 5th July 2022: GSTR-4 for FY 2021-22 filing is waived off from the late fee if filed on or before 28th July 2022 as against earlier extension of up to 30th June 2022.
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 Gstr 9C explain briefly?
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
As a result, taxpayers having GST registration will no longer need to have their yearly accounts audited by a CA/CMA or submit an audited reconciliation statement on Form GSTR-9C beginning from 1st August 2021.10-Sept-2021
What is the difference between 9 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.
The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer. All registered taxpayers are required to file GSTR-9 except : Casual taxpayers.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
What is penalty for late filing of Gstr 9C?