What is the last date to file GST annual return and who should file it? However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required
Goods and Services Tax (GST) returns are to be filed either monthly or quarterly depending upon the category of the GST-registered individual. However, if your annual turnover is above Rs 2 crore, then there is also an additional annual compliance as you need to file GST return using GSTR 9 and GSTR 9C forms if required. The last date to file GSTR 9 and GSTR 9C along with GSTR 9 for FY 2022-23 (AY 2023-24) is December 31, 2023."Filing of GSTR 9 or GSTR 9C (some specified GST registered persons have to file both GSTR 9 and GSTR 9C) is mandatory for every GST registered individual. This is an additional compliance since either every month or every quarter (depending upon the category of the taxpayer), a GST return in GSTR Form 3B and GSTR Form 1 has to be filed," says Deepak Gupta, Associate, Sirmacs Consultancy Services (Law Firm).
Who has to file GST annual return
According to an FAQ on the Central Board of Indirect Taxes and Customs (CBIC) website, all taxpayers are required to file GSTR 9 if the annual turnover is above Rs 2 crore. However, if your annual turnover is over a specified threshold you need to file GSTR 9C as well. Moreover, such taxpayers whose turnover is above a specified threshold also have to get their accounts audited by a chartered accountant or cost accountant and then submit a copy of the audited annual accounts and reconciliation statement."GSTR 9 is mandatory for those taxpayers whose annual turnover is above Rs 2 crore. GSTR9C is mandatory for those taxpayers whose annual turnover is over Rs 5 crore. GSTR 9A is mandatory for those taxpayers who have registered for 'Composition Scheme under GST'," says Gupta.
The GST council has been extending the exemption to file annual GST return to people below a certain threshold each year starting from the financial year 2017-18 to 2022-23. The continuance of exemption for the year 2023-24 will depend on whether the GST council extends it again.
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What is the last date for filing GST annual return?
The last date for filing GST annual return is December 31, 2023, for FY 2022-23 (AY 2023-24). "However, a GST registered individual won't be able to file GST Annual return if he/she did not file their monthly or quarterly GST return first," says Gupta.He adds, "The GST portal will not permit the taxpayer to file his GST Annual return if he did not file his GST monthly or quarterly return for all the months or quarters, respectively for the given financial year."
Continuous non-compliance can have serious consequences. "If a taxpayer has not filed GST monthly or quarterly return (as applicable to him) for six consecutive months or three quarters respectively, then his GST registration may be cancelled."
However, cancellation does not necessarily absolve you from the responsibility of filing an annual GST return. "The annual return needs to be filed even if the taxpayer has got his registration cancelled during the said financial year," said the CBIC in an FAQ.
People who are mandated to file annual return also get a last opportunity to rectify their mistakes without any penalty. "If there is any mistake during the year and less tax is paid, that can be rectified and extra tax including penal interest can be deposited through DRC-03 Form and details of that payment has to be updated in the GST Annual Return," says Abhishek Raja Ram, Senior Partner, Abhishek Raja and Associates, a Delhi based CA firm.
In case of missing to file the annual return or payment of lower tax, you may need to a pay penalty. "If a taxpayer has incorrectly paid a lower amount of tax and has failed to file GST Annual Return then penalty may be imposed by the GST proper officer," says Ram.
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This story originally appeared on: India Times - Author:Faqs of Insurances
