Who needs to file GST annual return by December 31, 2024
The deadline for submitting the annual goods and services tax (GST) return using either the GSTR-9 or GSTR-9A form is December 31, 2024, applicable to certain GST-registered taxpayers. It's important to note that you can only file an annual return if your GSTIN was active throughout the relevant financial year.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} "Taxpayer has to file all applicable returns i.e. Form GSTR-1/IFF and Form GSTR-3B of the relevant financial year before filing the Annual Return," as per a frequently asked question (FAQ) published on the GST website.
Who needs to file GSTR-9 by December 31, 2024 for FY 2023-24?
According to Tanushree Roy, Director- Indirect Tax, Nangia Andersen India, all GST-registered taxpayers who have acquired or held a GST registration at any point during the financial year are required to submit an annual GST return.New process to pay tax demand under GST amnesty scheme clarified by GSTN
According to Chartered Accountant Abhishek Soni, co-founder, Tax2Win, taxpayers who have opted for composition scheme under GST must use the GSTR-9A form for filing an annual return.
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Roy says that the government has granted exemptions to specific categories of taxpayers, allowing them to avoid filing a GST annual return.
As per Roy, "the following taxpayers are exempt from filing a GST annual return:
(a) An Input Service Distributor;
(b) A person paying tax under Section 51 (i.e. TDS deductor);
(c) A person paying tax under Section 52 (i.e. TCS collector);
(d) A casual taxable person; and
(e) A Non-Resident taxable person.
Moreover, the filing of annual return in Form GSTR-9 has been made optional for taxpayers having Aggregate Annual Turnover less than Rs 2 crore for the financial years 2017-18, 2018-19, 2019- 20, 2020-21, 2021- 22, 22-23 and 23-24."
According to Roy, the GST annual return cannot be submitted if the three-year period from its due date has passed, as it is considered time-barred.
No input tax credit if e-invoice not uploaded in GST portal within 30 days: New rule soon.
When can you file a nil GST annual return
According to an FAQ published by the GST portal, nil GSTR-9 (annual return) can be filed for the following reasons:"NOT made any outward supply (commonly known as sale); ANDNOT received any goods/services (commonly known as purchase); ANDNO other liability to report; ANDNOT claimed any credit; ANDNOT claimed any refund; ANDNOT received any order creating demand; ANDThere is no late fee to be paid etc."
What is the penalty for late filing GST annual return
Soni explains what the penalty is to be paid for filing GST annual return after the original deadline:#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
