GST Annual Return: Know Who Must File and the Deadline
Need to file GST Annual Return?
Businesses registered under the GST regime must file an annual return, known as GSTR-9. This return provides a comprehensive overview of the business's transactions for the entire financial year.
Who Must File GST Annual Return?
The following taxpayers are required to file GSTR-9:
- Individuals and companies registered under GST
- Taxpayers with an annual turnover exceeding Rs. 20 lakh
- Non-resident taxable persons
- Persons required to deduct tax at source (TDS) or collect tax at source (TCS)
Exceptions
The following taxpayers are exempted from filing GSTR-9:
- Input Service Distributors (ISDs)
- Taxpayers whose turnover is below Rs. 20 lakh
Deadline for Filing GST Annual Return
The deadline for filing GSTR-9 is December 31st of the subsequent financial year.
For the financial year 2022-23, the due date for filing GSTR-9 is December 31st, 2023.
Penalties for Late Filing
Taxpayers who fail to file GSTR-9 by the due date may face penalties and interest charges. The penalty for late filing is Rs. 200 per day, subject to a maximum of Rs. 5,000.
Consequences of Not Filing GST Annual Return
Failure to file GSTR-9 can lead to:
- Penalties and interest charges
- Difficulty in obtaining GST refunds
- Suspension of GST registration
- Legal proceedings
Importance of Filing GST Annual Return
Filing GSTR-9 is crucial for:
- Complying with GST regulations
- Avoiding penalties and legal consequences
- Providing a comprehensive record of business transactions
