GST annual return filing deadline today: Who needs to file?
The Goods and Services Tax (GST) annual return (GSTR-9) for the financial year 2023-24, is due today, December 31, 2024. All GST-registered taxpayers with an annual turnover of over ₹2 crore are required to file this mandatory return. It is meant to consolidate their annual transactions and ensure compliance with tax regulations. Businesses with multiple GST registrations under a single PAN must file separate GSTR-9 returns for each GSTIN.
Different types of GSTR-9 forms
There are different kinds of GSTR-9 forms. The normal GSTR-9 form is applicable for businesses with turnover over ₹2 crore. The GSTR-9A form is applicable for taxpayers under the GST composition scheme, while the GSTR-9C form is applicable for businesses with turnover over ₹5 crore. Such businesses also have to file an additional annual reconciliation statement with their GSTR-9 return.
What does GSTR-9 include?
The GSTR-9 annual return compiles data from all monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-2B, and GSTR-3B). It contains information of outward supplies (sales, revenue), inward supplies where Input Tax Credit (ITC) is claimed, tax details paid under CGST, SGST, and IGST. The form also asks for a HSN Summary categorizing supplies based on HSN codes and ITC reversals for adjusting ineligible ITC claims.
Penalties for missing the GSTR-9 filing deadline
Notably, failure to file the GSTR-9 by today's deadline can attract late fees and penalties. For turnovers up to ₹5 crore, the penalty is ₹50/day, capped at 0.04% of turnover. For turnovers between ₹5 crore and ₹20 crore, it's ₹100/day and capped at 0.04% of turnover. Businesses with turnovers above ₹20 crore face a penalty of ₹200/day, capped at 0.50% of their turnover.
