GST Annual Return Filing - Applicability
The requirement to file Form GSTR-9 extends to various categories of taxpayers based on their registration status and activities during the financial year. The following entities are obligated to submit this annual return:
- Normal Taxpayers: Individuals or entities registered as regular taxpayers fall under the purview of Form GSTR-9 filing. This encompasses businesses operating under standard tax provisions.
- SEZ Units and SEZ Developers: Special Economic Zone (SEZ) units and SEZ developers must also submit Form GSTR-9. This ensures comprehensive reporting of their financial activities within the fiscal year.
- Transition from Composition Scheme: Taxpayers who have transitioned from the composition scheme to normal taxpayer status during the financial year are mandated to file Form GSTR-9. This captures their shift from a simplified tax regime to a regular tax framework.
Penalty for Late Filing GST Returns
Every taxpayer needs to submit the GSTR-9 form within the given time frame. If this deadline is missed, there's a significant penalty to be aware of. The fine amounts to 200 INR per day. This late fee is divided into 100 INR for CGST and 100 INR for SGST, with no late fee applicable for IGST.
It's crucial to meet the filing deadline to avoid these penalties and ensure smooth compliance with tax regulations. Call us now!
The due date for filing Form GSTR-9 for a particular financial year is 31st December of the subsequent financial year or as extended by the Government through notification from time to time.