Exemption to file GSTR-9 (GST Annual Return) & New Late Fee for FY 2022-23

What is GSTR-9 (GST Annual Return)

GSTR-9 is a GST Annual return form under the Goods and Services Tax (GST) system in India. It is a summary of all the monthly or quarterly GST returns (GSTR-1, GSTR-3B, etc.) filed during the financial year by a registered taxpayer.

GSTR-9 is filed once a year by taxpayers to provide a comprehensive view of their GST transactions for the entire financial year.

Here are the key points to understand about GSTR-9:

Purpose:

GSTR-9 is designed to help taxpayers reconcile the information provided in their regular GST returns with the actual transactions and financial data. It provides a detailed view of all the input tax credit (ITC) availed and output tax paid during the year.

Filing Requirements:

All regular taxpayers registered under GST, including those registered under the regular scheme, composition scheme (GSTR-4 and GSTR-9A), or other special schemes, are required to file GSTR-9. However, taxpayers who are registered as Input Service Distributors (ISD), non-resident taxpayers, taxpayers under the casual taxable person category, and taxpayers under the TDS/TCS category are not required to file GSTR-9.

Components of GSTR-9:

GSTR-9 is divided into several sections, including:

• Basic details of the taxpayer
• Details of outward and inward supplies (both taxable and exempt)
• Input tax credit availed and reversed
• Details of taxes paid
• Other financial information
• Particulars of demand and refunds

Due Date:

The due date for filing GSTR-9 is generally on or before the 31st of December following the end of the financial year for which the return is being filed. However, this due date can be subject to changes based on government notifications.

Late Fee/Penalties for Non-Filing GSTR-9:

Failing to file GSTR-9 or filing it after the due date can attract penalties and late fees.

• The late fee is Rs. 100 per day per act, subject to a maximum of 0.25% of the taxpayer’s turnover in the state or union territory till FY 2021-22
• w.e.f FY 2022-23 Late fee on GSTR-9 is rationalised as per below Table:

Refer Notification number 07/2023 of Central Tax Dated 31st March 2023

Exemption to file GSTR-9:

Every year CBIC notify category of taxpayers who do not required to file GSTR-9, for FY 2022-23 notification number 32/2023 is issued to exempt taxpayers having aggregate turnover in the the financial year 2022-23 upto 2 Crore.

Download Notification below:

That means in case your aggregate turnover is upto 2 Crore then in that case you do not require to file GSTR-9, but it is suggested in case you have mismatch in Books, GSTR-1 and GSTR-3B then file GST Annual Return so that you can rectify the errors and correct the mistakes of whole financial year otherwise you may serve notice for mismatch etc.

File GSTR-9 Yourself without any Mistake with the help of our Course on GSTR-9/9C

Watch Below video to understand GSTR-9 form for FY 2022-23:

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