Anyone who has held GST registration at any point during the financial year must file an annual GST return.
The countdown to December 31, 2024, is ticking, marking the final date for eligible GST-registered taxpayers to file their returns through GSTR-9 or GSTR-9A forms. But remember, filing an annual GST return is only possible if your GSTIN remains active for the entire financial year. According to a frequently asked question (FAQ) on the GST portal, “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.”
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Who Should File GSTR-9 For FY 2023-24?
Anyone who has held GST registration at any point during the financial year must file an annual GST return.
For those enrolled under the GST composition scheme, it is advisable to use the GSTR-9A form for filing annual returns.
The following taxpayers are exempt from filing a GST annual return:
- Input Service Distributors
- Persons paying tax under Section 51 (TDS deductors)
- Persons paying tax under Section 52 (TCS collectors)
- Casual taxable persons
Non-Resident taxable persons
Additionally, taxpayers with an aggregate annual turnover below Rs 2 crore can skip filing the annual return for financial years from 2017-18 to 2023-24, as this process has been made optional for them.
GST annual returns become time-barred if not filed within three years from the due date.
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Filing a Nil GST Annual Return
What if you have no transactions to report? The GST portal provides clear guidelines for filing a nil GSTR-9. You can do so if you meet the following conditions:
- No outward supplies (sales)
- No goods/services received (purchases)
- No other liabilities to report
- No input tax credit claims
- No refunds claimed
- No orders creating demand
- No late fees are to be paid
Late Filing Penalty for GST Annual Return
Here’s the late penalty that has to be paid for filing Ga ST annual return after the given deadline:
For turnover up to Rs 5 crore:
Late fee: Rs 50 per day (Rs 25 each under CGST and SGST).
Maximum late fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST).
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For turnover of more than Rs 5 crore and up to Rs 20 crore:
Late fee: Rs 100 per day (Rs 50 each under CGST and SGST).
Maximum late fee: 0.04% of turnover in the state/UT (0.02% each under CGST and SGST).
For turnover exceeding Rs 20 crore:
Late fee: Rs 200 per day (Rs 100 each under CGST and SGST).
Maximum late fee: 0.50% of turnover in the state/UT (0.25% each under CGST and SGST).
As the deadline approaches, ensuring timely compliance will help avoid unnecessary penalties and streamline the GST filing process.
