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December 29, 2022

Know Penalty and Late fees for GSTR9 and 9C

by CA Shivam Jaiswal in GST

Know Penalty and Late fees for GSTR9 and 9C

Gst Annual returns must be submitted by every taxpayer whose total revenue is more than 2 crore in INR per year. But, GSTR 9 is exempt for taxpayers whose revenue is less than that amount INR two crore. Furthermore self-certified statements for GSTR 9C has to be filed by taxpayers whose total turnover exceeds INR 5 crore.GSTR-9 is a form for the annual return, which is required to be filed every fiscal year and is filed by taxpayers as regular taxpayers. This includes SEZ units and SEZ developers. The taxpayers are required to provide information regarding the sale, purchase credits for input tax or refunds requested, demand-based, etc. Form GSTR-9 must be filled out by anyone who is registered as a regular tax payer this includes SEZ units as well as SEZ developer and taxpayers who have switched their tax status by switching from the composition scheme regular taxpayer at any point during the fiscal year.

Form GSTR-9 has to be filed by all taxpayers who are classified as a regular taxpayer. Certain categories of taxpayers are exempt from filing the Form GSTR-9 by way of Notifications issued by the Government of India from time to time.

 Form GSTR-9C must be completed by each taxpayer with a turnover that exceeds Rs.5 Crore during the financial year, as stated in notifications issued by the Government of India from time to time. The taxpayers are required to be able to have their accounts reviewed and self-certified along with reconciled statements by the owner of the company and must provide an audited account of their annual income and an reconciliation statement.

Points of comparisonGSTR-9 Annual ReturnGSTR-9C Reconciliation Statement
Who must fileGST-registered taxpayer Turnover up to Rs.2 crore- Optional Turnover over Rs.2 crore- CompulsoryCompulsory for a GST-registered taxpayer whose turnover is over Rs.5 crore
Due date for filing31st December of next FY*31st December of next FY, either with or after filing GSTR-9*
Late fees & penaltyThe total amount for default is INR 200 per calendar day in case of default. This is amount to 0.25 percent of the overall income for the payer.No specific provision, Hence, subject to a general penalty of Rs.25,000
AnnexuresNo annexures to be attached               Annexure of the Audited financial statement is required

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