GST Annual Return

Here are some frequently asked questions about GST annual returns:

• Penalties for Late Filing: The penalty for late GSTR-9 filing is Rs. 200 per day of delay for each GSTR-9, capped at 0.25% of the taxpayer’s turnover in the relevant fiscal year.
• Revision of GSTR-9: Unfortunately, GSTR-9 cannot be revised once it’s filed. Therefore, accuracy and timeliness are imperative.
• Mandatory Filing: Yes, even if your business had no transactions during the financial year, you must still file GSTR-9.
• Late Filing with Late Fee: You can file GSTR-9 after the due date, but it incurs a late fee of Rs. 200 per day of delay for each GSTR-9, up to 0.25% of your turnover in the relevant fiscal year.
• Required Documents: To complete GSTR-9, you’ll need copies of audited annual accounts for the relevant fiscal year, GST returns filed during that year, details of any amendments made to those returns, information on demands, refunds, and pending litigations or proceedings in the same period.

In conclusion, the GST Annual Return (GSTR-9) serves as a crucial compliance requirement for eligible taxpayers in India. Comprehending its nuances, adhering to deadlines, and maintaining accuracy is vital to steer clear of penalties and ensure seamless reconciliation between your GST returns and annual financial records.