All About GST Return Filing-Due Date-Late Fee and Penalty

Oct 20, 2020 Alankit Team GST

Will the last date of GST annual return filing be increased again?

GSTR 9 is a GST annual return to be filed yearly by taxable individuals registered under GST. It comprises details in regard to inward and outward supplies made/ received during the relevant preceding year under different tax heads i.e. IGST, CGST, HSN, and SGST codes.

It is a consolidation of all the monthly/quarterly GST returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. This return filing helps to reconcile data extensively for 100% transparent disclosures.

Who should file GSTR-9, the annual return?

Every taxpayer/ taxable individual registered under GST must mandatorily file their GSTR 9. However, it is not required for the following to file GSTR 9:

  • Taxpayers opting composition scheme (They must file GSTR-9A)
  • Casual Taxable Individual
  • Input service distributors
  • Non-resident taxable persons
  • Persons paying TDS under section 51 of CGST Act

Due Date, late fee, and penalty

Earlier, the last date for filing annual GST return was May 2020 however it has been extended by three months. The due date for filing GST annual return for the financial year 2018-19 is September 30, 2020.

The late filing fee for the annual GST return is INR 100 per day. A taxpayer has to pay a total of INR 200 that consists of INR 100 under CGST and INR 100 under SGST per day. The maximum fee for the same is INR 5000. No late fee is charged on IGST in case of delayed filing.

Along with late GST return fees, a taxpayer has to pay 18% interest per annum. A taxpayer has to calculate interest on the tax to be paid. The time period will be from the next day of return filing to the date of payment.

Details required to fille the GSTR-9

The GSTR-9 Form is divided into 6 parts and 19 sections. Each part of the form requires details that are easily available from the previously filed returns and books of accounts of a registered taxpayer.

This form requires disclosure of annual sales, further dividing it between the cases that are liable to pay tax and not liable to pay tax. On the purchase side, taxpayers need to reveal the annual value of inward supplies and ITC availed.

Conclusion: To conclude, the taxation system looks to streamline various taxes levied on products, making it simple and easier for taxpayers. At Alankit, the team of experienced GST experts closely monitors the developments in the GST regime and provides seamless GST Return filing solutions by ensuring 100% accuracy and avoiding last-minute hassles.

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