According to the GST law, GSTR-9C is a reconciliation statement that a taxpayer is required to file annually. It reconciles the figures in the annual returns GSTR-9 and the audited annual accounts of the taxpayer. Late submission of the reconciliation statement can attract a penalty under section 125 of the Central Goods and Services Tax (CGST) Act, 2017.
However, the Central Board of Indirect Taxes and Customs (CBIC) has issued a circular, Circular No. 146/02/2021-GST, dated 23rd February 2021, stating that no late fee or penalty will be levied for the delay in filing the reconciliation statement in GSTR-9C for the financial years from 2017-18 to 2019-20 if it is filed by 31st March 2021.
The circular was issued to provide relief to taxpayers who were facing difficulties in meeting the statutory and regulatory compliances due to the COVID-19 pandemic. The circular also provided for a reduced rate of late fee for the taxpayers who filed their GSTR-9 and GSTR-9C between 1st March 2021 and 31st March 2021.
It is important to note that the waiver of late fee or penalty was applicable only for the financial years from 2017-18 to 2019-20, and the deadline for filing GSTR-9C for the financial year 2020-21 was 31st December 2021.
GSTR-9C is a reconciliation statement that needs to be filed by taxpayers who are registered under the Goods and Services Tax (GST) regime. It is a statement that reconciles the figures reported in the annual return (GSTR-9) with the audited annual financial statements. The reconciliation statement must be certified by a chartered accountant or a cost accountant.
The GSTR-9C is divided into two parts:
Part A - Reconciliation statement: This part of the statement contains the details of the taxpayer's turnover as per the audited financial statements and as per the annual return. It also contains the details of any differences or discrepancies between the two.
Part B - Certification: This part of the statement contains the certification of the reconciliation statement by the chartered accountant or cost accountant.
The due date for filing GSTR-9C is the same as the due date for filing GSTR-9, which is December 31 of the subsequent financial year. If the reconciliation statement is not filed on time, a late fee or penalty may be levied. However, if the reconciliation statement is filed after the due date but before the issuance of a notice by the tax authorities, no late fee or penalty will be levied.
The late fee for late filing of GSTR-9C is Rs. 200 per day (Rs. 100 per day under CGST and Rs. 100 per day under SGST) up to a maximum of 0.25% of the taxpayer's turnover in the relevant state or union territory. However, talking to the tax authorities, we can make the late fee payment up to Rs 25,000
Yes, there is a waiver or exemption available for late filing of GSTR-9C. If the reconciliation statement is filed after the due date but before the issuance of a notice by the tax authorities, no late fee or penalty will be levied.
In addition, if the delay in filing the reconciliation statement is due to a reasonable cause, the taxpayer can apply for a waiver or reduction of the late fee or penalty. The tax authorities may consider the request based on the merits of the case and the reasons provided by the taxpayer for the delay in filing the reconciliation statement.
However, it's important to note that the waiver or reduction of late fee or penalty is not an automatic process and is subject to the discretion of the tax authorities. Therefore, taxpayers should make every effort to file the reconciliation statement on time to avoid any potential late fee or penalty.
A: GSTR-9C is a reconciliation statement that needs to be filed by taxpayers who are registered under the Goods and Services Tax (GST) regime. It is a statement that reconciles the figures reported in the annual return (GSTR-9) with the audited annual financial statements.
A: The due date for filing GSTR-9C is the same as the due date for filing GSTR-9, which is December 31 of the subsequent financial year.
A: If you don't file GSTR-9C on time, you may be liable to pay a late fee or penalty. However, if you file GSTR-9C after the due date but before the issuance of a notice by the tax authorities, no penalty but late fee will be levied.
A: The late fee for late filing of GSTR-9C is Rs. 200 per day (Rs. 100 per day under CGST and Rs. 100 per day under SGST) up to a maximum of 0.25% of the taxpayer's turnover in the relevant state or union territory.
A: Yes, there is a waiver or exemption available for late filing of GSTR-9C. If you file GSTR-9C after the due date but before the issuance of a notice by the tax authorities, no late fee or penalty will be levied.
A: If you receive a notice for late filing of GSTR-9C, you should respond to the notice and file the reconciliation statement as soon as possible. If you have a genuine reason for the delay, you can explain the reason to the tax authorities and request for waiver or reduction of the late fee or penalty.
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