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Published on:
February 25, 2023
By
Harshini

GSTR 9: Annual Return Due Date, Applicability, Limit, Late Fees

GSTR-9 is an annual return that has to be filed by taxpayers who have registered under GST. It is a consolidated summary of all the transactions that have been undertaken by the taxpayer in a financial year. In this article, we will provide a detailed guide on GSTR-9, including its Due Date, Applicability, Limit, and Late Fees. We will also provide a Ready Reckoner for GSTR-9 preparation.

Due Date for Filing GSTR-9

The Due Date for Filing GSTR-9 is 31st December of the subsequent financial year. For example, for the financial year 2020-21, the Due Date for Filing GSTR-9 is 31st December 2021.

Applicability of GSTR-9

GSTR-9 is applicable to all taxpayers who have registered under GST. It is mandatory for taxpayers whose aggregate turnover exceeds Rs. 2 Crores in a financial year. However, it is optional for taxpayers whose aggregate turnover is less than Rs. 2 Crores in a financial year.

Limit for Filing GSTR-9

There is no upper limit for filing GSTR-9. However, it is mandatory for taxpayers whose aggregate turnover exceeds Rs. 2 Crores in a financial year.

Late Fees for Filing GSTR-9

The Late Fees for Filing GSTR-9 is Rs. 100 per day for each Act, i.e., CGST Act and SGST Act or IGST Act, subject to a maximum of 0.25% of the turnover in the state or union territory. However, there is no late fee for filing GSTR-9 if there is no tax liability.

Ready Reckoner for GSTR-9 Preparation

The following is a Ready Reckoner for GSTR-9 Preparation:

  • Keep all the invoices, debit notes, credit notes, and other relevant documents ready.
  • Ensure that all the transactions have been recorded in the books of accounts.
  • Reconcile all the transactions with the returns filed during the financial year.
  • Ensure that all the taxes paid have been correctly recorded in the books of accounts.
  • Check for any discrepancies or errors in the transactions.
  • Ensure that all the details in the return are correctly filled.
  • Verify all the details before submitting the return.

Conclusion

GSTR-9 is an important annual return that has to be filed by taxpayers who have registered under GST. It is important to ensure that the return is filed correctly and within the due date to avoid any penalties or late fees. We hope this article has provided you with a detailed guide on GSTR-9, including its Due Date, Applicability, Limit, and Late Fees. We have also provided a Ready Reckoner for GSTR-9 preparation to make the filing process easier for you.

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Updated on:
March 16, 2024