GSTR 9 is an annual return which is mandatorily required to be filed by every registered person having turnover more than Rs 2 crore. It is a consolidated return which involves all the details of supplies made and received under various tax heads (CGST, SGST and IGST) during the specific year along with turnover and audit details for the same. It is prescribed in Rule 80 u/s 44 of the CGST Act.
Whereas, GSTR 9C is a reconciliation statement between GSTR 9 and the taxpayer’s audited annual financial statement. It has to be certified by CAs for registered persons with turnover of more than five crore. It is prescribed in Section 35(5) of Section 44 of the CGST Act.
GSTR-9 Due Date for FY 2021-22-
Every registered person is required to file the annual return GSTR 9 and 9C on or before 31st December 2022 for the financial year FY 2021-22
Penalty
The minimum penalty for late filing of GST annual returns is Rs 100 under CGST & 100 under SGST per day i.e total Penalty of Rs 200 daily. There is no late fee on IGST. Theis penalty is subject to a maximum of 0.25% of the taxpayer’s turnover.
For GSTR 9C, Section 125 of CGST Act, 2017 states penalty up to Rs 25,000/- for not getting the accounts audited.
Applicability of GSTR 9/9C for FY 2020-21
GSTR 9 is to be submitted by all taxpayers whose turnover increases beyond Rs. 2 Crore. It is optional for businesses with turnover upto Rs 2 Crore.
On the other hand, GSTR 9C is only to be furnished by taxpayers whose yearly threshold turnover increases beyond Rs 5 crore. In GSTR 9C, taxpayers need to get his/her account audited by a CA and also have to furnish a copy of the audited yearly accounts and reconciliation statements.
| Turnover limit | GSTR-9 Applicability | GSTR-9C Applicability |
| Up to Rs 2 Crores | Optional | Not applicable |
| More than Rs. 2 Crores and up to Rs. 5 Crores. | Applicable | Not applicable |
| More than Rs. 5 Crores | Applicable | Applicable |
Documents required while filing GSTR 9C –
The following documents must be kept handy while GST return filing of form 9C
– Copy of Balance Sheet
– Profit & Loss account or Income & expenditure account
– Cash flow statement
– Copy of Audited accounts
– Copy of Annual Report
Taxpayers exempted from filing GSTR 9/9C:
– Casual taxable person
– Non-Resident taxable person
– Input Service Distributor (ISD)
– Unique Identification Number (UIN) holders
– Online Information and Database Access Retrieval (OIDAR) service providers
– Composition dealers (They are required to file GSTR-9A)
– Taxpayers deducting/collecting TDS/TC
Conclusion
Filing GST annual returns provide you a number of benefits. It helps to summarize the data of the entire financial year. Taxpayers can use GSTR-9 annual return as crucial documentary evidence for proving health of your business and your compliance status in front of the financial Institutions. It also helps the taxpayer to improve their compliance rating. Hence, it’s highly recommended to file your annual return before the deadline and enjoy all the benefits and at the same time be in the good books of authorities.
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